Ghana's total imports exceed exports by GH¢4.5 billion in 2022 – Report

In 2022, Ghana’s imports exceeded exports by GH¢4.5 billion representing a trade deficit.

According to the Ghana 2022 Trade Vulnerability Report released by the Ghana Statistical Service, total imports in 2022 were GH¢148.6 billion while total exports were GH¢144.1 billion.

The report noted that from the perspective of commodities traded, over two-thirds of all exports come from only two specific products i.e., gold bullion and crude petroleum oil.

On the other hand, a lot more different commodities (126) contributed to two-thirds of all imports.

The findings also indicated that four countries (Switzerland, China, Canada, and South Africa) account for over half of all exports while six countries (China, UK, Netherlands, USA, India, and Switzerland) are the source of about half of all imports.

In his opening remarks, Research Fellow at the University of Ghana, Prof. Charles Godfred Ackah, who chaired the release on August 15, 2023, highlighted the importance and timeliness of the release of the Trade Vulnerability Report and commended the attempt to aggregate trade statistics and make them readily available statistics.

He noted that balance of payment constraints makes the economy vulnerable while adding that “Trade is the most important weapon that we have. If we trade well, we should be able to be prosperous.”

Prof. Ackah also noted that the report would give insight into how trade can drive development in Ghana as has been observed in other countries.

The Ghana 2022 Trade Vulnerability Report was produced in collaboration with the Ghana Revenue Authority (GRA) which provided the data for the analysis.



SSD/NOQ

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