Import Globals provides detailed insights into Ghana's oil export data for simplifying the market intelligence and strategic planning adopted by the leading competitors in the businesses operating in or with interest in the petroleum sector. The competitive analysis allows the traders to monitor activities, empowering the strategies of informed decisions to stay competitive.

A Brief Overview of the Oil Export of Ghana in 2024

Ghana, right now, is leading as a top exporter of oil in the African countries. The large offshore oil reserves discovery has been contributing substantially to the economic growth and development of the nation, countered by the oil exports. The recent trade statistics have reported that the oil production rate of Ghana has increased from 200,000 barrels per day to 250,000 barrels per day in 2024. Despite the thriving growth rate, the government implemented several initiatives like the Greater Jubilee Field Development and Sankofa East project, which is expected to add to the oil exports of the nation, boosting the production rate by 30,000 barrels per day by 2030.

The oil export of Ghana has recorded a thriving recovery rate of the previous five-year decline in 2024, with crude oil production increasing by 10.7% year-on-year via the Jubilee field, contributing significantly to the overall manufacturing rate. The surge in petroleum revenues and the improved investment climate, accompanied by economic growth and trade surplus, have contributed to the annual oil export of Ghana, recording a total valuation of 7 billion US dollars of exports in 2024. The continuous efforts from the government authorities for enhancing the investment climate in the oil sector have been attracting foreign investment and promoting local participation, fostering the introduction of a favorable environment for domestic production activities.

A Brief Overview of the Overall Trade of Ghana in 2024

The Statistical Analysis of the Oil Export of Ghana for the Last 5 Years

The Leading Variants of Oil Exported From Ghana in 2024

Oil, being one of the most globally demanded commodities due to the increasing industrial activities, has solidified its position as a top exported commodity of Ghana. According to the Ghana Export Data, the top 10 leading variants of oil exported from the nation in 2024 are,

1. Jubilee Blend - Export trade value - 1.2 billion US dollars; Annual trade share - 24%

2. TEN Blend - Export trade value - 789 million US dollars; Annual trade share - 16%

3. Saltpond Blend - Export trade value - 654 million US dollars; Annual trade share - 12%

4. Sankofa Light Blend - Export trade value - 524 million US dollars; Annual trade share - 10%

5. Odum Blend - Export trade value - 387 million US dollars; Annual trade share - 8%

6. Wawa Blend - Export trade value - 265 million US dollars; Annual trade share - 6%

7. Enyenra Blend - Export trade value - 178 million US dollars; Annual trade share - 5%

8. Gye Nyame Blend - Export trade value - 143 million US dollars; Annual trade share - 4%

9. Akasa Blend - Export trade value - 89 million US dollars; Annual trade share - 3%

10. Cape Three Points Blend - Export trade value - 67 million US dollars; Annual trade share - 1.5%

Major Export Trade Partners of Ghana for Oil in 2024

Ghana, with its thriving oil industry, has established a suitable trade relationship with regions having cost-effective pricing strategies regarding oil exports. According to the Ghana Customs Data, the top 10 export trade partners of Ghana for oil in 2024 are,

1. China - According to the China Import Data, the annual export trade value of oil from Ghana in 2024 - 1.2 billion US dollars.

2. United States - According to the USA Import Data, the annual export trade value of oil from Ghana in 2024 - 800 million US dollars.

3. India - According to the India Import Data, the annual export trade value of oil from Ghana in 2024 - 600 million US dollars.

4. South Africa - According to the South Africa Import Data, the annual export trade value of oil from Ghana in 2024 - 500 million US dollars.

5. Netherlands - According to the Netherlands Import Data, the annual export trade value of oil from Ghana in 2024 - 300 million US dollars.

6. Malaysia - According to the Malaysia Import Data, the annual export trade value of oil from Ghana in 2024 - 240 million US dollars.

7. Spain - According to the Spain Import Data, the annual export trade value of oil from Ghana in 2024 - 187 million US dollars.

8. Japan - According to the Japan Import Data, the annual export trade value of oil from Ghana in 2024 - 124 million US dollars.

9. Italy - According to the Italy Import Data, the annual export trade value of oil from Ghana in 2024 - 89 million US dollars.

10. South Korea - According to the South Korea Import Data, the annual export trade value of oil from Ghana in 2024 - 67 million US dollars.

Top Oil-producing Companies of Ghana in 2024

The oil industries of Ghana are serving as a cornerstone to the entire economic growth by a substantial trade share in the annual revenue generation. According to the Ghana customs data, the top 3 oil refineries contributing to the oil export of the nation in 2024 are,

1. Tullow Oil Plc - The Tullow Oil PLC, being a UK-based multinational company, has been operating across several countries, including Ghana. It is right now one of the largest crude oil producers of the nation, countering almost 60% of the total exports. The annual trade revenue share of the authority is around 28% in 2024.

2. Kosmos Energy - Cosmos Energy, being a role player in the Ghana soil industry, has been operating since 2010 in the land area. The country, being one of the largest exporters of Africa's west coast, has contributed around 22% in the annual revenue generation.

3. ENI Ghana - ENI Ghana Exploration is the third leading oil-producing industry of the nation, operating in the land area since 2009. The company, being a role player of the Sankofa field, has contributed around 16% to the annual revenue generation.

CONCLUSION - The oil industry of Ghana has been facilitating the overall export revenue by a crucial manner. The increasing acquisition of energy resources in the industrial sectors is causing a rise in the overall revenue rate. Import Globals provide detailed insights into the latest shipments of oil from the management authorities of Ghana to empower the business holder's strategies regarding informed decisions based on global market.

FAQ'S

Que. What is the export trade value of oil from Ghana in 2024?
Ans. The export trade value of oil from Ghana in 2024 is 7 billion US dollars.

Que. Who is the top export trade partner of Ghana for oil in 2024?
Ans. China is the top export trade partner of Ghana for oil in 2024.

Que. What is the top exported variant of oil from Ghana in 2024?
Ans. Jubilee blend is the top exported variant of oil from Ghana in 2024.

Que. Where can you get a detailed trade analysis of the oil export of Ghana in 2024?
Ans. By subscribing to Import Globals, you can get a detailed trade analysis of the oil export of Ghana in 2024.

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