Ghana’s Trade Vulnerability Report reveals concentration of export partners and key commodities
The Ghana 2022 Trade Vulnerability Report, recently published by the Ghana Statistical Service (GSS), has unveiled significant insights into the nation’s trade landscape.
Notably, a quartet of nations comprising Switzerland, China, Canada, and South Africa has accounted for over 50% of all exports from Ghana.
Meanwhile, the lion’s share of imports can be attributed to six nations: China, the UK, Netherlands, USA, India, and Switzerland.
In terms of traded commodities, the report underscores a concentrated dynamic in Ghana’s export portfolio. A substantial two-thirds of all exports stem from two key products: gold bullion and crude petroleum oil.
In contrast, imports exhibit a diverse array of over 126 commodities contributing to two-thirds of all imports.
The trade balance for Ghana in 2022 recorded a deficit of GHS 4.5 billion, with total imports amounting to GHS 148.6 billion and total exports at GHS 144.1 billion. A noteworthy observation is that the value of exports surpasses imports solely in the continents of Africa and North America.
Chaired by Prof. Charles Godfred Ackah of the University of Ghana Institute of Statistical, Social, and Economic Research, the release of the report holds strategic importance.
Prof. Ackah, in his opening remarks, applauded the aggregation of trade statistics and their accessible availability, highlighting their pivotal role in enhancing trade analysis.
A key focal point was the recognition of trade’s intrinsic significance in bolstering the nation’s prosperity. Prof. Ackah emphasized, “Trade is the most important weapon that we have. If we trade well, we should be able to be prosperous.”
Prof. Ackah anticipated that the report’s findings would offer profound insights into leveraging trade as a catalyst for Ghana’s developmental trajectory.
Drawing parallels with the experiences of other nations, this report stands as a guiding beacon in charting a course towards economic advancement through shrewd trade strategies.
