Imports and Exports
The top imports of Ghana are Flexible Metal Tubing, Scrap Vessels, Special Purpose Ships, Cars, and Refined Petroleum, importing mainly from China, Nigeria, United States, United Kingdom, and India. (The Observatory of Economic Complexity, 2021)
The top exports of Ghana are Gold, Crude Petroleum, Cocoa Beans, Cocoa Paste, and Manganese Ore, exporting mainly to Switzerland, India, China, United Arab Emirates, and South Africa. (The Observatory of Economic Complexity, 2021)
Economy
Ghana’s economy has been strengthened by a quarter century of relatively sound management, a competitive business environment, and sustained reductions in poverty levels. Ghana is well endowed with natural resources and agriculture accounts for roughly one-quarter of GDP and employs more than half of the workforce, mainly small landholders. The services sector accounts for 50% of GDP.
According to the 2022 Budget Statement and Economic Policy, the summary of Ghana’s macroeconomic performance, under the theme “Building a Sustainable Entrepreneurial Nation: Fiscal Consolidation and Job Creation”, is as follows:
- GDP data released by the Ghana Statistical Service in September 2021 indicate that Overall Real GDP grew by 3.1% in Q1 and 3.9% in Q2, averaging 3.5% in the first half of 2021 against the 0.8% growth in same period 2020;
- Non-Oil Real GDP grew at 4.6% in Q1 and 5.2% in Q2, averaging 4.9% in the first half year of 2021 compared to 1.2% in the same period 2020;
- End-October 2021 inflation was 11.0%, compared to the 10.1% same period in 2020;
- Overall budget deficit (cash) of 7.7% of GDP against the target of 7.4% of GDP. The budget deficit for same period in 2020 was 8.6% of GDP;
- Primary balance registered a deficit of 1.9% of GDP, compared to the target deficit of 1.7. The primary balance for same period in 2020 was a deficit of 3.7% of GDP;
- The Public Debt as percentage of GDP stood at 77.8% at the end of September 2021, up from 76.1% at the end of December 2020. The elevated public debt ratio reflects the impact of COVID-19 pandemic, Financial Sector clean-up costs, and energy sector IPP payments;
- The Monetary Policy Rate was maintained at 13.5% in the last round of MPC meeting held in October 2021. The 91-day Treasury bill rate, which fell from 14.1% at end-December 2020 to 13.2% at the end of Building a Sustainable Entrepreneurial Nation: Fiscal Consolidation and Job Creation 31st September 2021, declined further to 12.5% as of 15th November 2021;
- Gross International Reserves at end-September 2021 stood at US$10,694.4 million, sufficient to cover 4.9 months of imports, compared to US$8,624.4 million covering 4.0 months of imports recorded at end-December 2020;
- The exchange rates across the major international currencies remained stable for the three quarters of 2021. In particular, the Ghana cedi depreciated cumulatively by 1.79% against the US Dollar by the end of September 2021 compared to a 2.97% depreciation in the same period in 2020.
