A West African nation that shares its southern coastline with the Gulf of Guinea and Atlantic Ocean, the Republic of Ghana shipped US$15.9 billion worth of exported products around the world in 2024.
That calculated dollar amount results from a 7% gain compared to the $14.8 billion worth of exported goods four years earlier in 2021.
Year over year, total sales of Ghana’s exports fell by -6% from $16.9 billion in international sales during 2023.
Based on the average exchange rate for 2024, the Ghanaian cedi fell by -58.7% against the US dollar since 2021 and decreased by -18.6% from 2023 to 2024. Ghana’s weaker local currency made Ghanian exports paid for in stronger US dollars relatively less expensive for international buyers.
Major Trade Partners Importing Ghana’s Exports
The latest available country-specific data from 2023 shows that 80.3% of products exported from Ghana was bought by importers in: Switzerland (18.2% of the Ghanian total), South Africa (11.7%), United Arab Emirates (10.2%), mainland China (8.2%), India (7%), Canada (5.1%), United States of America (4.7%), Netherlands (3.9%), Italy (3.7%), Brazil (3.1%), Burkina Faso (2.6%) and Türkiye (2%).
From a continental perspective, 35.3% of Ghana’s exports by value was delivered to European countries while 30.8% were sold to importers in Asia. Ghana shipped another 20.8% worth of goods to fellow African trade partners.
Smaller percentages went to North America (9.8%), Latin America (3.2%) excluding Mexico but including the Caribbean, then Oceania (0.1%) mostly New Zealand and Australia.
Given Ghana’s population of 34.4 million people, its total $15.9 billion in 2024 exports translates to roughly $460 for every resident in the West African country. That dollar metric lags the average $510 per capita for 2023.
The following export product groups represent the highest dollar value in Ghanaian global shipments during 2024. Also shown is the percentage share each export category represents in terms of overall exports from Ghana.
- Gems, precious metals: US$5.7 billion (36.2% of total exports)
- Mineral fuels including oil: $4.2 billion (26.2%)
- Cocoa: $2.9 billion (18.1%)
- Ores, slag, ash: $664.9 million (4.2%)
- Fruits, nuts: $465 million (2.9%)
- Rubber, rubber articles: $224.9 million (1.4%)
- Animal/vegetable fats, oils, waxes: $202 million (1.3%)
- Aluminum: $161.2 million (1%)
- Meat/seafood preparations: $146.2 million (0.9%)
- Wood: $141.1 million (0.9%)
Ghana’s top 10 exports accounted for 93.1% of the overall value of its global shipments.
Rubber, both as materials and items made from rubber, was the fastest grower among the top 10 export categories, up by 81.8% from 2022 to 2023.
In second place for improving export sales was ores, slag and ash via a 68.2% gain led by manganese.
Ghana’s shipments of wood posted the third-fastest gain in value, up by 68%.
The sole decliner among Ghana’s top 10 export categories was gems and precious metals, pulled down by a -25.3% year-over-year drop. Declining revenues from Ghanaian gold shipments was a major driver for that drop.
At the more detailed four-digit Harmonized Tariff System (HTS) code level, Ghana’s most valuable export product is gold (35.9% of overall Ghanian exports). In second place was crude oil (23.4%) trailed by cocoa beans (10.4%), cocoa paste (4.4%), manganese ores or concentrates (3.4%), cocoa butter, fats and oils (2.6%), processed petroleum oils (1.5%), natural rubber (1.4%), cashew nuts and coconuts (also 1.4%), then fixed vegetable fats and oils (1%).
Products Generating Ghana’s Largest Trade Surpluses
The following types of Ghanaian product shipments represent positive net exports or a trade balance surplus. Investopedia defines net exports as the value of a country’s total exports minus the value of its total imports.
In a nutshell, net exports represent the amount by which foreign spending on a home country’s goods or services exceeds or lags the home country’s spending on foreign goods or services.
- Gems, precious metals: US$5.7 billion (Down by -25.9% since 2023)
- Cocoa: $2.9 billion (Up by 52.2%)
- Mineral fuels including oil: $2.5 billion (Reversing a -$1.2 billion deficit)
- Ores, slag, ash: $664.5 million (Up by 72.2%)
- Fruits, nuts: $436.6 million (Up by 27.3%)
- Wood: $82.9 million (Up by 40.5%)
- Oil seeds: $75.2 million (Reversing a -$113.4 million deficit)
- Lead: $59.7 million (Up by 43.1%)
- Copper: $51.8 million (Up by 111%)
- Collector items, art, antiques: $38.4 million (Reversing a -$143,000 deficit)
Historically, Ghana has highly positive net exports in the international trade of gold and, to lesser degrees, precious-metal scrap and diamonds. In turn, these cashflows indicate Ghana’s strong competitive advantages under the gems and precious metals product category.
Products Causing Ghana’s Worst Trade Deficits
Overall Ghana incurred an estimated -US$4.1 billion product trade deficit for 2024. That deficit represents a reversal from $480.3 million in black ink from one year earlier in 2023.
Below are exports from Ghana that result in negative net exports or product trade balance deficits. These negative net exports reveal product categories where foreign spending on home country Ghana’s goods trail Ghanaian importer spending on foreign products.
- Machinery including computers: -US$2.7 billion (Up by 86.2% since 2023)
- Vehicles: -$1.53 billion (Up by 32.2%)
- Electrical machinery, equipment: -$1.49 billion (Up by 152.8%)
- Plastics, plastic articles: -$1.2 billion (Up by 144.3%)
- Iron, steel: -$651.3 million (Up by 173.3%)
- Articles of iron or steel: -$633.9 million (Up by 130.8%)
- Furniture, bedding, lighting, signs, prefabricated buildings: -$540.2 million (Up by 449.4%)
- Meat: -$491.5 million (Up by 133.9%)
- Pharmaceuticals: -$437.6 million (Up by 68.9%)
- Other chemical goods: -$360.2 million (Down by -15.7%)
Ghana has highly negative net exports and therefore deep international trade deficits under the machinery including computers product category.
Ghanaian Export Companies
Not one Ghanaian corporation ranks among Forbes Global 2000.
Wikipedia lists some exports-related companies from Ghana. Selected examples are shown below.
- Accra Brewery Company (beer)
- African Champion Industries (paper)
- Aluworks (aluminum)
- Ayrton Drugs (pharmaceuticals)
- CFAO Ghana (automobiles)
- Cocoa Processing Company (cocao beans)
- Ghana National Petroleum Corporation (oil, gas)
- Kuapa Kokoo (cocao)
- Pioneer Kitchenware (household goods)
- Printex (textiles)
In macroeconomic terms, Ghana’s total exported goods represent 5.7% of its overall Gross Domestic Product for 2024 ($276.4 billion valued in Purchasing Power Parity US dollars). That 5.7% for exports to overall GDP in PPP for 2024 compares to 7.4% for 2023. Those percentages suggest a relatively decreasing reliance on products sold on international markets for Ghana’s total economic performance, albeit based on relatively short timeframe.
Another key indicator of a country’s economic performance is its unemployment rate. Ghana’s unemployment rate averaged 3% in 2024, up from an average 3.1% for 2023 per Trading Economics metrics.
Ghana’s capital city is Accra.
See also South Sudan’s Top 10 Exports, Angola’s Top 10 Exports, Switzerland’s Top Trading Partners, Top South African Trading Partners and Top African Export Countries
Research Sources:
Central Intelligence Agency, The World Factbook Africa: Ghana. Accessed on June 5, 2025
EXCHANGE-RATES.org, Ghanaian Cedi (GHS) to US Dollar (USD). Accessed on June 5, 2025
FlagPictures.org, Flag of Ghana. Accessed on June 5, 2025
Forbes 2024 Global 2000 rankings, The World’s Biggest Public Companies. Accessed on June 5, 2025
International Monetary Fund, Exchange Rates selected indicators (Domestic Currency per U.S. dollar, period average). Accessed on June 5, 2025
International Monetary Fund, World Economic Outlook Database (GDP based on Purchasing Power Parity). Accessed on June 5, 2025
International Trade Centre, Trade Map. Accessed on June 5, 2025
Investopedia, Net Exports Definition. Accessed on June 5, 2025
Wikipedia, Ghana. Accessed on June 5, 2025
Wikipedia, Gross domestic product. Accessed on June 5, 2025
Wikipedia, List of Companies of Ghana. Accessed on June 5, 2025
Wikipedia, Purchasing power parity. Accessed on June 5, 2025