Ghana has seen significant growth in its import sector, making it one of the leading importers in Africa. The country's strategic location, stable political climate, and growing economy have all contributed to this success. As we look ahead to 2023, it is expected that Ghana's import industry will continue to thrive and cement its position as a major player in global trade.
Ghana's import rank for 2023 is set to rise even higher. In 2018, Ghana was ranked as the 87th largest importer in the world by the World Bank. However, by 2023, it is estimated that the country will move up several ranks and secure a spot among the top 70 importing nations globally.
The projected increase in Ghana's import rank can also be attributed to its growing population. By 2023, it is estimated that the country's population will reach over 32 million people – an increase of about three million from its current population of approximately 29 million. With a large and continuously expanding consumer base, there will be a greater demand for imported goods and products.
Ghana has experienced consistent economic growth over recent years, with its gross domestic product (GDP) reaching $67 billion in 2019. And with continued efforts towards diversifying its economy and attracting foreign investment, this upward trend is expected to continue into 2023.The forecasted GDP for Ghana in 2023 stands at $85 billion. This significant increase reflects both government initiatives such as Vision2030 - which aims to accelerate economic growth - as well as private sector investments across various industries.
In 2023, Ghana's top importing product is expected to be refined petroleum. This comes as no surprise as the country relies heavily on imports for its energy needs. Other key imported products include vehicles, machinery, electronics, and pharmaceuticals.
The demand for these goods is driven by Ghana's growing population and expanding economy. Additionally, the country's agricultural sector is also a significant contributor to its import market, with a large portion of food products being sourced from neighboring countries.
Ghana has a diverse range of trade partners, including both developed and developing countries. In 2023, China is projected to remain the top trading partner for Ghana in terms of imports. This can be attributed to China's dominance in manufacturing and its ability to produce goods at competitive prices. Other major import partners for Ghana include Nigeria, the United States, India, Germany, and France. These countries play a crucial role in supplying essential goods to meet Ghana's growing domestic demand.
