Ghana faced a notable trade imbalance in 2022, as indicated by the inaugural Trade Vulnerability Report from the Ghana Statistical Service.
The report reveals that the country’s imports exceeded its exports by GH₵4.5 billion, underscoring a significant economic challenge.
The most striking contrast emerged in September, during which imports surpassed exports by over GHS4 billion.
“In nine out of the 12 months in 2022, the value of imports was higher than exports. The largest variation in the month where imports exceeded exports was recorded in September (GH₵4.5 billion).”
Furthermore, the report highlights that Ghana’s imports spanned across 209 countries, significantly contrasting with the 161 countries involved in its export activities.
Professor Samuel Kobina Annim, the Government Statistician, presenting the report’s findings, said the data serves as a valuable tool for policymakers, economists, and stakeholders alike, providing essential insights to inform future strategies aimed at fostering a more balanced and resilient trade environment.
The report revealed that Ghana’s three main export products are gold (37.5%), mineral fuels and oils (30.6%), and cocoa beans and products (12.4%), which constitute over 80.0 percent of all exports.
Mineral fuels and oils account for more than a quarter (26.8%) of total imports, followed by machinery and electrical equipment (13.3%) and chemical products (10.7%).
Ghana’s trade relations, both exports and imports, are predominantly with Europe, constituting more than a third of all exports (35.9%) and imports (39.2%). This is followed by Asia, with 28.5 percent of all exports and 37.2 percent of imports.