Ghana records ₵‎4.5bn trade deficit for 2022

The 2022 Trade Vulnerability Report for Ghana reveals that four nations (Switzerland, China, Canada, and South Africa) were responsible for more than half of the oil-, gold-, and cocoa-producing country’s exports.

Conversely, six countries (China, UK, Netherlands, USA, India, and Switzerland) accounted for roughly half of all imports.

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Regarding traded commodities, the report by the Ghana Statistical Service (GSS) emphasises that gold bullion and crude petroleum oil make up over two-thirds of all exports.

Imports, however, encompass a broader range of commodities (126 types) contributing to two-thirds of all imports.

Ghana faced a trade deficit of 4.5 billion in 2022, with total imports amounting to 148.6 billion and total exports at 144.1 billion.

Only Africa and North America experienced exports surpassing imports.

Prof. Charles Godfred Ackah from the University of Ghana Institute of Statistical, Social, and Economic Research chaired the report’s release.

Source: classfmonline.com