Tag: imports
-
Ghana’s total exports decline by 9%
Ghana has recorded a nine percentage points drop in its total export earnings. As of August 2023, total exports stood at US$10.76 billion. It is lower than the US$ 11.81 billion recorded in August 2022. Although Ghana maintained a trade surplus in the year under review, total exports declined by about US$ 1 billion accounting…
-
Influx of second-hand furniture pushing local artisans out of business
The influx of imported furniture appears to be pushing local manufacturers out of business as some consumers have expressed their preference for second-hand furniture. According to 2019 figures from the Ghana Revenue Authority, the average annual furniture import is pegged at GHS 180.3 million. Local artisans are therefore calling for more investment in the local…
-
Ghana losing its agric credential – Prof Bokpin bemoans
A lecturer at the University of Ghana Business School, Professor Godfred Bokpin, has bemoaned the neglect of the agricultural sector which used to be the bedrock of the nation’s economy. He explains that the service sector is being given prominence over the agricultural sector. This he argues spells doom for the country as most of…
-
Impact of COVID-19 on commodities continues to cause decline in exports
Latest data from the Bank of Ghana’s Summary of Macroeconomic and Financial Data for the period ending February 2021 shows the value of Ghana’s total exports decreased to about 2.5 billion dollars in February 2021, from the about 2.8 billion dollars recorded during the same time in 2020. An estimated 2.2 billion dollars was spent…
-
Lingering impact of COVID-19 causes decline in Ghana’s trade numbers
Latest data from the Bank of Ghana’s Summary of Macroeconomic and Financial Data for November 2020, shows that the country as of October 2020 had received $12 billion from its exports this year. The value was a decrease from the $12.98 billion recorded in the same period last year. The report also showed a decrease…
-
Intensify efforts to reduce over-reliance on imports – Fidelity Bank MD urges government
Managing Director of Fidelity Bank, Mr. Julian Opuni is calling for intensified efforts by government to reduce Ghana’s over-reliance on imports and make the country self-sufficient post-COVID-19. According to him, a turnaround from import dependence is essential for the country to take full advantage of opportunities presented by the pandemic. Africa’s contribution to global trade…
-
Importation of second-hand cars rises
Importation of second-hand cars is on the rise over fears that the Customs Amendment Act, 2020, will be implemented in 2021, if the New Patriotic Party government is voted back into power. This was disclosed by the Automobile Dealers Union of Ghana. Speaking to Citi Business News, the General Secretary of the Automobile Dealers Union,…
-
Ghana’s overall exports and imports decline due to poor oil performance
The value of Ghana’s total exports decreased to 9.6 billion dollars in the first eight months of 2020, from the 10.6 billion dollars recorded in the same period last year. This is contained in the Bank of Ghana’s Summary of Macroeconomic and Financial Data for September 2020. The report also showed a decrease in total…
-
33 % reduction in trade surplus recorded for first half of 2020
Ghana’s total exports for the first 6 months of 2020 exceeded its imports by 963 million dollars. That’s according to the latest statistical figures from the Bank of Ghana. Trade Surplus refers to the amount by which the value of a country’s exports exceeds the cost of its imports. The surplus, when compared to what…
-
50% Benchmark value is still applicable – GRA
The Ghana Revenue Authority has dismissed reports that it has been directed by the Ministry of Finance to reverse the 50% benchmark value on imports. According to the Authority, the benchmark value policy also known as the discount policy continues to be implemented as originally announced by His Excellency, the Vice President, Dr. Alhaji Mahamudu…