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Trade and Regional Integration in Ghana: FY2019/20

Ghanaian exports have been growing faster than imports during the period from 2015 to 2018. This has led to a steady improvement in gross official foreign exchange reserves. The increase in exports and declining imports has led to an improvement on the current account balance. Ghana is still dependent on commodity exports. However, Ghana is well integrated in the Economic Community of West African States (ECOWAS) but its trade is unbalanced due to the significant trade deficit with the region. This suggests that there is significant room to increase Ghana’s exports to ECOWAS.