Editorial: Achieving ambitious NTE earnings target

Government is targetting an annual revenue increase from US$3.5billion to US$10billion by 2030 for non-traditional export (NTE) earnings.

Echoing President Mahama’s ambitious NTE vision, Minister of Trade, Agribusiness and Industry, Elizabeth Ofosu-Adjare, believes this will be realised through effective stakeholder collaboration and implementation of a robust National Export Development Strategy

The strategy prioritises value addition, value chain extension and broader economic diversification to drive sustained export growth.

The minister made this known at the FirstBank Ghana and African Import and Export Solutions (AfricanIES) Exporters Forum held at Accra in collaboration with the Ghana Export Promotion Authority (GEPA).

The forum aimed at empowering exporters and strengthening the country’s non-oil export sector. Market access and financing, which are the export industry’s major constraints, took centre-stage.

Managing Director of First Bank Ghana, Victor Yaw Asante, underscored First Bank Ghana’s commitment to providing financial solutions for SMEs – which are the Ghanaian economy’s backbone.

Ghana’s exports increased significantly in 2024, resulting in a trade surplus. Exports reached GH¢294.9billion in 2024 from GH¢186billion in 2023, surpassing total imports of  GH¢250.2billion for the same period. This resulted in a trade surplus of GH¢44.7billion.

This notwithstanding, the Ghana Statistical Service says Ghana’s real trade balance recorded a deficit of GH¢4.7billion in 2024.

Meanwhile, Ghana’s Non-Traditional Exports earnings declined marginally by 2.87 percent in 2024 to US$3.83billion from US$3.94billion recorded in 2023, due to reduced exports of iron and steel products to the ECOWAS region.

To reverse this decline, the minister assured exporters that government is working assiduously through the Accelerated Export Development Advisory Committee to bring sanity in the export sector and grow exports to strengthen the country’s forex while creating opportunities and jobs for Ghanaians.

Government is working to remove demurrage charges on weekends and holidays and solving inconsistent exchange rate issues at the ports that continue to burden Ghanaian exporters, the minister added.

As part of efforts to enhance the efficiency and competitiveness of Ghana’s export sector, Ofosu-Adjare said government is committed to upgrading and accrediting our local laboratories to meet international sanitary and quality testing standards.

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