The Value of Ghana’s Non-Traditional Exports increased to 3.5 billion dollars in 2022 from the 3.3 billion dollars recorded in 2021.
This is contained in the annual non-traditional export statistics report 2022 revealed by the Ghana Exports Promotions Authority.
The 3.5 billion dollars recorded in 2022 indicates a 6% increase over the 2021 NTE earnings of 3.3 billion dollars recorded in 2021.
Per the data from the annual non-traditional export statistics report for 2022, the performance of products such as cocoa paste, cashew nuts, cocoa butter, iron and steel circles, rods, contributed to the increase.
Cocoa paste emerged as the highest earner, contributing US$520.3 million, (over five hundred million dollars followed by cashew nuts with US$294.2 million. Shea oil ranked as the lowest earner with US$92.6 million.
Speaking at the annual non-traditional export statistics report for 2022, Dr. Afua Asabea Asare noted that this growth is attributed to a combination of structural changes within Ghana’s NTE ecosystem and the effective implementation of the National Export Development Strategy (NEDS).
“The NTEs, which encompass a range of diversified products, recorded earnings amounting to US$3,531,048,234 (3.5 billion) in 2022, compared to US$3,330,317,588 in the previous year. We are delighted to report a 6% increase in Ghana’s Non-Traditional Export earnings for 2022. This positive trend can be attributed to the successful implementation of the National Export Development Strategy and the strategic changes made within our NTE ecosystem,” she stated.
The Non-Traditional Export sector consists of three sub-sectors including Agriculture, Manufactures and Semi- processed and industrial Art and Craft products.
The manufactures/ semi-processed sub-sector continues to be the major NTE sub-sector in terms of contribution to total NTEs. The sub-sector contributed US$2.938 billion.
Agricultural sub-sector in 2022 accounted for US$509.9 million of total NTEs earnings compared to US$476.01million earned in 2021, indicating a 4.61 % growth. This sub-sector contributed 14.47% share to total NTE earnings in 2022.
The Industrial Art and Craft sub-sector increased by 79.73% over 2021, to US$81,235,108. The sub-sector contributed 2.30% to total non-traditional exports earnings.
Dr. Asare further emphasized the market destinations for Ghana’s NTEs, highlighting the five distinct groups including the ECOWAS, the European Union (EU) & United Kingdom, Other Developed Countries, Rest of African countries, and Emerging Countries.
The CEO noted that the ECOWAS market remained the leading destination, accounting for 34.59% of the total market, followed closely by the EU & UK markets, contributing 31.90%.
Burkina Faso emerged as the leading market destination for Ghana’s NTEs, with a consumption value of US$425.01 million, representing a 16% increase from the previous year. Togo followed with a significant 21% increase, consuming US$198.05 million in 2022 compared to US$156.88 million in 2021.
This the GEPA CEO expressed her optimism for the future of Ghana’s NTE sector, citing the continuous efforts to diversify products, explore new markets, and enhance competitiveness.
Source:citibusinessnews.com
