Ports experience uptick in activity indicating a rebound
Customs House Agents have reported a notable resurgence in activity at Ghana’s ports, offering a glimmer of hope after a period of sluggish traffic volumes since the year’s commencement.
Data derived from the latest Composite Index of Economic Activity (CIEA) of the Bank of Ghana illuminates that approximately 57,000 containers have passed through the ports as of July 2023. Although this figure signifies a decrease compared to the robust activity seen in July 2021, it marks a substantial improvement from the approximately 40,000 containers recorded in January of this year.
Customs house agents attribute this cautious revival to the relative stability of the Ghanaian cedi and encouraging progress in certain critical macroeconomic indicators. The resilience of the cedi has played a pivotal role in bolstering confidence within the nation’s trade environment.
Yaw Kyei, the President of the Association of Customs House Agents, remains sanguine about the potential for further recovery in the last quarter of the year. He emphasized the industry’s adaptability and its unwavering commitment to stimulate growth within the sector.
Ghana’s ports have confronted recent challenges, including foreign exchange costs, elevated port tariffs, and dwindling traffic volumes. These issues have raised concerns among industry stakeholders and economic observers. The ports constitute indispensable arteries for trade and commerce, making their uninterrupted operation a cornerstone of Ghana’s economic well-being.
While the ongoing recovery may not yet reach the levels observed before the pandemic, the visible signs of progress offer optimism for a robust resurgence in Ghana’s trade and overall economic vitality in the months ahead.
