Ghana flag Ghana: Visió econòmica i política

Xifres de comerç exterior de Ghana

Foreign Trade in Figures

Ghana maintains a highly open stance towards foreign trade, with trade accounting for approximately 71% of its GDP, according to the latest data from the World Bank. The government's objective is to foster an economic environment conducive to private sector development, transparent trade practices, and enhanced competitiveness in foreign markets. In terms of exports, Ghana's main commodities include gold (37%), petroleum oils (31.3%), cocoa beans and paste (13.4%), and manganese (2.1%). On the import side, the country's primary imports consist of motor vehicles (12.6%), rice (3.6%), cement (3.1%), and refined petroleum oil (2.3%), as per Comtrade data for 2022.

As a member of the World Trade Organization (WTO) and the Economic Community of West African States (ECOWAS), Ghana has engaged in various partnership agreements, including with the European Union (EU). The EU supports Ghana's "Beyond Aid" program, aimed at restructuring trade dynamics between Ghana and developed economies. Customs duties, while not excessively high, are applied to all imported products, following the common external customs tariffs of the ECOWAS. Ghana's top export destinations in 2022 were China (16.7%), Switzerland (14.7%), India (14.2%), South Africa (11.8%), and the Netherlands (5.8%). On the import side, the country's major import partners were China (18.2%), the United States (9.4%), the United Kingdom (6.6%), India (5.6%), and Belgium (5.1%), according to Comtrade data.

Data from the WTO indicates that in 2022, Ghana exported goods worth USD 17.5 billion and imported goods valued at USD 14.6 billion, marking increases of 18.8% and 7.2% year-on-year, respectively. However, while Ghana maintains a trade surplus in goods, it is a net importer of services. In 2022, service exports totaled USD 8.3 billion compared to service imports amounting to USD 11.8 billion. In 2023, Ghana experienced a contraction in its favorable trade balance, which decreased by 10% to USD 2.6 billion, as reported by the Bank of Ghana. This decline was attributed to a 5% decrease in total exports, driven by an 8.7% decline in cocoa income and a 30% decrease in revenue from oil shipments.f Ghana).

 
Foreign Trade Values 20192020202120222023
Imports of Goods (million USD) 13,41112,42913,62914,62113,715
Exports of Goods (million USD) 15,66814,47214,72717,49415,868
Imports of Services (million USD) 13,49812,11712,33811,7080
Exports of Services (million USD) 9,9257,6069,1748,2500

Source: World Trade Organisation (WTO) ; Latest available data

Foreign Trade Indicators 20182019202020212022
Foreign Trade (in % of GDP) 68.076.838.558.452.6
Trade Balance (million USD) 1,8092,2572,0431,0992,873
Trade Balance (Including Service) (million USD) -706-1,316-2,468-2,066-585
Imports of Goods and Services (Annual % Change) 5.015.9-54.5113.813.0
Exports of Goods and Services (Annual % Change) 6.612.7-50.769.19.4
Imports of Goods and Services (in % of GDP) 34.539.417.828.525.0
Exports of Goods and Services (in % of GDP) 33.537.420.729.927.5

Source: World Bank ; Latest available data

Foreign Trade Forecasts 20232024 (e)2025 (e)2026 (e)2027 (e)
Volume of exports of goods and services (Annual % change) -5.86.25.55.64.2
Volume of imports of goods and services (Annual % change) -3.75.66.36.05.3

Source: IMF, World Economic Outlook ; Latest available data

Note: (e) Estimated Data

 
International Economic Cooperation
Member of Economic Community of West African States (ECOWAS)

Member of African Union (AU)

Member of WTO

Member of Commonwealth of Nations

 

Main Partner Countries

Main Customers
(% of Exports)
2023
Switzerland 18.2%
South Africa 11.7%
United Arab Emirates 10.2%
China 8.2%
India 7.0%
See More Countries 44.8%
Main Suppliers
(% of Imports)
2023
China 18.7%
Netherlands 9.6%
India 6.4%
Russia 6.4%
United States 6.1%
See More Countries 52.7%

Source: Comtrade, 2023. Because of rounding, the sum of the percentages may be smaller/greater than 100%.

 
 

Main Products

17.4 bn USD of products exported in 2022
Gold, incl. gold plated with platinum, unwrought...Gold, incl. gold plated with platinum, unwrought or not further worked than semi-manufactured or in powder form 37.6%
Petroleum oils and oils obtained from bituminous...Petroleum oils and oils obtained from bituminous minerals, crude 29.9%
Cocoa beans, whole or broken, raw or roastedCocoa beans, whole or broken, raw or roasted 7.3%
Cocoa paste, whether or not defattedCocoa paste, whether or not defatted 3.0%
Coconuts, Brazil nuts and cashew nuts, fresh or...Coconuts, Brazil nuts and cashew nuts, fresh or dried, whether or not shelled or peeled 1.7%
See More Products 20.6%
18.0 bn USD of products imported in 2022
Petroleum oils and oils obtained from bituminous...Petroleum oils and oils obtained from bituminous minerals (excl. crude); preparations containing >= 70% by weight of petroleum oils or of oils obtained from bituminous minerals, these oils being the basic constituents of the preparations, n.e.s.; waste oils containing mainly petroleum or bituminous minerals 25.5%
Motor cars and other motor vehicles principally...Motor cars and other motor vehicles principally designed for the transport of persons, incl. station wagons and racing cars (excl. motor vehicles of heading 8702) 4.2%
Motor vehicles for the transport of goods, incl....Motor vehicles for the transport of goods, incl. chassis with engine and cab 2.7%
Cement, incl. cement clinkers, whether or not...Cement, incl. cement clinkers, whether or not coloured 2.5%
RiceRice 2.1%
See More Products 63.0%

Source: Comtrade, 2023. Because of rounding, the sum of the percentages may be smaller/greater than 100%.

 
 

To go further, check out our service Import-Export Flows.

 

Main Services

Source: United Nations Statistics Division, 2024. Because of rounding, the sum of the percentages may be smaller/greater than 100%.

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Actualitzacions: April 2024

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