Ghana’s cargo throughput to grow by 10% in 2019

The Ghana Revenue Authority introduced the CTN in the third quarter of 2018
11 June 2018, Ghana, Accra: A ship with containers on board is located in the port of Tema near Accra. Thousands of tons of old electronics from all over the world arrive here every year. Photo: Gioia Forster/dpa

Due to aggressive trade and industrial policies being rolled out by Government, Ghana has projected an overall cargo throughput growth of 10 percent this year, Benonita Bismarck, the Chief Executive Officer  of the Ghana Shippers’ Authority, announced.

The projection, she says, was also premised on the introduction of the  First-Port-Rule for the transit trade which will help avoid deflecting  transit cargo to neighbouring West African countries’ ports.

The “First-Port-Rule” is an arrangement that allows customs officials  from neighbouring landlocked countries to set desks up at Ghana’s  Ports for tax collection on transit goods, which would become  operational on March 1.
The World Bank had predicted the global economic growth to slow to 2.9  percent, this year.

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Additionally, the World Trade Organisation’s (WTO) Outlook indicator  for global trade growth this year is projected to slow to 3.7 per cent.

The slowdown is largely attributed to trade protectionism, tight  conditions and the on-going trade war between the two biggest world  economies-the United States of America and China.

As the Chinese economy grew by just 6.6 per cent in 2018 compared to  10.4 per cent in 2017, China’s impeded economic growth is likely to  hold a negative impact on the global maritime industry.

Consequently, it would negatively affect Ghana’s domestic economic situation considering the Far East held the country’s largest share of International trade, with the Chinese holding more than 75 per cent  share.

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“While the country’s imports experienced a slow growth of 1.2 per cent  in 2018, exports on the other hand, grew by 24 per cent and prospects  for continued growth in the export sector are very bright in the wake  of Government aggressive industrial policies”, Says Birsmark.

The Ghana Revenue Authority introduced the CTN in the third quarter of 2018 to facilitate import transaction processes for revenue assurance purposes.

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