Data from the 2023 Trade Vulnerability Report by the Ghana Statistical Service (GSS) has revealed the country’s topmost imported commodities for 2023.
China retained its position as Ghana’s largest import partner, increasing the value of transactions from GH₵26.4 billion in 2022 to GH₵33.9 billion in 2023, surpassing big Western countries like the United States of America and the Netherlands.
Ten products accounted for over a third (38.3%) of all imports.
The highest import value was diesel-automotive gas oil, amounting to GH₵27.1 billion, followed by light oils, motor spirit, and super at GH₵22.3 billion.
These are the only two commodities that contributed over 10% each of all imports.
Sea transport constituted 89.1% of the total value of imports, with air transport representing the smallest share at 4.7%.
Regarding exports, air and sea transport each accounted for nearly half of the total value, with air transport accounting for 46.3% and sea transport for 46.1%.
However, Ghana’s import bill in the first quarter of 2024 increased by $100 million as the country struggles to stabilize the cedi, which is rapidly depreciating against major trading currencies.
The total import value for the first quarter of 2024 stood at $3.9 billion, which is relatively higher than the $3.8 billion recorded in the same period last year.
This comes as the country is battling continuous exchange rate fluctuations, as the cedi loses more than 20% of its value against the US dollar in the retail market.