Ghana’s Non-Traditional Exports Hit $4 Billion in 2023, Up 11.75% Year-on-Year

Dr. Afua Asabea Asare, CEO of the Ghana Export Promotion Authority (GEPA), announced at a press briefing in Accra that Ghana’s non-traditional exports reached $4 billion in 2023—an increase of 11.75% compared to 2022. This follows a steady climb from $3.3 billion in 2021 to $3.5 billion in 2022, reflecting a robust upward trend even amid global challenges.

In her remarks, Dr. Asare highlighted that despite the setbacks experienced worldwide during the COVID-19 pandemic—when many countries saw declines—Ghana managed a modest 4% growth during that period. Previously, the country enjoyed growth rates as high as 10%, though the pace slowed to 6% during the pandemic. Now, however, the nation has rebounded to an 11.75% increase.

Ghana’s Non-Traditional Export sector is divided into three sub-sectors: Agriculture; Manufactures and Semi-Processed Goods; and Industrial Art and Craft products. The recent growth was driven by strong performances in key product categories. For example, exports of iron and steel circles, rods, and billets brought in $447.8 million, while cocoa paste, cashew nuts, and cocoa butter generated $340.6 million, $263.5 million, and $241.3 million respectively.

In comparison, during 2022, cocoa paste led the revenue charts with $520.3 million, followed by cashew nuts at $294.2 million, while shea oil trailed with $92.6 million. The Manufactures and Semi-Processed sub-sector contributed a substantial $2.938 billion, and the Agricultural sub-sector saw its earnings rise to $509.9 million from $476.01 million in 2021—an increase of 4.61%, representing 14.47% of the total non-traditional export earnings for that year. Meanwhile, the Industrial Art and Craft sub-sector experienced a significant jump of 79.73% compared to 2021, reaching approximately $81.24 million and accounting for 2.30% of overall earnings.

Additionally, Ghana’s membership in the African Continental Free Trade Area (AfCFTA) has played a pivotal role in boosting export earnings. In 2023, trade with AfCFTA member countries contributed $1.78 billion to the nation’s non-traditional exports, underscoring the benefits of regional integration for economic growth.