In 2022, Ghana encountered significant trade imbalance, evident in the inaugural Trade Vulnerability Report by the Ghana Statistical Service (GSS).
The report discloses a GH₵4.5 billion excess of imports over exports, signifying a substantial economic challenge. Notably, September marked the most pronounced contrast with imports surpassing exports by GHS4 billion.
“In 9 of 12 months, imports exceeded exports. The largest variation was in September (GH₵4.5 billion).”
Furthermore, the report highlights that Ghana’s imports span 209 countries, contrasting with the involvement of 161 countries in its exports.
Professor Samuel Kobina Annim, the Government Statistician, presented these findings, emphasizing their value for policymakers, economists, and stakeholders. The data offers crucial insights for shaping future strategies toward a balanced and resilient trade environment.
The report indicates Ghana’s primary exports are gold (37.5%), mineral fuels and oils (30.6%), and cocoa beans and products (12.4%), collectively comprising over 80.0% of exports.
Imports are dominated by mineral fuels and oils (26.8%), machinery and electrical equipment (13.3%), and chemical products (10.7%).
Ghana’s trade links, both exports and imports, are chiefly with Europe, constituting over a third of all exports (35.9%) and imports (39.2%). Asia follows with 28.5% of exports and 37.2% of imports.