• About
  • Advertise
  • Privacy Policy
  • Contact
Monday, August 4, 2025
  • Login
The Vaultz News
  • Top Stories
  • News
    • General News
    • Education
    • Health
    • Opinions
  • Economics
    • Economy
    • Finance
      • Banking
      • Insurance
      • Pension
    • Securities/Markets
  • Business
    • Agribusiness
    • Vaultz Business
    • Extractives/Energy
    • Real Estate
  • World
    • Africa
    • America
    • Europe
    • UK
    • USA
    • Asia
    • Around the Globe
  • Innovation
    • Technology
    • Wheels
  • Entertainment
  • 20MOBPL2DNew
  • Jobs & Scholarships
    • Job Vacancies
    • Scholarships
No Result
View All Result
The Vaultz News
  • Top Stories
  • News
    • General News
    • Education
    • Health
    • Opinions
  • Economics
    • Economy
    • Finance
      • Banking
      • Insurance
      • Pension
    • Securities/Markets
  • Business
    • Agribusiness
    • Vaultz Business
    • Extractives/Energy
    • Real Estate
  • World
    • Africa
    • America
    • Europe
    • UK
    • USA
    • Asia
    • Around the Globe
  • Innovation
    • Technology
    • Wheels
  • Entertainment
  • 20MOBPL2DNew
  • Jobs & Scholarships
    • Job Vacancies
    • Scholarships
No Result
View All Result
The Vaultz News
No Result
View All Result

Ghana’s exports to African countries picking up; a good sign for the AfCFTA?

February 17, 2021
Stephen M.Cby Stephen M.C
in Economy, Sub Top Stories, Sub Top Stories2
0
Ghana’s exports to African countries picking up; a good sign for the AfCFTA?

Ghana’s overall exports to countries within the African continent have seen a drastic improvement over the past year.  This can improve further under the current African Continental Free Trade Area (AfCFTA) area if the country seizes the numerous opportunities presented by this agreement.

The recent Quarterly Bulletin released by the Bank of Ghana shows that the overall exports to African countries in the third quarter of 2020 accounted for 24.7 percent of all merchandise exports as compared with 17.8 percent in the same period in 2019.  This was an improvement as the share of exports to Africa in the third quarter of 2018 was also lower at 20.3 percent.

 A further breakdown shows that exports to the ‘Rest of Africa’ excluding ECOWAS sub-regional countries accounted for 15.7 percent of total exports whereas countries within the ECOWAS sub-region received 9.0 percent in the third quarter of 2020. 

RelatedPosts

24-Hour Economy Gains Momentum: Deloitte Tips Ghana to Hit 2025 GDP Milestone

Global Recession Looms—Ghana Urged to Build Bond Buffer or Risk Economic Shock

GSE Storms Into August With Blazing Returns, Market Cap Hits Historic High

In 2019, exports to the ECOWAS sub-region accounted for 5.5 percent of the overall exports in the third quarter, a decline of 0.1 percent from the 5.6 percent recorded in the corresponding quarter of 2018. Also, exports to the ‘Rest of Africa’ saw a massive improvement between 2018 and 2019. In the third quarters of 2018 and 2019, 14.7 and 12.3 percent of total exports went to the ‘Rest of Africa’ respectively.

Whilst the country’s exports to African countries saw a massive improvement within the review period, imports declined to 9.5 percent in Q3 2020 as compared to 12.1 percent recorded in the same period in 2019. Imports from ECOWAS member countries declined from 8.6 percent in Q3 2019 to 4.0 percent in Q3 2020 but imports from the ‘Rest of Africa’ rose from 3.5 percent in the third quarter of 2019 to 5.5 percent in the corresponding quarter of 2020.

Considering the development of the country’s export destinations in the third quarter of 2020, the ‘Other European’ countries received the largest share of 31.0 percent of Ghana’s total exports. The other recipients were the Far East (20.1%), the European Union (12.3%), Other Economies (10.6%), and North America (1.2%). This shows that the major recipient of Ghana’s exports in the third quarter of 2020 was Europe.

The recent development shows signs of optimism for the country’s trade within the African continent, which is currently very limited, as intra-African trade accounts for 15 percent of Africa’s total trade according to the UNCTAD.

The  African Continental Free Trade Area (AfCFTA) which requires member states to remove tariffs from about 90 percent of goods will encourage easy access to commodities across Africa. According to the United Nations Economic Commission for Africa, by 2022, this agreement will increase intra-African trade by over 52 percent.

Thus, Ghana can seize this opportunity to expand its exports to other countries within the African continent under the current trade agreement once tariffs are reduced. This will reduce the cost of imports and exports and will eventually increase the country’s foreign exchange earnings. The country can expand production since raw materials can also be imported at a lower cost under the trade agreement.

The AfCFTA provides the opportunity for Africa to create the world’s largest free trade area, with the potential to unite more than 1.2 billion people, in a $2.5 trillion economic bloc and usher in a new era of development.

READ ALSO: AfCFTA; An Opportunity for Gov’t Industrialization Agenda

Tags: AfCFTABank of GhanaECOWASexportsghana
Please login to join discussion
Previous Post

Trade in goods is not all about AfCFTA- Louis Afful

Next Post

Security In The Country Lacks Funding- Adam Bonaa

[mc4wp_form id="1264"]

Related Posts

Pakistan, Iran Ink Deals Across Various Sectors
Asia

Pakistan, Iran Ink Deals Across Various Sectors

August 3, 2025
President John Dramani Mahama, With Minister Bianca Odumegwu-Ojukwu, Ghana, Nigeria
General News

President Mahama Dispels Nigerian Deportation Fears After Viral Video

August 3, 2025
DSTV Pricing under scrutiny
General News

MultiChoice Grilled On DSTV Pricing 

August 3, 2025
Newmont Finalises $770M Sale of Akyem Mine to Zijin Mining 
Extractives/Energy

Newmont Finalises $770M Sale of Akyem Mine to Zijin Mining 

August 3, 2025
Ghana’s Minister for Communications, Digital Technology and Innovations, Hon. Samuel Nartey George
General News

Sam George Rejects DStv’s Proposal, Insists on Price Reduction

August 3, 2025
New Wave Of Violence Displaces Thousands In Mozambique
Africa

New Wave Of Violence Displaces Thousands In Mozambique

August 3, 2025
Pakistan, Iran Ink Deals Across Various Sectors
Asia

Pakistan, Iran Ink Deals Across Various Sectors

by Comfort AmpomaaAugust 3, 2025
President John Dramani Mahama, With Minister Bianca Odumegwu-Ojukwu, Ghana, Nigeria
General News

President Mahama Dispels Nigerian Deportation Fears After Viral Video

by Silas Kafui AssemAugust 3, 2025
DSTV Pricing under scrutiny
General News

MultiChoice Grilled On DSTV Pricing 

by Lilian AhedorAugust 3, 2025
Newmont Finalises $770M Sale of Akyem Mine to Zijin Mining 
Extractives/Energy

Newmont Finalises $770M Sale of Akyem Mine to Zijin Mining 

by Prince AgyapongAugust 3, 2025
Ghana’s Minister for Communications, Digital Technology and Innovations, Hon. Samuel Nartey George
General News

Sam George Rejects DStv’s Proposal, Insists on Price Reduction

by Evans Junior OwuAugust 3, 2025
New Wave Of Violence Displaces Thousands In Mozambique
Africa

New Wave Of Violence Displaces Thousands In Mozambique

by Lawrence AnkutseAugust 3, 2025
Pakistan, Iran Ink Deals Across Various Sectors
President John Dramani Mahama, With Minister Bianca Odumegwu-Ojukwu, Ghana, Nigeria
DSTV Pricing under scrutiny
Newmont Finalises $770M Sale of Akyem Mine to Zijin Mining 
Ghana’s Minister for Communications, Digital Technology and Innovations, Hon. Samuel Nartey George
New Wave Of Violence Displaces Thousands In Mozambique
[/vc_row_inner]

Recent News

  • Pakistan, Iran Ink Deals Across Various Sectors
  • President Mahama Dispels Nigerian Deportation Fears After Viral Video
  • MultiChoice Grilled On DSTV Pricing 
  • Newmont Finalises $770M Sale of Akyem Mine to Zijin Mining 
  • Sam George Rejects DStv’s Proposal, Insists on Price Reduction
The Vaultz News

Copyright © 2021 The Vaultz News. All rights reserved.

Navigate Site

  • About
  • Advertise
  • Privacy Policy
  • Contact

Follow Us

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • Top Stories
  • News
    • General News
    • Education
    • Health
    • Opinions
  • Economics
    • Economy
    • Finance
      • Banking
      • Insurance
      • Pension
    • Securities/Markets
  • Business
    • Agribusiness
    • Vaultz Business
    • Extractives/Energy
    • Real Estate
  • World
    • Africa
    • America
    • Europe
    • UK
    • USA
    • Asia
    • Around the Globe
  • Innovation
    • Technology
    • Wheels
  • Entertainment
  • 20MOBPL2D
  • Jobs & Scholarships
    • Job Vacancies
    • Scholarships

Copyright © 2021 The Vaultz News. All rights reserved.