Trade Vulnerability Report highlights gold, fuel and cocoa dominance in Ghana’s exports
The latest Trade Vulnerability Report, as released by the Ghana Statistical Service (GSS), sheds light on the intricate dynamics shaping the nation’s trade interactions. The report unveils noteworthy patterns and disparities that underpin Ghana’s economic engagement with the global arena.
A standout observation from the report is the notable divergence in partner countries for imports and exports. Ghana’s import network spans a notable 209 countries, presenting a difference of 48 when compared to the 161 nations it exports to. This intriguing dichotomy underscores the nation’s diverse sourcing strategies versus its focused export destinations.
Focusing on the core of Ghana’s exports, three key players emerge as pivotal contributors: gold (37.5%), mineral fuels and oils (30.6%), and cocoa beans and products (12.4%). This trio collectively contributes to a substantial 80.0% of the country’s total exports, emphasizing their integral role in shaping Ghana’s trade narrative.
Delving into the realm of imports, mineral fuels and oils take center stage, accounting for over a quarter (26.8%) of total imports. Machinery and electrical equipment (13.3%), alongside chemical products (10.7%), constitute other significant components of Ghana’s import portfolio, reflecting a multifaceted approach to sourcing.
The geographic distribution of Ghana’s exports yields interesting insights. Gold commands a substantial portion of exports to Asia (35.5%), Africa (46.1%), and Europe (50.4%). Mineral fuels and oils gain prominence in exports to North America (80.9%) and Asia (42.6%), while cocoa finds resonance in exports to Europe (22.1%), Asia (7.6%), and North America (13.1%), remaining a rarity in other continents.
The trade relationships outlined in the report highlight Europe as a central trading partner. Constituting over a third of all exports (35.9%) and imports (39.2%), Europe emerges as a robust economic ally. Asia follows closely, accounting for 28.5% of exports and 37.2% of imports.
Interestingly, the report underscores a trade balance dynamic where the value of imports exceeds that of exports across continents, except for Africa and North America. Notably, exports to other African nations surpass imports by GH₵13.2 billion, while the difference favors exports by GH₵6.8 billion in the case of North America.
The Trade Vulnerability Report provides a comprehensive perspective on Ghana’s trade intricacies. The report’s findings illuminate the nation’s key export commodities, geographic alliances, and the delicate balance of trade across global continents. As the global economic landscape continues to evolve, these insights offer a lens through which Ghana’s trade dynamics can be discerned.
