Ghana’s trade deficit hits $4.5bn in 2022


Ghana’s trade balance faced headwinds in 2022, as the nation grappled with a trade deficit of $4.5 billion.

Total imports surged to GHS 148.6 billion, juxtaposed against total exports of GHS 144.1 billion, according to findings from the Trade Vulnerability Report published by the Ghana Statistical Service (GSS).

Gold bullion and crude petroleum oil emerged as Ghana’s top exports, commanding over two-thirds of the nation’s outbound trade.

In stark contrast, imports showcased a diverse spectrum encompassing 126 distinct categories, collectively accounting for two-thirds of all imports.

The 2022 Trade Vulnerability Report casts a spotlight on four nations—Switzerland, China, Canada, and South Africa—asserting their dominance in propelling more than half of the nation’s core exports, including oil, gold, and cocoa.

In counterbalance, six nations—China, UK, Netherlands, USA, India, and Switzerland—steered nearly half of Ghana’s import trajectory.

 As Ghana navigates the complexities of global trade, these insights illuminate critical nodes of vulnerability and opportunity. The trade deficit challenges the nation’s economic equilibrium, while export dependencies and import dynamics offer pivotal avenues for strategic recalibration.

The report underscores the imperative need for informed policy decisions to steer Ghana’s trade trajectory in the evolving global arena.

SOURCE: norvanreports

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