In recent years, Ghana has emerged as a major player in the global export market. The country's strategic location on the West African coast, coupled with its stable political climate and growing economy, has made it an attractive destination for foreign investment and trade partnerships. As a result, Ghana's export data industry is projected to continue its upward trend in the coming years.
Ghana's export ranking is expected to rise significantly by 2023. In 2019, Ghana was ranked as the 8th largest exporter in Africa, with a total value of exports reaching $16 billion USD. However, by 2023, it is estimated that Ghana will move up three places to become the 5th largest exporter on the continent. This growth can be attributed to various factors such as increasing investments in key industries like agriculture and manufacturing, as well as government initiatives aimed at promoting trade.
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.
Ghana's main exports are gold, oil, cocoa beans, timber, and tuna fish. In recent years there has been a push towards diversification of export products which has led to other emerging sectors such as horticulture (fruits & vegetables), handicrafts, processed foods and textiles becoming significant contributors towards exports revenues. With this shift towards non-traditional exports gaining momentum it is expected that these sectors will become top exporting products for Ghana by 2023.
Currently, the United States, China, India, Switzerland and France are Ghana's top trading partners. However, Ghana has been making efforts to expand its export market and reduce dependency on these countries. In 2023, it is expected that trade with other African countries will increase significantly as a result of the implementation of the African Continental Free Trade Area agreement (AfCFTA). This agreement aims to create a single market for goods and services in Africa and promote intra-African trade. Additionally, Ghana has also been exploring opportunities in emerging markets such as Brazil, Turkey and South Korea which are potential trade partners for the country in 2023.
