Non-traditional exports to yield Ghana more than $3.3 billion
 
Posted on: 2013-Oct-03        
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The country is expected to make more than $3.3 billion as earnings from non-traditional exports for this year.

The projected income is an improvement on last year's $2.3 billion.

The Ghana Export Promotion Authority which supervises nontraditional exports says it has so far earned 12% more than what it had during the same period last year.

Chief Executive, Gideon Boye Quarcoo, told Joy Business, the projected improvements from non-traditional export has also been influenced by progress made in the global economic recovery.

He said a dip in tuna exports last year resulted in last year's figures, noting that "when you have less coming from tuna which is a big winner your numbers go down"

He indicated also that the availability of funds from banks and other funding institutions has brought about added value from local products enabling it to earn more in exports.

Mr. Quarcoo also adds that they are on track to hit their 5 billion dollar target in the next four years because the service sector has been booming.

Meanwhile, statistics for the first eight months of 2013 have shown major shifts in the structure of Ghana’s export revenue base.

Whereas gold still remains Ghana’s highest export earner despite this year’s price slump - from a high, early this year, of US$1,600 to US$1,300 currently - on the global market, cocoa has slid from being Ghana’s traditional second, or sometimes even highest export earner to the fourth position due to production problems and a fall in price.

Crude oil, which the country started producing less than three years ago, has become Ghana’s second highest export earner - a spot it has occupied since 2012. Non-traditional exports (NTEs), however has this year overtaken cocoa as Ghana’s third highest export earner.

In 2012, gold was Ghana’s highest export earner netting US$5,643 billion. Crude oil was next in line with export earnings of US$2,976 billion. Cocoa followed closely at US$2,828 while NTEs earned Ghana US$2,362.

Earnings from gold declined by 12.6% to US$3.4 billion in the first eight months of this year as compared to the same period last year while cocoa exports also fell by 21.4% to US$1.4