GEPA reports 6% growth in Non-Traditional Export earnings
The NTEs, which encompass a range of diversified products, recorded earnings amounting to US$3,531,048,234 in 2022, compared to US$3,330,317,588 in the previous year.
The Ghana Export Promotion Authority (GEPA) has announced a significant 6% increase in the country’s Non-Traditional Export (NTE) earnings for the year 2022.
The Chief Executive Officer (C.E.O) OF GEPA, Dr. Afua Asabea Asare, revealed the remarkable growth during a press briefing organized by the Ministry of Information in Accra on Wednesday, May 3.
The NTEs, which encompass a range of diversified products, recorded earnings amounting to US$3,531,048,234 in 2022, compared to US$3,330,317,588 in the previous year.
This growth has been attributed to a combination of structural changes within Ghana’s NTE ecosystem and the effective implementation of the National Export Development Strategy (NEDS).
Speaking at the briefing, Dr. Afua Asabea Asare highlighted the factors driving this impressive growth.
“We are delighted to report a 6% 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 stated.
According to the CEO, the implementation of the NEDS played a crucial role in facilitating the growth of the NTE sector.
The strategy focused on enhancing market access, improving product quality and standards, promoting value addition, and exploring emerging markets.
These initiatives have 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 circles, rods, sheets, billets, articles of plastics, aluminium plates, sheets and coils, canned tuna, natural rubber sheets, cocoa powder, and shea oil.
Notably, cocoa paste emerged as the highest earner, contributing US$520.3 million, followed by cashew nuts with US$294.2 million.
Shea oil ranked as the lowest earner with US$92.6 million.
The cumulative value of the top ten products accounted for US$2,150,085,426, representing 60.9% of the total NTE earnings in 2022.
The average earning of the top ten earners was recorded at US$215.0 million.
Dr. Asare further emphasized the market destinations for Ghana’s NTEs, highlighting the five distinct groups including the ECOWAS, the European Union (EU) & United Kingdom, Other Developed Countries, Rest of African Countries, and Emerging Countries.
The CEO noted 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 US$425.01 million, representing a 16% increase from the previous year.
Togo followed with a significant 21% increase, consuming US$198.05 million in 2022 compared to US$156.88 million in 2021.
The GEPA CEO expressed her optimism for the future of Ghana’s NTE sector, citing the continuous efforts to diversify products, explore new markets, and enhance competitiveness.
Source:3news.com|Ghana
