Ghana’s robust export performance in 2023, exceeding imports for the first time in recent years, reveals a continued reliance on a few key commodities.
While this strategy generated a trade surplus of GH₵5.3billion, it also highlights the need for diversification.
According to the Ghana 2023 Trade Report, gold maintains its dominance as the top export, accounting for a 45.2% of the total with a value exceeding GH₵84 billion. This is followed by mineral fuels and oils (GH₵43.9 billion), primarily crude petroleum, contributing another 23.6%.
Cocoa, a mainstay of the Ghanaian economy, comes in third with cocoa beans and products reaching GH₵15.7 billion (combined). However, compared to gold, cocoa beans alone represent only 6.5% of exports.
The remaining top ten exports showcase a wider range of products, but their contribution is comparatively smaller. Cashew nuts, manganese ores, cocoa butter, and tuna are all valuable exports, each constituting less than 2% of the total.
Rounding out the list are iron/steel products and shea nut oil, demonstrating a fledgling diversification into other sectors. However, these combined still represent less than 1.5% of exports.
The report mentioned the importance of export diversification. While gold and oil remain crucial revenue sources, their dominance exposes the economy to price fluctuations in these global markets. Expanding export categories beyond these traditional products is vital for long-term economic stability.
See the entire list below;
1. Gold bullion
Export value – GH₵84,109,674,977
Share of exports – 45.2%
2. Petroleum oils and oils obtained from bituminous minerals, crude
Export value – GH₵43,914,733,396
Share of exports- 23.6%
3. Cocoa beans, superior quality raw beans
Export value – GH₵12,102,272,153
Share of exports – 6.5%
4. Cocoa paste, not defatted
GH₵3,644,011,373
Share of exports – 2.0%
5. Manganese ores and concentrates, with a manganese content of >20%
GH₵3,463,903,573
Share of exports – 1.9%
6. Cashew nuts, in shell
GH₵2,486,931,891
Share of exports – 1.3%
7. Natural cocoa butter
GH₵2.088,234,402
Share of exports – 1.1%
8. Tuna, skipjack and Atlantic bonito, prepared or preserved, not minced
GH₵1,550,949,868
Share of exports – 0.8%
9. Iron/Steel b&r, h/r, irregular coils with deform. Not further than forged
GH₵1,280,112,811
Share of exports – 0.7%
10. Shea (karate nuts) oil and fractions, crude
GH₵1,196,786,019
Share of exports – 0.6%
All Other Products
GH₵30,128,077,528
Share of export – 16.2%
Total Export – GH₵185,965,688,023
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