GEPA announces $3.5b in non-traditional export earnings for 2022
The Ghana Export Promotion Authority (GEPA) says it recorded a six percent increase in the country’s Non-Traditional Export (NTE) earnings for 2022.
The GEPA said it raked in $3.5 billion from NTE earnings in 2022, compared to $3.33 billion recorded in 2021.
It attributed the growth to a combination of structural changes within Ghana’s Non-Traditional Export ecosystem and the effective implementation of the National Export Development Strategy (NEDS).
The 10 leading products included cocoa paste, cashew nuts, articles of industrial arts and crafts, canned tuna, iron/steel sheets, cocoa powder and aluminum plates, which constituted $2.1 billion, representing 60.9 percent of the total NTE revenue.
At the launch of the Report in Accra, on Wednesday, Nana Ama Dokua Asiamah-Adjei, a Deputy Minister of Trade and Industry in charge of International Trade, acknowledged the resilience of Ghana’s NTEs during global economic challenges.
She lauded 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’m 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,” she said.
The NTEs increased by six percent or $3,531,048,234 over the previous year and accounted for over 20.22 percent of total export earnings over the same period, she said.
“It is no doubt that the implementation of the National Export Development Strategy by GEPA and other relevant stakeholders contributed to the 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,” the Deputy Minister stated.
Dr Afua Asabea Asare, the Chief Executive Officer of the GEPA, providing details on the Report, said the Non-Traditional Exports encompassed a wide range of diversified products, with recorded earnings amounting to $3,531,048,234 in 2022, compared to $3,330,317,588 in 2021.
She attributed the growth to a combination of structural changes within Ghana’s NTE ecosystem and effective implementation of the National Export Development Strategy and thus, highlighted factors driving the impressive growth.
“We are delighted to report a 6 per cent 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 added.
The implementation of the NEDS played a crucial role in facilitating the growth of the NTE sector, she said.
“The strategy focused on enhancing market access, improving product quality and standards, promoting value addition, and exploring emerging markets,” she stated.
These initiatives, she said, led to an overall strengthening of Ghana’s NTE sector and a diversification of its export offerings.
Highlighting the top 10 NTE products for 2022, Dr. Asare mentioned cocoa paste, cashew nuts, cocoa butter, iron and steel sheets, articles of plastics, aluminium plates, sheets and coils, canned tuna, natural rubber sheets, cocoa powder, and shea oil.
She said cocoa paste emerged as the highest earner, contributing $520.3 million, followed by cashew nuts with $294.2 million.
Shea oil ranked as the lowest earner with $92.6 million.
The cumulative value of the top 10 products accounted for $2,150,085,426, representing 60.9% of the total NTE earnings in 2022.
The average earning of the top 10 earners was recorded at $215.0 million.
Dr. Asare outlined the market destinations for Ghana’s NTEs and mentioned the five destination groups including the ECOWAS Sub-region, the European Union (EU) and the United Kingdom, as well as other developed countries and emerging countries.
The CEO of GEPA explained 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 $425.01 million, representing a 16% increase from the previous year.
Togo followed with a significant 21% increase, consuming $198.05 million in 2022 compared to $156.88 million in 2021.
She expressed the hope that Ghana’s future NTE sector looked bright, and cited the continuous efforts to diversify products, explore new markets, and enhance competitiveness.
Source: GNA