That estimated dollar amount results from a flatlining 0.6% gain compared to the $16.8 billion worth of exported goods five years earlier in 2019.
Year over year, total sales of Ghana’s exports fell by -2.9% from $17.4 billion in international sales during 2022.
Based on the average exchange rate for 2023, the Ghanaian cedi has plummeted by -111.2% against the US dollar since 2019 and decreased by -33.2% from 2022 to 2023. Ghana’s weaker local currency made Ghanian exports paid for in stronger US dollars relatively less expensive for international buyers.
Major Trade Partners Importing Ghana’s Exports
The latest available country-specific data shows that 80.3% of products exported from Ghana was bought by importers in: Switzerland (18.2% of the Ghanian total), South Africa (11.7%), United Arab Emirates (10.2%), mainland China (8.2%), India (7%), Canada (5.1%), United States of America (4.7%), Netherlands (3.9%), Italy (3.7%), Brazil (3.1%), Burkina Faso (2.6%) and Türkiye (2%).
From a continental perspective, 35.3% of Ghana’s exports by value was delivered to European countries while 30.8% were sold to importers in Asia. Ghana shipped another 20.8% worth of goods to fellow African trade partners.
Smaller percentages went to North America (9.8%), Latin America (3.2%) excluding Mexico but including the Caribbean, then Oceania (0.1%) mostly New Zealand and Australia.
Given Ghana’s population of 32.9 million people, its total $16.9 billion in 2023 exports translates to roughly $510 for every resident in the West African country. That dollar metric shades the average $500 per capita for 2022.
Ghana’s Top 10 Exports
The following export product groups represent the highest dollar value in Ghanaian global shipments during 2023. Also shown is the percentage share each export category represents in terms of overall exports from Ghana.
- Gems, precious metals: US$7.7 billion (45.5% of total exports)
- Mineral fuels including oil: $4 billion (24%)
- Cocoa: $1.9 billion (11.2%)
- Ores, slag, ash: $395.3 million (2.3%)
- Fruits, nuts: $387.3 million (2.3%)
- Iron, steel: $289.1 million (1.7%)
- Animal/vegetable fats, oils, waxes: $191.3 million (1.1%)
- Plastics, plastic articles: $188.8 million (1.1%)
- Meat/seafood preparations: $143.3 million (0.8%)
- Aluminum: $129.3 million (0.8%)
Ghana’s top 10 exports accounted for 90.9% of the overall value of its global shipments.
Ores, slag and ash was the fastest grower among the top 10 export categories, up by 839.6% from 2022 to 2023. Manganese was a sales leader for this product category.
In second place for improving export sales was gems and precious metals: via a 17.1% advance led by gold.
Ghana’s shipments of meat or seafood preparations posted the other gain in value, up by 1%.
The leading decliner among Ghana’s top 10 export categories was aluminum, pulled down by a -29.4% year-over-year drop.
At the more detailed four-digit Harmonized Tariff System (HTS) code level, Ghana’s most valuable export product is gold (45.4% of overall Ghanian exports). In second place was crude oil (23.6%) trailed by cocoa beans (6.6%), cocoa paste (2.4%), manganese ores or concentrates (1.9%), cashew nuts and coconuts (1.5%), cocoa butter, fats and oils (1.4%), prepared fish including caviar (0.9%), fixed vegetable fats and oils (0.7%), then iron or non-alloy steel bars and rods (also 0.7%).
Products Generating Ghana’s Largest Trade Surpluses
Overall Ghana incurred an estimated US$480.3 million product trade surplus for 2023. That surplus represents a reversal from -$583.9 million in red ink from one year earlier in 2022.
The following types of Ghanaian product shipments represent positive net exports or a trade balance surplus. Investopedia defines net exports as the value of a country’s total exports minus the value of its total imports.
In a nutshell, net exports represent the amount by which foreign spending on a home country’s goods or services exceeds or lags the home country’s spending on foreign goods or services.
- Gems, precious metals: US$7.7 billion (Up by 17.1% since 2022)
- Cocoa: $1.9 billion (Down by -13.3%)
- Ores, slag, ash: $386 million (Up by 1080.6%)
- Fruits, nuts: $343.1 million (Down by -20.9%)
- Meat/seafood preparations: $107.1 million (Up by 21.1%)
- Wood: $59 million (Down by -32%)
- Aluminum: $47.3 million (Down by -42.3%)
- Lead: $41.7 million (Down by -3.4%)
- Miscellaneous manufactured articles: $26.2 million (Up by 61.3%)
- Copper: $24.6 million (Up by 174.1%)
Ghana has highly positive net exports in the international trade of gold and, to lesser degrees, precious-metal scrap and diamonds. In turn, these cashflows indicate Ghana’s strong competitive advantages under the gems and precious metals product category.
Products Causing Ghana’s Worst Trade Deficits
Below are exports from Ghana that result in negative net exports or product trade balance deficits. These negative net exports reveal product categories where foreign spending on home country Ghana’s goods trail Ghanaian importer spending on foreign products.
- Machinery including computers: -US$1.5 billion (Down by -12.5% since 2022)
- Mineral fuels including oil: -$1.21 billion (Reversing a $579.9 million surplus)
- Vehicles: -$1.16 billion (Down by -23.2%)
- Electrical machinery, equipment: -$587.9 million (Down by -5.8%)
- Plastics, plastic articles: -$471.7 million (Down by -21.4%)
- Other chemical goods: -$427.3 million (Up by 11.8%)
- Salt, sulphur, stone, cement: -$412 million (Down by -18.8%)
- Cereals: -$301.0 million (Down by -31.5%)
- Milling products, malt, starches: -$296.8 million (Down by -0.2%)
- Articles of iron or steel: -$274.7 million (Down by -40.9%)
Ghana has highly negative net exports and therefore deep international trade deficits under the machinery including computers product category.
Ghanaian Export Companies
Not one Ghanaian corporation ranks among Forbes Global 2000.
Wikipedia lists some exports-related companies from Ghana. Selected examples are shown below.
- Accra Brewery Company (beer)
- African Champion Industries (paper)
- Aluworks (aluminum)
- Ayrton Drugs (pharmaceuticals)
- CFAO Ghana (automobiles)
- Cocoa Processing Company (cocao beans)
- Ghana National Petroleum Corporation (oil, gas)
- Kuapa Kokoo (cocao)
- Pioneer Kitchenware (household goods)
- Printex (textiles)
In macroeconomic terms, Ghana’s total exported goods represent 7.4% of its overall Gross Domestic Product for 2023 ($229.4 billion valued in Purchasing Power Parity US dollars). That 7.4% for exports to overall GDP in PPP for 2023 compares to 7.5% for 2022. Those percentages suggest a relatively decreasing reliance on products sold on international markets for Ghana’s total economic performance, albeit based on relatively short timeframe.
Another key indicator of a country’s economic performance is its unemployment rate. Ghana’s unemployment rate averaged 3.6% in 2023, up from an average 3.5% for 2022 per Trading Economics metrics.
Ghana’s capital city is Accra.
See also South Sudan’s Top 10 Exports, Angola’s Top 10 Exports, Switzerland’s Top Trading Partners, Top South African Trading Partners and Top African Export Countries
Research Sources:
Central Intelligence Agency, The World Factbook Africa: Ghana. Accessed on August 11, 2024
FlagPictures.org, Flag of Ghana. Accessed on August 11, 2024
Forbes 2023 Global 2000 rankings, The World’s Biggest Public Companies. Accessed on August 11, 2024
International Monetary Fund, Exchange Rates selected indicators (Domestic Currency per U.S. dollar, period average). Accessed on August 11, 2024
International Monetary Fund, World Economic Outlook Database (GDP based on Purchasing Power Parity). Accessed on August 11, 2024
International Trade Centre, Trade Map. Accessed on August 11, 2024
Investopedia, Net Exports Definition. Accessed on August 11, 2024
Wikipedia, Ghana. Accessed on August 11, 2024
Wikipedia, Gross domestic product. Accessed on August 11, 2024
Wikipedia, List of Companies of Ghana. Accessed on August 11, 2024
Wikipedia, Purchasing power parity. Accessed on August 11, 2024