• Login
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
  • Home
  • News
    • General
    • Political
  • Economy
  • Business
    • Agribusiness
    • Aviation
    • Banking & Finance
    • Energy
    • Insurance
    • Manufacturing
    • Markets
    • Maritime
    • Real Estate
    • Tourism
    • Transport
  • Technology
    • Telecom
    • Cyber-security
    • Cryptocurrency
    • Tech-guide
    • Social Media
  • Features
    • Interviews
    • Opinions
  • Reports
    • Banking/Finance
    • Insurance
    • Budgets
    • GDP
    • Inflation
    • Central Bank
    • Sec/Gse
  • Lifestyle
    • Sports
    • Entertainment
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video
No Result
View All Result
No Result
View All Result
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
No Result
View All Result
Home Economy

Trade surplus to decline to $1bn in 2022

3 years ago
in Economy, highlights, Home, home-news, latest News
2 min read
0 0
0
63
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

Trade surplus to decline to $1bn in 2022

A forecast by Fitch Solutions has revealed that Ghana’s trade surplus is expected to narrow to 1 billion dollars this year. 

The forecast follows rising consumer-driven import growth while falling oil and cocoa production temper with export growth, which might have an impact on the country’s balance of payment and consequently the value of the cedi.

It is also coming despite crude oil trading at about $97 on the world market.

“Our Oil and Gas team forecast a 1.9% decline in oil production volumes in 2022, as a result of recent low exploration activity and continued investor uncertainty following very low prices in 2020, stemming from the Covid-19 pandemic. This will keep production below pre-pandemic levels, and which will subsequently weigh on goods exports – oil represented 23.2% of total exports in 2020,” Fitch Solutions disclosed in its Country Risk Report.

“Although, we anticipate stronger gold production and prices in the coming year, this will not be enough to offset the aforementioned factors. Indeed, we forecast export growth will come in at 9.4% in 2022, below the 2010-19 average of 12.4%.

“Moreover, our Agribusiness team forecast a 3.5% decline in cocoa production, largely as a result of base effects, as well as structural issues such as labour problems and fragmentation, with cocoa swollen shoot virus presenting a further downside risk to forecasts”, it pointed out.

RelatedPosts

The 10 Fastest-Growing Trading Nations in Africa

Nigeria’s 1.6 Million Container Trade Far Less Than it’s Ports Potential – Logistics Expert

Inside Details of Presco’s $172m Acquisition of SOP, Ghana Oil Palm Firm

Read: World Bank, IFC launch $4.5bn Country Partnership Framework for Ghana

The expected reduction in the trade surplus could affect the country’s balance of payment and the value of the local currency.

It also said the widening of the external account position will be tempered by stronger tourist arrivals, narrowing the services trade deficit.

“We forecast that service exports will increase by 25.1% in 2022, as headwinds to global travel and tourism fade. While we also anticipate increased demand for imported business and financial services as a result of the continued recovery of the domestic economy, this will still see the services deficit narrow from $4.8 billion in 2021 to $4.3 billion in 2022”.

“We also expect that the secondary income balance will increase, as economic activity in developed markets continues to strengthen, which will support the incomes of Ghanaians living abroad, and by extension foreign remittances to Ghana”, it added.

Meanwhile, import growth will surpass its pre-crisis 10 year average.

“While Ghana’s vaccine rollout remains slow, with only 9.9% of the population have been fully vaccinated, as Ghana obtains more vaccines through COVAX and the African Vaccine Acquisition Trust we expect that Covid-19 related social distancing restrictions will be loosened. In turn, this will result in a rebound in domestic demand, and increase demand for consumer imports – as we expect private consumption growth of 4.7% in 2022, up from 3.8% in 2021,” it stated.

Tags: Bank of Ghana (BoG)CocoaCOVID-19 pandemicghanaGold productionTrade surplus to decline to $1bn in 2022
No Result
View All Result

Highlights

Africa’s Richest Economy’s Currency Hits Nine-Month High as Fed’s Dovish Signal Weakens Dollar

Trump Weighs Using $2 Billion in CHIPS Act Funding for Critical Minerals

Moving Gold, Moving Economies: The Rise of Migrant Women in Zimbabwe’s Mining Sector

Senegal and Mercedes-Benz Partner to Build Trucks

INTERPOL Recovers Over $90 Million From African Crime Syndicates

Djokovic and Gauff Gear Up for US Open with Strategic Focus

Trending

Business

The 10 Fastest-Growing Trading Nations in Africa

August 23, 2025

The 10 Fastest-Growing Trading Nations in Africa Against the backdrop of shifting dynamics in global trade, several...

Nigeria’s 1.6 Million Container Trade Far Less Than it’s Ports Potential – Logistics Expert

August 23, 2025

Inside Details of Presco’s $172m Acquisition of SOP, Ghana Oil Palm Firm

August 23, 2025

Africa’s Richest Economy’s Currency Hits Nine-Month High as Fed’s Dovish Signal Weakens Dollar

August 23, 2025

Trump Weighs Using $2 Billion in CHIPS Act Funding for Critical Minerals

August 23, 2025

Who we are?

NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World

NorvanReports is a unique data, business, and financial portal aimed at providing accurate, impartial reporting of business news on Ghana, Africa, and around the world from a truly independent reporting and analysis point of view.

© 2020 Norvanreports – credible news platform.
L: Hse #4 3rd Okle Link, Baatsonaa – Accra-Ghana T:+233-(0)26 451 1013 E: news@norvanreports.com info@norvanreports.com
All rights reserved we display professionalism at all stages of publications

No Result
View All Result
  • Home
  • Business
    • Agribusiness
    • Aviation
    • Energy
    • Insurance
    • Manufacturing
    • Real Estate
    • Maritime
    • Tourism
    • Transport
    • Banking & Finance
    • Trade
    • Markets
  • Economy
  • Reports
  • Technology
    • Cryptocurrency
    • Cyber-security
    • Social Media
    • Tech-guide
    • Telecom
  • Features
    • Interviews
    • Opinions
  • Lifestyle
    • Entertainment
    • Sports
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
NORVANREPORTS.COM | Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.