Ghana’s import bill exceeds US$10 billion annually - Ofori-Atta

Ghana's import bill every year exceeds US$10 billion, Finance Minister, Ken Ofori-Atta, has said.

Appearing before parliament on Thursday, November 24, 2022, he mentioned that Ghana imports products such as iron, steel, aluminium, sugar, rice, fish, poultry, palm oil, cement, fertilizers, pharmaceuticals, toilet roll, toothpicks, fruit juices, among others.

Ken Ofori-Atta said Ghana's heavy dependence on the importation of goods and services mounts pressure on the cedi, rendering it weak against major trading currencies.

" Mr. Speaker, as I have already indicated, Ghana’s heavy dependence on imports places tremendous pressure on the Cedi, creating an unfavourable balance of payments position. On average, Ghana’s import bill exceeds US$10 billion annually and is accounted for by a diverse range of items that include iron, steel, aluminium, sugar, rice, fish, poultry, palm oil, cement, fertilizers, pharmaceuticals, Toilet roll, toothpick, fruit juices, etc," he said.

According to him, Ghana has the capacity to locally produce the aforementioned items that account for about 45 percent of the value of the country's annual imports.

He said government will support the price sector through partnerships with existing and prospective businesses to expand, rehabilitate and establish manufacturing plants targeted at producing these selected items.

ESA/DA