Remarkable trade surplus of $1.1 billion during the period of COVID-19

Nene Agbadiagba Ofoe-Teye

Tema East Constituency Chairman of the ruling New Patriotic Party (NPP), Nene Agbadiagba Ofoe-Teye, points out that while COVID-19 has had a devastating effect on economies around the world, President Akufo-Addo has proven more than capable of taming the storm.

In a recent article, the President points out that despite the pandemic, Ghana under Akufo-Addo has always managed to maintain a commendable balance of trade.

“Despite the virus, our trade balance for 2021 was above $1.1 billion. This is proof that despite the devastating effect of the virus, our President has firmly weathered the storm,” wrote Nene Agbadiagba Ofoe-Teye.

He therefore urged Ghanaians to “trust His Excellency President Akufo-Addo to guide us through these difficult times”, adding that “it is not the President who brought the virus but he is ensuring that does not destroy our economy. ”

The balance of trade is the amount by which the value of a country’s exports exceeds the cost of its imports. The Bank of Ghana has confirmed that in 2021, Ghana’s trade balance is $1.107 billion.

This represents 1.5% of gross domestic product, but less than the $2.043 billion recorded in 2020.

But according to Nene Agbadiagba Ofoe-Teye, “If you look at our performance, we have done better than many African countries which over the period exported relatively little and imported more.”

According to the data, exports for the period stood at $14.73 billion, while recorded imports were estimated at $13.62 billion.

The Central Bank also confirms that the development is due to the impact of the COVID-19 pandemic.

“If even in the midst of the pandemic, our economy can function so resiliently, it is proof that the fundamentals of our economy are still strong and once this phase of difficult times passes, we will bounce back better and better,” Nene Agbadiagba Ofoe-Teye wrote.

This is the second time that Nene Agbadiagba Ofoe-Teye has argued that President Akufo-Addo is better at managing the economy in the space of a few weeks. Earlier, he pointed out that Ghana’s current import coverage of over five months is proof that President Akufo-Addo is a better manager of the economy than former President Mahama.

Meanwhile, Nene Agbadiagba Ofoe-Teye encouraged Ghanaians to adapt to electronic direct debit, saying good economic indicators are proof that the President is managing the economy well.

“Without a doubt, these are troubling times that demand that we all sacrifice ourselves and it is therefore incumbent on us to make this necessary sacrifice for the betterment of our own country and our own future as a people. Nene concluded.