Ghana exported 36% of Gold in 2019 – International trade statistics

Tue, 22 Jun 2021 Source: www.ghanaweb.com

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• Ghana recorded an export growth of 35% in Gold as at 2019

• This means the country’s economy is growing robustly despite the setbacks of COVID-19

• Exports of goods and services in 2019 for the country was 25,592 million US dollars.

A report from the international trade statistics has shown that Ghana exported about $6.19 billion of Gold representing 36%.

This means that the country had growth in its export products especially Gold by some 1% as compared to 2018 of $6.09 billion representing 35%.

The exports were in various forms ranging from gold plated with platinum, unwrought or in semi-manufactured forms, or in powder form onto the international market for consumers.

In 2019, the top exports of Ghana were Gold at $10.8 billion, Crude Petroleum which was $4.68 billion, Cocoa Beans was $1.61 billion, Cocoa Paste was $504 million, and Manganese Ore was $489 million, exporting mostly to Switzerland, India, China, United Arab Emirates and South Africa.

The top imports of Ghana are Flexible Metal Tubing at a $2.11 billion, Scrap Vessels at $1.03 billion, Special Purpose Ships at $655 million, Cars at $496 million, and Refined Petroleum at $471 million, importing mostly from China at $4.35 billion, Nigeria at $4.04 billion, United States at $924 million, United Kingdom at $757 million, and India at $637 million.

In 2019, Ghana exported a total of $21.7 billion, making it the number 72 exporter in the world. During the last five reported years the exports of Ghana have changed by $4.25 billion from $17.5 billion in 2014 to $21.7 billion in 2019.

However, exports of goods and services in 2019 for the country was 25,592 million US dollars. These exports of goods and services increased from 2,440 million US dollars in 2000 to 25,592 million US dollars in 2019 growing at an average annual rate of 13.89%.

These statistics imply that the country has a robust economy and was able to withstand the COVID-19 setbacks.

In the 2021 budget statement government stated plans on how to leverage on African Continental Free Trade Area (AfCFTA) to expand the country’s exports.

“Government will roll out supportive measures that will improve local demand, attract more investors, and most especially, enable firms to upgrade machinery and re-train workers. The experience of other countries proves that this is one of the surest routes to job expansion in the industrial sector. Our target is to create more than 50,000 jobs in the sector and earn not less than US$200 million annually in exports by 2023,” the statement said.

Nonetheless, recent forecasts indicate that the Sub-Saharan Africa region will emerge from the economic contraction of 2.6 percent experienced in 2020 and grow at 3.2 percent in 2021 and further to 3.9 percent in 2022, albeit with sizeable differences across countries. Key drivers of growth are expected to include improvement in exports and commodity prices as the world economy recovers, as well as a pickup in both private consumption and investment.

Source: www.ghanaweb.com