Ghana’s trade performance on the African Continent shows major declines in 2022
Ghana’s trade performance on the African continent has experienced significant declines in 2022, according to the Africa Trade Barometer report by Standard Bank. The report highlights that Ghana’s performance in four key areas of trading has dropped significantly, posing a challenge to trade and business activities in the country.
The report reveals that Ghana’s performance in the areas of business confidence, ease of access to credit, government support to trading activities, and credit terms extended to clients has declined sharply in 2022. The decline in these areas has had a negative impact on trade and business activities in Ghana, raising concerns about the country’s competitiveness as a trading hub on the African continent.
The Africa Trade Barometer report is widely recognized as one of the most comprehensive research reports on the state of trade on the African continent. It provides a comparative view of the enablers and challenges to facilitating trade across ten key African markets, offering reliable data and insights for businesses, entrepreneurs, students, governments, NGOs, and investors considering the continent.
The report highlights the need for the government and businesses in Ghana to work together to address the challenges faced by traders in the country. The decline in business confidence is particularly concerning, as it can lead to reduced investment and trading activity in the country. The report also notes that Ghana’s ease of access to credit has decreased, making it more difficult for businesses to secure the financing they need to grow and expand.
Moreover, the government’s support for trading activities has also decreased, posing a challenge to businesses that require regulatory support and assistance to navigate the complexities of international trade. Credit terms extended to clients have also become less favorable, making it more difficult for businesses to manage their cash flow and remain competitive.
The report highlights that Ghana recorded big declines in all four areas, signaling a need for the government and businesses to work together to address the challenges faced by traders in the country. To address these challenges, the government and businesses in Ghana need to collaborate to improve business confidence, increase access to credit, provide better government support to trading activities, and extend more favorable credit terms to clients.
Furthermore, the report provides an opportunity for stakeholders to identify areas for improvement and work towards creating a more conducive trading environment for businesses in Ghana. With concerted efforts from all stakeholders, Ghana can improve its trading performance and become a more attractive destination for trade and investment on the African continent.
The Africa Trade Barometer report by Standard Bank reveals that Ghana’s performance in key trading areas on the African continent has declined significantly in 2022. The report underscores the need for the government and businesses to collaborate to address the challenges faced by traders in the country. Ghana can take proactive measures to improve its trade performance and become a more competitive trading hub on the African continent.
