By Richard Adorsu-
NEW AFRICA BUSINESS NEWS (NABN) Accra- Ghana records $3.3 billion from Non-Traditional Export (NTE), a revenue increase of 17 per cent in 2021.
Non-Traditional Export revenue increased from US$2.8 billion in 2020 to US$3.3 billion in 2021. Data provided by the Bank of Ghana and the Ministry of Finance showed that the balance of payment deficit (the difference between export and import earnings) stood at US$926.1 million (1.3 per cent of Gross Domestic Product – GDP).
Mr. Kojo Oppong Nkrumah, Minister of Information, at the launch of the analysis of the 2021 NTE statistics in Accra said the growth in the 2021 NTE showed that the country would gradually close the deficit gap.
He noted that the effort to increase particularly NTE had become more important.
“In the end, if we’re able to keep up on this trajectory and keep improving non-traditional export then we’ll be in the position where no matter what is happening in the global economy, we’ll still have a dominant export position and not require a lot of help.” He said.
The Minister, therefore, called on the Ghana Export Promotion Authority (GEPA) to double up efforts to enhance total export, the balance of trade.
Other things that drove the growth were expansions and optimum running of installed capacities of some major companies, and the export of products by some One District-One Factory (1D1F) companies.
There was also adherence to the protocols of the Economic Community of West African States (ECOWAS) Trade Liberalisation Scheme (ETLs), as well as trade facilitation efforts of the Ghana Export Promotion Authority (GEPA) and MoTI.