New vehicle registration, port activity dip, but passenger arrivals shoot up in quarter 1 – BoG

Transport sector activities, gauged by new vehicle registrations by the Driver and Vehicle Licensing Authority (DVLA), declined marginally by 1.4% to 22,978 in March 2022, from 23,307 vehicles registered during the corresponding period of 2021.

According to the Monetary Policy Report by the Bank of Ghana, vehicles 9old and existing) registered by the DVLA within the first quarter of 2022, however, rose by 3.6% to 99,508 from 96,093 recorded a year ago.

Ports and Habours Activity

Also, international trade at the country’s two main harbours (Tema and Takoradi), as measured by laden container traffic for inbound and outbound containers, declined during the period under review.

Again, total container traffic decreased by 13.6% year-on-year to 56,879 in March 2022, down from 65,804 for a similar period in 2021.

In cumulative terms, total container traffic for the first quarter of 2022 dipped by 14.2% to 163,939, compared with 191,051 for the corresponding period of last year.

The relative decline in port activities, the report said, was due to a slowdown in international trade activities over the review period amid ongoing geopolitical tensions.

Passenger Arrivals

The Monetary Policy Report also revealed that international passenger arrivals increased in March 2022 by 82.8% to 64,358 compared to a similar period in 2021.

Similarly, compared to February 2022, arrivals went up by 27.4%.

For the first quarter of 2022, there were 171,145 arrivals compared with 98,950 for the corresponding period in 2021, representing a growth of 73.0%.

The sharp year-on-year increase in tourist arrivals, according to the Bank of Ghana reflected the easing of travel restrictions over the review period.

Consumption of electricity by industries also went up by 3.8% on a year-on-year basis during the period under review.

Industries consumed 266.51 gigawatts of power in March 2022, as against 256.74 gigawatts recorded for the corresponding period in 2021.

In cumulative terms, electricity consumed by industries for the first quarter of 2022 increased by 9.7% to 812.29 gigawatts, from 740.19 gigawatts for the corresponding period a year ago.

The improvement in power consumption was mainly due to increased industrial activity by manufacturing companies during the review period.