GEPA reports 6% growth in non-traditional export earnings
The Ghana Export Promotion Authority (GEPA) has announced a significant 6% increase in the country’s non-traditional export (NTE) earnings for the year 2022.
Launching a report on the analysis of the 2022 non-traditional export statistics, the deputy minister of trade and industry, Dokua Asiamah-Adjei expressed satisfaction at the growth and acknowledged the resilience of Ghana’s NTEs in the midst of global economic challenges.
She commended the efforts of individuals within the export value chain and the export fraternity for their relentless work, which contributed to the positive outcome of the 2022 NTE statistics.
“It is, therefore, refreshing to see that our NTEs have continued to show resilience in the face of global economic challenges. I am very pleased with the outcome of the 2022 non-traditional exports statistics, as it is a testament of the relentless work put in by every individual along the export value chain/export fraternity,” Asiamah-Adjei said.
“Overall, the NTEs increased by 6%, or US$3,531,048,234 over the previous year and accounted for over 20.22% of total export earnings over the same period,” she said. “It is no doubt that the implementation of the NEDS by GEPA and relevant stakeholders contributed to this positive growth and if we maintain our resilience and hard work, accomplishing the strategy’s aim in the next 10 years will be a walk in a park.”
Providing more details on the report, the chief executive oF GEPA, Afua Asabea Asare said the NTEs, which encompass a range of diversified products, recorded earnings amounting to US$3,531,048,234 in 2022, compared to US$3,330,317,588 in the previous year. This growth has been attributed to a combination of structural changes within Ghana’s NTE ecosystem and the effective implementation of the National Export Development Strategy (NEDS).
Asare highlighted the factors driving this impressive growth.
“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 said.
According to the CEO, the implementation of the NEDS played a crucial role in facilitating the growth of the NTE sector. The strategy focused on enhancing market access, improving product quality and standards, promoting value addition, and exploring emerging markets. These initiatives have led to an overall strengthening of Ghana’s NTE sector and a diversification of its export offerings.
Top 10 products
Highlighting the top 10 NTE products for 2022, Asare mentioned cocoa paste, cashew nuts, cocoa butter, iron and steel circles, rods, sheets, billets, articles of plastics, aluminium plates, sheets and coils, canned tuna, natural rubber sheets, cocoa powder, and shea oil. Notably, cocoa paste emerged as the highest earner, contributing US$520.3 million, followed by cashew nuts with US$294.2 million. Shea oil ranked as the lowest earner with US$92.6 million.
The cumulative value of the top 10 products accounted for US$2,150,085,426, representing 60.9% of the total NTE earnings in 2022. The average earning of the top ten earners was recorded at US$215.0 million.
Asare said 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.