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Non-Traditional Exports Are Booming
Ghana
Monday 23 June 2008
Impressive growth in exports from Ghana to the rest of the world has been witnessed over the past few years as more and more Ghanaians explore production in non-traditional sectors.
Nowadays it is not only this West African country's cocoa and minerals exports that are enjoying a boom. Handicrafts and agricultural produce such as pineapples and mangoes have picked up over the past five years. Finance and economic minister Kwadwo Baah-Wiredu recently indicated that the export sector as a whole has performed well, showing steady growth and earning foreign exchange. Exports raised 3,858 million dollars in 2007, representing growth of approximately 40 percent over 2006.
Central Bank Governor Paul Acquah confirmed the growth of the non-traditional sector at a recent press conference. Non-traditional exports rose by 27.1 percent to 259 million dollars for the first quarter of 2008, compared with 204 million dollars for the corresponding period in 2007. This continues the growth in 2006: non-traditional exports grew from 207 million dollars in the fourth quarter of 2006 to 325 million dollars in the same period in 2007.
One of the sectors benefiting has been clothing manufacturing. Hidden along Kwame Nkrumah Avenue in Accra is the business place of Nora Bannerman. She has taken advantage of the favourable conditions to supply apparel to retailers in the U.S..
But the growth in production of new exports is even more noticeable when one moves out of the capital Accra into the countryside. Mango plantations have sprang up where there used to be virgin lands. Theophilus Owusu, a former teacher, has just started a farm near Adawso in the eastern region. "A friend introduced me to mango farming. When I got to know about the export potential from him, I decided to get out of teaching and put my land to better use," Owusu told IPS. Last year Owusu was able to export mangoes to Britain and Spain, earning 350,000 dollars. "But it has not been easy because much of the initial investment came from my own resources as the banks are not ready to provide support. It has been a very difficult journey but it has paid off in the end," a relieved Owusu said.
Nowadays it is not only this West African country's cocoa and minerals exports that are enjoying a boom. Handicrafts and agricultural produce such as pineapples and mangoes have picked up over the past five years. Finance and economic minister Kwadwo Baah-Wiredu recently indicated that the export sector as a whole has performed well, showing steady growth and earning foreign exchange. Exports raised 3,858 million dollars in 2007, representing growth of approximately 40 percent over 2006.
Central Bank Governor Paul Acquah confirmed the growth of the non-traditional sector at a recent press conference. Non-traditional exports rose by 27.1 percent to 259 million dollars for the first quarter of 2008, compared with 204 million dollars for the corresponding period in 2007. This continues the growth in 2006: non-traditional exports grew from 207 million dollars in the fourth quarter of 2006 to 325 million dollars in the same period in 2007.
One of the sectors benefiting has been clothing manufacturing. Hidden along Kwame Nkrumah Avenue in Accra is the business place of Nora Bannerman. She has taken advantage of the favourable conditions to supply apparel to retailers in the U.S..
But the growth in production of new exports is even more noticeable when one moves out of the capital Accra into the countryside. Mango plantations have sprang up where there used to be virgin lands. Theophilus Owusu, a former teacher, has just started a farm near Adawso in the eastern region. "A friend introduced me to mango farming. When I got to know about the export potential from him, I decided to get out of teaching and put my land to better use," Owusu told IPS. Last year Owusu was able to export mangoes to Britain and Spain, earning 350,000 dollars. "But it has not been easy because much of the initial investment came from my own resources as the banks are not ready to provide support. It has been a very difficult journey but it has paid off in the end," a relieved Owusu said.
