Ghana’s trade landscape experienced significant changes in the second quarter of 2024, with total trade reaching GH¢123 billion. Exports were valued at GH¢ 64.2 billion, while imports stood at GH¢ 58.8 billion, latest data from the Ghana Statistical Service shows.
Asia and Europe dominated as Ghana’s primary export destinations, accounting for 73.9% of the total export volume.
The United Arab Emirates (UAE) emerged as the leading market for Ghana’s gold, absorbing 39.9% of the country’s gold exports, surpassing traditional markets like Switzerland (35.6%) and South Africa (16.2%). India also contributed, purchasing 7.5% of Ghana’s gold output.
In other sectors, China became the largest purchaser of Ghana’s mineral fuels and oils, securing 42.9% of these exports, while the Netherlands remained a key destination for Ghanaian cocoa, accounting for 32.8% of cocoa and related products. For agricultural exports, Viet Nam took 46.1% of vegetable products, while Burkina Faso was the top buyer of iron and steel at 48.1%.
On the import side, China solidified its position as Ghana’s largest supplier, providing over 20% of total imports, a trend consistent since 2021, except for a brief drop in early 2023. The UAE overtook the UK as the leading source of mineral fuels and oils, while Viet Nam emerged as a significant supplier of vegetable products to Ghana.
These developments underscore the growing influence of Asian markets in Ghana’s trade dynamics, as the country continues to diversify its trade partnerships, both in exports and imports.
In a related development, Ghana lost a total of $1.1 billion through unaccounted gold exports between 2019 and 2021, investigations by the Economic and Organised Crime Office (EOCO) revealed. A report by Swissaid indicates that 66.5% of exported to the United Arab Emirate from Africa were smuggled, with the biggest chunk coming from Ghana. Much of the undeclared gold from the African continent finds its way into international markets through clandestine routes, particularly to the United Arab Emirates (UAE). Here, the gold gains legal status, blurring the lines between illicit and legitimate trade, the report noted.
