Saturday, June 19, 2021

Ghana exported US$21.7bn between 2014 and 2019 – World Bank

Ghana exported a total of US$21.7 billion dollars between 2014 and 2019, making it the 72nd exporter in the world.

According to the World Bank, the country’s exports shot up by US$4.25 billion in 2014 to US$21.7 billion in 2019.

But the Bretton Wood institution is worried environmental mismanagement may impair future economic growth.

According to the World Bank, gold led the exports with US$10.8 billion, followed by crude oil with US$4.68 billion and cocoa with US$1.61 billion.

Others such as cocoa paste (US$504 million) and manganese (US$489 million) also contributed substantially to the growth in exports between 2014 and 2019.

In terms of destination of exports, Switzerland (US$4.92 billion), India (US$3.62 billion), China (US$2.67 billion) and United Arab Emirates (US$1.83 billion) were the leading market for the country’s natural resource products.

The country should therefore be worried about the recent reports of China venturing into cocoa production.

South Africa was the fifth biggest importer of $1.72 billion of natural produce from Ghana between 2014 and 2019.

Imports

For imports, Ghana imported US$18.4 billion between 2014 and 2019, making it the number 81 trading destination in the world.

Imports from China (US$4.35 billion), Nigeria (US$4.04 billion), USA (US$924 million ), United Kingdom (US$757 million) and India (US$637 million).

But the World Bank is worried that environmental unsustainability may impair Ghana’s economic growth, as demonstrated through two economic indicators.

First, is the national wealth which the growth is predicated on efficiently and sustainably managing natural capital. And secondly, is the adjusted net savings which is defined as gross national saving, which is a measure of how wealth changes over time.

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