Switzerland and three nations together represent over 50% of Ghana’s exports, per the report

The revelations stemming from the Ghana 2022 Trade Vulnerability Report demonstrate that four specific nations (Switzerland, China, Canada, and South Africa) collectively contributed to more than fifty percent of all exports originating from Ghana.

However, the origins of approximately fifty percent of all imports can be attributed to six countries (China, UK, Netherlands, USA, India, and Switzerland).

With respect to the commodities exchanged, the report issued by the Ghana Statistical Service (GSS) notes that an overwhelming portion exceeding two-thirds of all exports is derived solely from two distinct products: gold bullion and crude petroleum oil.

Conversely, imports involve a significantly larger array of commodities (126 in total) contributing to roughly two-thirds of all inbound goods.

In the year 2022, Ghana recorded a trade deficit amounting to 4.5 billion, encompassing total imports valued at 148.6 billion and total exports at 144.1 billion, respectively.

The surplus in export value compared to imports is a unique occurrence exclusive to the African and North American regions.

The unveiling of the report was presided over by Prof. Charles Godfred Ackah from the University of Ghana Institute of Statistical, Social, and Economic Research.

In his initial remarks, Prof. Ackah emphasized the significance and timeliness of releasing the Trade Vulnerability Report, commending the endeavor to consolidate trade data and facilitate its accessibility.

He noted that the limitations in the balance of payments render the economy susceptible.

He conveyed, “Trade stands as our most vital tool. Through proficient trade, prosperity becomes an achievable goal.”

Concluding his statement, he affirmed that the report would offer valuable insights into how trade can propel development in Ghana, as observed in analogous scenarios in other nations.