Ghana’s imports surge in first half of 2023 – GSS

Ghana imported from 47 more countries than it exported to in the first half of 2023, according to the latest report by the Ghana Statistical Service (GSS).

The GSS explained that the report provides a comprehensive overview of Ghana’s international trade, critical insights on patterns and trends, and vital for data-informed decision-making and supporting economic development.

The report added that Ghana’s imports originated from a total of 191 unique countries, while exports were directed towards 144.

“Ghana imported from 47 countries more than it exported to in the first half of 2023. Imports originated from a total of 191 unique countries, while exports were directed towards 144,” GSS released in its report.

The GSS, in its report, highlighted the major exports Ghana embarked on within the first half of 2022 and 2023, citing gold, mineral fuels, and oils as the leading exports.

These exports, the Service said, represent more than half of exports in 2022 with 63.1% and 64.0% in 2023, respectively.

“Gold and mineral fuels and oils were the leading exports in the first half of both years, representing more than half of exports in 2022 (63.1%) and 2023 (64.0%). The share of gold exports was 9.4 percentage points high in the first half of 2023 compared to 2022, while that of mineral fuels and oils exports was 8.5 percentage points lower. The share of mineral fuels and oils imports increased by 10.2 percentage points within the period while the share of all other commodities declined.”

The GSS stated that one-third of Ghana’s exports went to Europe.

GSS in its report said, “In the first half of 2022 and 2023, exports exhibited a consistent pattern across various continents, with about one-third of exports going to Europe. There was a 6.4 percentage point increase in the share of imports from Europe while the share for all other continents declined.”

It said imports in the first half of 2023 were US$1.1 billion lower than those in the corresponding period of 2022, and exports have also decreased by US$1.7 billion.

The GSS mentioned that gold makes up more than half of all exports to Europe, accounting for 53.4%, with ‘almost half for Asia of 48.0% and 47.0% for Africa.’

GSS stressed that four countries accounted for 99.5 percent of gold exports, including “Switzerland (44.4%), South Africa (24.1%), United Arab Emirates (18.1%), and India (12.9%).”

“The United States of America (23.5%), Canada (22.9%), and China (21.9) are the destinations of over two-thirds (68.3%) of all mineral fuels and oils exports. The main destination for cocoa beans and products is the Netherlands, the destination of a quarter (24.1%) of all cocoa exports.”

Ghana’s trade dynamics have undergone a noteworthy transformation, marked by a trade surplus of GH₵ 2.4 billion in the first half of 2023, in contrast to the trade deficit of GH₵2.3 billion in the same period of 2022.

The value of both exports and imports were higher in the first half of 2023 by GH₵24.3 and GH₵19.6, respectively, with trade flow in the first half suggesting that 2023 imports and exports are substantially higher than in the same period in 2022.