Ghana’s staggering import bill for 2023 has reached GH¢180.7 billion, representing a significant 21.5 percent of the country’s Gross Domestic Product (GDP), according to Dr. Godwin Acquaye, CEO of the Business and Financial Times (B&FT).
Speaking at the 13th Ghana Economic Forum (GEF) in Accra, Dr. Acquaye noted the country’s heavy reliance on imports as a major economic challenge, exacerbated by global inflationary pressures.
Addressing a gathering of key industry stakeholders, government officials, and thought leaders, Dr. Acquaye painted a stark picture of the nation’s economic landscape. “We are a nation that imports virtually everything,” he stated, emphasizing that the country’s financial woes are compounded by the importation of inflation from other countries.
The GH¢180.7 billion import bill for 2023 marks a sharp increase from the GH¢148.6 billion recorded in 2022, according to data from the Ghana Statistical Service’s Trade Report published in May.
Dr. Acquaye stressed the urgent need for the country to improve its import substitution industries to reduce the growing import bill, which he warned is unsustainable in the long term. “The question on our minds surely must be: How do we as a nation improve the import substitution industries to reduce our import bill?” he asked the audience.
The forum, known for its insightful dialogue and collaborative solutions, also served as a platform for Dr. Acquaye to reflect on Ghana’s broader economic challenges.
He pointed to the recent history of high inflation rates, with the annual inflation rate reaching a 22-year high of 54.1% in December 2022. While inflation has since halved, the impact on the prices of commodities remains profound, with many goods seeing price hikes of 100 percent to 300 percent over the past 30 months.
“We need to inspire confidence in our economy to accelerate investment and the growth process,” Dr. Acquaye stressed.
Given these developments, he called for a concerted national effort, involving government, the private sector, civil society, and academia, to adopt a unified, long-term planning strategy that focuses on sustainable development.
The CEO also highlighted the importance of diversifying Ghana’s economy, which remains heavily reliant on services—accounting for about 45 percent of GDP in 2023—followed by industry at 34 percent and agriculture at 21 percent.
He noted the need for balance and strengthening across all sectors, particularly in light of the country’s low ranking on the Africa Infrastructure Development Index, where it placed 25th out of 54 African countries.
Dr. Acquaye urged stakeholders to commit to a collective effort toward achieving the ‘Ghanaian Dream’—a vision of prosperity, equality, and opportunity for all citizens. “The Ghanaian Dream is not just an abstract concept; it is a call to action,” he declared, emphasizing the need for collaboration to ensure that the benefits of economic growth are widely shared.
The forum also featured contributions from Evans Asare, Partner at KPMG, who called for a comprehensive re-engineering of Ghana’s economic model to achieve sustainable development.
Mr. Asare emphasized the integration of Environmental, Social, and Governance (ESG) principles into the country’s economic strategies as essential for long-term growth.
He highlighted sectors such as agriculture, energy, and natural resources, as well as state-owned enterprises, as pivotal to this transformation.
