Ghana flag Ghana: Economic and Political Overview

Foreign trade figures of Ghana

Foreign Trade in Figures

Ghana maintains a highly open stance towards foreign trade, with trade accounting for approximately 69% 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 (45.4%), petroleum oils (23.6%), cocoa beans (6.6%), cocoa paste (2.4%), and manganese ores (1.9%). On the other hand, the country's primary imports consist of petroleum oils (30.0%), motor cars (3.4%), goods transport vehicles (2.4%), insecticides & herbicides (2.1%), cement (2.1% - data Comtrade for 2023).

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. 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 2023 were Switzerland (18.2%), South Africa (11.7%), the United Arab Emirates (10.2%), China (8.2%), and India (7.0%); with imports coming chiefly from China (18.7%), the Netherlands (9.6%), India (6.4%), the United States (6.1%), and Belgium (4.6% - Comtrade).

Data from the WTO indicates that, in 2023, Ghana exported goods worth USD 15.8 billion and imported USD 13.7 billion, marking decreases of 9.3% and 6.2% year-on-year, respectively. However, while Ghana maintains a trade surplus in goods, it is a net importer of services. In 2022 (latest data available), service exports totalled USD 8.6 billion compared to service imports amounting to USD 10.1 billion. In 2024, Ghana recorded a trade surplus of GHS 44.7 billion, with exports reaching GHS 294.9 billion, surpassing imports of GHS 250.2 billion, according to preliminary data from the Ghana Statistical Service (GSS).

 
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 20192020202120222023
Foreign Trade (in % of GDP) 76.866.662.770.169.0
Trade Balance (million USD) 2,2572,0431,0992,6552,695
Trade Balance (Including Service) (million USD) -1,316-2,468-2,066-808-659
Imports of Goods and Services (Annual % Change) 15.9-8.85.81.4-1.2
Exports of Goods and Services (Annual % Change) 12.7-12.8-1.20.20.1
Imports of Goods and Services (in % of GDP) 39.435.132.735.535.0
Exports of Goods and Services (in % of GDP) 37.431.530.134.734.0

Source: World Bank ; Latest available data

Foreign Trade Forecasts 20242025 (e)2026 (e)2027 (e)2028 (e)
Volume of exports of goods and services (Annual % change) 1.84.53.33.95.5
Volume of imports of goods and services (Annual % change) 3.65.65.25.75.6

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%
United States 6.1%
Belgium 4.6%
See More Countries 54.5%

Source: Comtrade, 2024. Because of rounding, the sum of the percentages may be smaller/greater than 100%.

 
 

Main Products

16.9 bn USD of products exported in 2023
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 45.4%
Petroleum oils and oils obtained from bituminous...Petroleum oils and oils obtained from bituminous minerals, crude 23.6%
Cocoa beans, whole or broken, raw or roastedCocoa beans, whole or broken, raw or roasted 6.6%
Cocoa paste, whether or not defattedCocoa paste, whether or not defatted 2.4%
Manganese ores and concentrates, incl. ferruginous...Manganese ores and concentrates, incl. ferruginous manganese ores and concentrates, with a manganese content of >= 20%, calculated on the dry weight 1.9%
See More Products 20.2%
16.4 bn USD of products imported in 2023
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 30.0%
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) 3.4%
Motor vehicles for the transport of goods, incl....Motor vehicles for the transport of goods, incl. chassis with engine and cab 2.4%
Insecticides, rodenticides, fungicides, herbicides...Insecticides, rodenticides, fungicides, herbicides, anti-sprouting products and plant-growth regulators, disinfectants and similar products, put up for retail sale or as preparations or articles, e.g. sulphur-treated bands, wicks and candles, and fly-papers 2.1%
Cement, incl. cement clinkers, whether or not...Cement, incl. cement clinkers, whether or not coloured 2.1%
See More Products 60.1%

Source: Comtrade, 2024. 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

8.3 bn USD of services exported in 2022
45.54%
15.82%
10.06%
8.54%
7.29%
4.87%
3.46%
2.59%
0.73%
0.65%
0.26%
0.20%
11.7 bn USD of services imported in 2022
55.19%
25.93%
5.25%
3.41%
2.13%
2.07%
1.89%
1.49%
1.32%
0.91%
0.24%
0.15%

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

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Latest Update: May 2025