Ghana: Press zooms in on $200m trade surplus recorded in 1st half of 2023, others

APA – Accra (Ghana)
The report that Ghana recorded a trade surplus of $200 million in the first half of the year, according to the Ghana Statistical Service (GSS) Trade Report is one of the leading stories in the Ghanaian press on Wednesday.
The Ghanaian Times reports that Ghana recorded a trade surplus of $200 million in the first half of the year, the Ghana Statistical Service (GSS) Trade Report, has revealed.
This implies that the country last exported more products than it imported into the country.
In the first half of the year, the country exported products to the tune of $8.1 billion and import¬ed products to the tune of $7.9 billion, with most imports coming from China.
Gold and mineral fuels and oils were the leading exports in the first half of the year, representing more than half (64.0 per cent) of exports in 2023.
Government Statistician, Pro¬fessor Samuel K. Annim, disclosed this during the launch of the 2023 half-year trade report on the topic “Ghana 2023 Mid-Year Trade Report: Highlighting Intra-Africa trade report”.
The launch of the report was also used to mark the celebration of this year’s African Statistics Day, which is on the theme “Modernis¬ing data ecosystems to accelerate the implementation of the African Continental Free Trade Area (AfCFTA): The role of official sta¬tistics and big data in the economic transformation and sustainable development of Africa.”
Prof. Annim speaking on the report said the trade report built on the 2022 Trade Vulnerability Report and offered additional statistics on Ghana’s external trade with a specific focus on food, intra-African trade, aligning with the 2023 theme of the African Statistics Day.
He said data for the report was taken from Customs Division of the Ghana Revenue Authority and about one-third of Ghana’s export for half of this year went to Europe, while there was a 6.4 percentage increase in imports from Europe.
Prof. Annim said gold made more than half of all the exports to Europe (53.4 per cent) and almost half for Asia (48.0 per cent) and Africa ( 47.0 per cent), and for North America, the main exports commodity was mineral fuels and oils, contributing three-quarters (74.2 per cent) of all exports.
“Cocoa beans and products represent a quarter of exports (24.7 per cent) to Europe, the high¬est across continents, followed by North America (17.6 per cent) then Asia (13.2 per cent),” he stated.
The newspaper says that the Minister of Information, Kojo Oppong Nkrumah, has stressed the need for a collective effort in steering Ghana towards sustainable economic growth.
Contributing to the 2024 budget debate on the floor of Parliament yesterday, Mr Nkrumah said the government alone cannot bear the responsibility for effective budget execution and advocated a comprehensive, all-hands-on-deck approach in implementing the policy document.
“Amidst our economic challenges, let us remember we have a collective responsibility for our economic growth. Together, united in purpose, we can implement the robust strategies outlined in the 2024 budget to shape a prosperous future for Ghana,” the minister said.
He emphasised the need for concerted efforts from various stakeholders, including the Ministry of Finance, Parliament, the Ghana Revenue Authority (GRA), Ministries, Departments, and Agencies (MDAs), and even citizens in actively participating and ensuring the meticulous implementation of the budget.
Delving into economic policy analysis, Mr Nkrumah emphasised the need for a well-thought-out economic policy to effectively track and achieve developmental goals.
He highlighted two pivotal agendas: the Stability Agenda, focusing on inflation, exchange rates, and interest rates with support from the International Monetary Fund (IMF), and the Growth Agenda, featuring a comprehensive 5-year strategy with a 14-month emphasis on priority areas like agriculture, aquaculture, tourism, creative arts, sports, and digitisation.
The Graphic reports that the government must make fundamental changes in the structure of the economy and aggressively implement the public financial management law to ensure greater scrutiny and monitoring of the expenditures of ministries, departments and agencies.
A Country Senior Partner, PwC Ghana, Vish Ashiagbor, who gave the advice, said that would help consolidate the gains chalked up under the International Monetary Fund (IMF) programme.
“We have nice policies but the implementation becomes the problem.
So given what we’ve experienced now, we believe everybody understands that we cannot do business as usual.
“The government must take the opportunity to do some fundamental changes in the structure of the economy, implemented aggressively,” he said.
Mr Ashiagbor, who was speaking in a post-budget interview with the Daily Graphic, said the 2024 budget statement presented to parliament last week by the Minister of Finance, Ken Ofori-Atta, did not come as a surprise to PwC as it aligned with the commitments the government had made under the IMF programme.
“The budget is along the lines that I expected because going into the IMF programme, we had to commit to certain macroeconomic targets, so it was always going to be the case that this budget was going to be aligned with those targets,” he said.
Mr Ashiagbor reminded the government that the economy still remained fragile despite the signs of stability that were beginning to emerge.
The newspaper says that the United States Embassy has updated its travel advisory to Level 2, advising travellers to “Exercise Increased Caution” due to emerging threats against LGBTQI+ individuals in Ghana.
The alert issued on November 20, 2023, highlights concerns about crime and violence directed at members of the LGBTQI+ community in Ghana.
The advisory specifically outlines areas with increased risks, including parts of the Bono East, Bono, Savannah, Northern, North East, and Upper East regions, citing civil unrest.
The embassy warns of violent crimes such as carjacking and street mugging, emphasizing that these incidents often occur at night and in isolated locations.
The alert said violent crimes are a concern, and travellers should exercise increased caution, especially in urban areas, crowded markets, and when travelling after dark, where criminal elements may use blockades to restrict movement. Areas near the northern border in the Upper East and Upper West regions are highlighted for heightened caution due to security issues.
The advisory also noted that the U.S. government may have limited ability to provide emergency services to US citizens in Ghana, as local police may lack the resources to respond effectively to serious crimes.
The alert addressed the challenges faced by LGBTQI+ travellers in Ghana, citing prohibitions in Ghanaian law on “unlawful carnal knowledge” between persons of the same sex. Punishments for such activities can include fines and incarceration.
The advisory highlights the increase in anti-LGBTQI+ rhetoric and violence in recent years, with reported incidents of targeted assaults, rape, mob attacks, and harassment.
GIK/APA