Ghana: Gold, mineral fuels dominate exports in first half of 2023
The Ghana Statistical Service’s 2023 Trade Vulnerabilities Report highlights a nuanced landscape for the country’s exports in the initial half of the year. A dominant 64% of Ghana’s export portfolio comprised gold, mineral fuels, and oils during this period, underscoring the sectoral composition dynamics at play.
Gold emerged as a pivotal player, witnessing a substantial 9.4 percentage point surge in its export share compared to the analogous timeframe in 2022. Conversely, mineral fuels and oils experienced an 8.5 percentage point contraction, signaling a notable recalibration in Ghana’s export matrix.
Regionally, gold emerged as the linchpin, constituting over half of all exports to Europe (53.4%) and nearly half to both Asia (48.0%) and Africa (47.0%). North America, in stark contrast, pivoted around mineral fuels and oils, commanding a formidable 74.2% of all exports.
Cocoa, a perennial export stalwart, assumed significance, representing 24.7% of exports to Europe, the highest across continents. North America and Asia followed suit, with 17.6% and 13.2%, respectively.
Underpinning these export dynamics was a discernible constancy in patterns across continents, with approximately one-third of exports consistently gravitating towards Europe. This steadfastness was echoed in the report’s overarching narrative, emphasizing the stability in export patterns.
Noteworthy import trends emerged, marked by a noteworthy 6.4 percentage point surge in imports from Europe. In tandem, the report unveiled a concomitant decline in the import share from other continents, reflecting an intriguing reorientation in Ghana’s import dynamics.
Crucially, the Ghana 2023 Midyear Trade Report represents an evolutionary step from its antecedent, the 2022 Trade Vulnerabilities Report. It not only delineates Ghana’s trading partners and commodities for H1 2023 but also provides a granular examination of trade value fluctuations between the initial halves of 2022 and 2023. This depth of analysis underscores its pivotal role in offering actionable insights for stakeholders navigating the intricate terrain of Ghana’s international trade.
