The Institute of Statistical, Social and Economic Research (ISSER) has expressed apprehension regarding Ghana's ongoing reliance on food imports, asserting that the nation is highly susceptible to external shocks.

In its evaluation of the Impact of the 2024 Budget on the Private Sector, ISSER emphasized the need for Ghana to boost the production of grains and meat products while minimizing imports to ensure stability in the exchange rate and to keep inflation low.

Since 2022, food has been the primary driver of inflation, averaging a 60% rate. Currently, Ghana imports 22.8% of cereals and grain products, 12.7% of animal and vegetable products, 9.5% of meat, and 8.5% of fish.

ISSER recommends that Ghana fosters intra-African trade, particularly with countries like Nigeria, as currently, there is minimal trade activity between them.

“We should promote intra-African trade – very little trade between Ghana and Nigeria, East Africa etc. Why is it cheaper to import from Brazil than from Nigeria or other African countries?”

Regarding trade relations with Africa, South Africa stands out as Ghana's primary importer, representing 20.5% of total imports, while South Africa is also the leading exporter, contributing 55.4% to Ghana's total exports.

Meanwhile, the Agriculture sector is projected to decelerate in 2024, primarily due to reduced growth in the crops, livestock, and fishing sub-sectors.

Nevertheless, the growth is anticipated to rise to 4.5% during the medium-term (2024-2027), with the observation that the "2024 projections only slightly exceed those of 2023."

With medium-term growth of 4%, the growth rate for 2023 was predicted to be 2.6%.