Ghana's import bill rises by $100M – GSS

Reymond Awusei Johnson 01:03 - 01 June 2024

TEMA PORTS AND HARBOURS

Ghana's import bill has surged by $100 million in the first quarter of 2024 as the country grapples with the rapid depreciation of the cedi against major trading currencies.

According to the Ghana Statistical Service (GSS) 2023 and 2024 first-quarter trade vulnerability report, the total import bill for the first quarter of 2024 reached $3.9 billion, up from $3.8 billion in the same period last year. This increase comes amid ongoing exchange rate fluctuations, with the Cedi losing over 20% of its value against the US dollar in the retail market.

The report highlights that China remains the primary source of Ghana's imports, contributing GH₵10.5 billion, which accounts for 21.8% of total imports and 45.8% of imports from Asia.

In the first quarter of 2024, nearly half (48.0%) of all imports originated from Asia, a significant increase of 16.5 percentage points from the first quarter of 2023 and a slight rise of 0.5 percentage points from the fourth quarter of 2023.

There is a notable decline in the share of imports from Europe, contrasted with the rising share from Asia, indicating a shift in Ghana's import sources.