Ghana has recorded a nine percentage-point 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 for the nine percent fall.
The trade surplus stood at US$ 2.06 billion compared to the US$1.56 billion dollars posted in August last year.
Gold retained its dominance as the most significant contributor to the country’s total exports.
It was the only item in the export basket that saw an increase. It improved to US$ 4.67 billion from US$ 4.22 billion.
All the remaining components contracted. Cocoa exports reduced marginally from US$ 1.61 billion to US$ 1.60 billion.
Oil exports dropped significantly from US$ 3.82 billion to US$ 2.65 billion dollars. Other exports fell slightly from US$ 2.16 billion to US$ 2.11 billion.
In terms of the contribution of the trade surplus to Gross Domestic Product (GDP), it was however an improvement.
The trade balance to GDP was 2.6 percent; higher than 2.1 percent in 2022.
However, country’s imports saw a decrease from US$ 10.25 billion dollars to US$ 8.74 billion. Both oil and non-oil imports fell, leading to this positive trade balance.
Source: dailyguidenetwork.com
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In the 60's and 70s, educational universities in Singapore, Korea and China weren't ranked higher than our universities. Today, the National University of Singapore is ranked globally amongst the top 20 by some and amongst the top 10 by others. In the PISA under 15 education rankings, China, Korea, Japan and Singapore topped the world in reading, maths and science. After more than 60 years of independence we should be comparing ourselves with those who are excelling globally and stop trying to be the best in West Africa. They say Rome wasn't built in a day, but it is clear that Singapore, Korea, Japan and China have surpassed all globally in less than 50 years.