The Institute of Statistical, Social and Economic Research (ISSER) has expressed worry over Ghana’s continuous dependency on food imports, arguing, the country is highly vulnerable to external shocks.
In its analysis of the Impact of the 2024 Budget on the Private Sector, it said Ghana needs to produce more grains, meat products and minimize imports to ensure exchange rate stability and low inflation.
Food has been the main driver of inflation since 2022, recording about 60% rate on average.
Presently, Ghana imports 22.8% of cereals and grain products, 12.7% of animal and vegetable products, 9.5% of meat, and 8.5% of fish.
According to ISSER, Ghana should promote intra-African trade as very little trade is done between the country and Nigeria, among others.
“We should promote intra-African trade – very little trade between Ghana and Nigeria, East Africa etc. Why is it cheaper to import from Brazil than from Nigeria or other African countries?”
It also called for the effectiveness of the African Continental Free Trade Area.
In terms of imports and exports with Africa, the country’s highest importer is South Africa, accounting for 20.5% of imports, whilst South Africa again was its highest exporter, accounting for 55.4%. Meanwhile, the Agriculture sector is expected to slow down in 2024, largely on the back of lower growth in the crops, livestock, and fishing sub-sectors.
However, the growth is expected to increase to 4.5% over the medium-term (2024-2027), adding, “2024 projects are only slightly higher than 2023 projections”.
The projected growth for 2023 was 2.6% with medium-term growth of 4%.
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