Ghana’s non-traditional exports reach over US$ 3.9billion in 2023

Ghana’s Non-Traditional Exports (NTEs) total value reached US$ 3.944 billion in 2023, a substantial increase from the US$ 3.531 billion recorded in 2022.

The growth has been underpinned by a combination of structural changes in Ghana’s NTEs ecosystem and pragmatic implementation of the National Export Development Strategy (NEDS)

The growth rate for 2023 was an impressive 11.75 per cent, a considerable improvement compared to the 6.68 per cent growth rate recorded in 2022.

Osafohene Dr. Afua Asabea Asare I, the Chief Executive Officer of the Ghana Export Promotion Authority (GEPA), said this accounted for 24 per cent of total merchandise exports and marked significant progress towards the decade-long goal of US$25.3 billion by 2029.

Osafohene Dr. Asare I spoke at the launch of the 2023 Annual NTEs Statistics Report in Accra.

The manufactures/semi-processed sub-sector continues to be the major NTE sub-sector in contribution to total NTEs with export earnings at US$3.35 billion.

The sub-sector contributed an enormous 85.25 per cent to the total NTE earnings in 2023 with the rise caused by the performances of products such as iron/steel circles rods, sheets billet, and aluminium plates, sheets, Shea (Karite) Oil and cut fruits.

The agricultural sub-sector in 2023 accounted for US$495.8 million of total NTEs earnings compared to US$509.9 million earned in 2022, indicating a 3.02 per cent drop in export revenue.

However, the sub-sector contributed 14.47 per cent share to total NTE earnings in 2023.

The Industrial Art and Craft sub-sector increased by 2.43 per cent over 2022, to US$95,736,322 with the sub-sector contributing 2.30 per cent to total non-traditional exports earnings.

The overall growth of the Industrial Art & Craft sub-sector was 17.85 per cent, the high rise was caused by increasing demand for made-in-Ghana ceramic products across West Africa resulting in an expansion in the capacity of production plant and relentless trade facilitation efforts by GEPA.

She said the driving force behind the expansion was the rise in exports of iron/steel circles, rods, sheets, and billets.

She said the positive trend reflected a combination of structural changes within Ghana’s NTEs framework and the continuous implementation of key interventions outlined under the NEDS throughout the year.

The growth has been underpinned by a combination of structural changes in Ghana’s NTEs ecosystem and pragmatic implementation of the NEDS.

At the end of December 2023, total NTEs stood at US$3.9 billion while total merchandise exports were US$16.6 billion and the NTE’s percentage contribution to total National exports since 2018 has been on a positive trajectory, rising from 17 per cent in 2018 to 24 per cent in 2023.

The top ten NTE products for 2023 are Iron and steel circles, rods, sheets, billets, Cocoa Paste, Cashew nuts, Cocoa butter, Articles of plastics and Canned tuna.

The rest are Cocoa powder, Shea oil, Natural rubber sheets and Aluminium plates, sheets, and coil.

Cumulatively, the total value of the top ten leading products amounted to US$2.119 billion, representing 54.4 per cent of total NTE earnings for 2023.

She said the release of the NTEs statistics was a key aspect of their operations, providing valuable insights that drive GEPA’s strategic initiatives forward.

“Overall, GEPA made substantial strides in promoting Ghana’s exports, enhancing sector capacities, and fostering international trade relations,” she added.