The Toffees were one of a number of clubs angling to sign the Senegal star when he quit West Ham United following relegation last year.
Moyes said: "Ba was someone I was really interested in last year, but for a number of reasons the deal just didn't come off.
"He's just another one of those who got away - and I've had plenty of them down the years.
"We needed a centre-forward and that became clear when we started the season because we were really short of goals.
"We couldn't get Ba in and he did very well at Newcastle, but other options opened up for us in January and we were happy with what we got."