Tough times for Ghana’s import sector
Ghana’s economy is currently experiencing a robust growth that places it amongst the fastest growing economies in Africa. But while Ghana’s export sector has been on the rise in recent years the import sector has experienced the opposite trend with a decrease of over 150 USD Million in the first quarter of 2014 alone.
For us at Port Tema it has been a tough year. However, with the new port expansion and a recent find of a new gas field the future looks bright. Looking beyond our own industry we are also very excited to be part of an economy with one of the fastest growing GDPs in the world.
Ghana to become maritime hub
In recent years Ghana’s government have worked together with industry groups in an attempt to establish Ghana as a key player in the maritime sector. The country’s institutions, infrastructure and regulatory landscape are all being developed to cater for improved shipping services within Africa and internationally.
The efforts to improve transport infrastructure from ports to border regions, centralise funds, simplify regulations and reduce bureaucracy, all works to assist Ghana in firmly establishing itself as a leading maritime and logistics hub.
From cocoa to gold
Ghana’s economy has historically been based on a mix of agriculture and industry. Today the main exports are gold, cocoa beans and timber products. Other exports include tuna, aluminium, manganese ore, diamonds and horticulture.
The countries main exports partners are Netherlands, Burkina Faso, South Africa and United Kingdom.
With the economic program “Ghana: Vision 2020” the country is aiming to further accelerate its economic growth and improve quality of life for all Ghanaian citizens by reduced poverty. Except for maternal and infant mortality, sanitation and employment, Ghana is on track to meet the Millennium Development Goals (MDGs) set by the United Nations.
At Portside we are pleased to see this positive development up close and we wish to see Ghana’s economy continuing to grow and prosper into the future.