Ghana: Visió econòmica i política
Ghana is very open to foreign trade that represented 68% of GDP in 2020 (World Bank). The government wants to create an economic environment that facilitates the development of the private sector thus guarantying transparent trades and promoting competitiveness in foreign markets. Ghana mainly exports gold and other ore and gems, oil, cocoa, nuts, woods, fish, and horticultural products. The country mainly imports vehicles, rice and other food products, cement, oil, medicines and capital goods.
Ghana is a member of the World Trade Organisation and of the ECOWAS. It has also signed numerous partnership agreements, including with the EU. The European Union also supports the Ghana “Beyond Aid” program aimed at reshaping trade dynamics between the country and developed economies. Customs duties are not high but they are applied to every imported product. Ghana is using the common external customs tariffs of the ECOWAS. The import of some products such as mercury soap, hazardous wastes or contaminated products is prohibited.
Ghana's main clients are China, Switzerland, India, South Africa, and the Netherlands. The Netherlands is its main client for horticultural products. Ghana's main suppliers are China (18.2% of total imports), the United States, the United Kingdom, India and Belgium.
According to WTO data, in 2020 Ghana exported goods for a total value of USD 14.47 billion while it imported goods with a total value of USD 12.43 billion. Regarding services, Ghana exported USD 8.06 billion worth of services while it imported 10.16 billion worth of services. In 2020, despite the decrease in oil and cocoa exports and the impact of the COVID-19 pandemic, gold revenues and declining imports fuelled a substantial trade surplus (Coface).
Foreign Trade Values | 2016 | 2017 | 2018 | 2019 | 2020 |
Imports of Goods (million USD) | 13,352 | 12,647 | 13,134 | 13,411 | 12,429 |
Exports of Goods (million USD) | 11,283 | 13,835 | 14,943 | 15,668 | 14,472 |
Imports of Services (million USD) | 6,298 | 8,478 | 8,961 | 10,948 | 10,155 |
Exports of Services (million USD) | 6,088 | 6,470 | 7,563 | 9,870 | 8,058 |
Source: World Trade Organisation (WTO) ; Latest available data
Foreign Trade Indicators | 2015 | 2016 | 2017 | 2018 | 2019 |
Foreign Trade (in % of GDP) | 77.3 | 70.0 | 73.8 | 71.9 | 71.1 |
Trade Balance (million USD) | -3,144 | -1,773 | 1,187 | 1,809 | 2,257 |
Trade Balance (Including Service) (million USD) | -4,310 | -3,067 | -1,686 | -706 | -1,316 |
Imports of Goods and Services (Annual % Change) | 7.9 | -1.1 | 7.9 | 4.6 | 1.7 |
Exports of Goods and Services (Annual % Change) | -0.3 | 14.8 | 16.5 | 10.3 | 6.7 |
Imports of Goods and Services (in % of GDP) | 44.6 | 37.8 | 38.5 | 36.5 | 35.3 |
Exports of Goods and Services (in % of GDP) | 32.7 | 32.2 | 35.3 | 35.4 | 35.8 |
Source: World Bank ; Latest available data
Foreign Trade Forecasts | 2021 | 2022 (e) | 2023 (e) | 2024 (e) | 2025 (e) |
---|---|---|---|---|---|
Volume of exports of goods and services (Annual % change) | -4.8 | 4.2 | 1.7 | 2.7 | 9.3 |
Volume of imports of goods and services (Annual % change) | 7.4 | 10.9 | 5.7 | 5.9 | 5.3 |
Source: IMF, World Economic Outlook ; Latest available data
Note: (e) Estimated Data
Member of African Union (AU)
Member of WTO
Member of Commonwealth of Nations
Main Customers (% of Exports) |
2019 |
China | 16.7% |
Switzerland | 14.7% |
India | 14.2% |
South Africa | 11.8% |
Netherlands | 5.8% |
United Arab Emirates | 5.4% |
United States | 4.2% |
United Kingdom | 2.5% |
France | 2.2% |
Italy | 1.8% |
Japan | 1.8% |
Burkina Faso | 1.7% |
Malaysia | 1.6% |
Canada | 1.6% |
Hong Kong SAR, China | 1.3% |
Germany | 1.3% |
Belgium | 1.2% |
Spain | 1.0% |
Nigeria | 1.0% |
Togo | 1.0% |
See More Countries | 36.8% |
Main Suppliers (% of Imports) |
2019 |
China | 18.2% |
United States | 9.4% |
United Kingdom | 6.6% |
India | 5.6% |
Belgium | 5.1% |
Turkey | 4.5% |
South Africa | 3.4% |
Vietnam | 3.0% |
United Arab Emirates | 2.6% |
Canada | 2.6% |
South Korea | 2.4% |
Germany | 2.4% |
Netherlands | 2.2% |
Italy | 2.2% |
Japan | 1.8% |
France | 1.5% |
Russia | 1.4% |
Thailand | 1.3% |
Spain | 1.3% |
Brazil | 1.3% |
See More Countries | 55.2% |
Source: Comtrade, 2021. Because of rounding, the sum of the percentages may be smaller/greater than 100%.
Source: Comtrade, 2021. Because of rounding, the sum of the percentages may be smaller/greater than 100%.
To go further, check out our service Import Export Flows.
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Actualitzacions: April 2022
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