Ghana ranks among top 6 African economies in Intra-African trade

Ghana accounted for nearly 6% of total intra-African trade in 2024, reinforcing its status as one of the continent's leading trading economies.

• Ghana achieved nearly 6% of total intra-African trade in 2024, highlighting its trading economy's prominence.
• Ghana's exports to African nations increased to $4.8 billion in 2024, reflecting a 17% year-on-year growth in its total merchandise export earnings.
• The country ranked sixth in intra-African export share and demonstrated progress in diversifying its export base towards higher value-added goods.

This was revealed in the 2024 Africa Trade Report, released during the 32nd Afreximbank Annual Meetings in Abuja, Nigeria.

The figure represents a marginal increase from 2023 and encompasses both exports and imports with other African nations.

Export growth and trade rankings

According to the report, Ghana's total exports to African countries climbed to $4.8 billion in 2024, up from $3.5 billion in 2023. This gave Ghana a 3.8% share of the continent's intra-African exports, ranking sixth behind countries such as South Africa, Nigeria, and Congo. On the import front, Ghana's share stood at 1.7% of total imports from African nations.

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Overall, Ghana's merchandise export earnings reached $19.68 billion in 2024, reflecting a robust 17% year-on-year growth. The report commended Ghana's efforts in advocating for stronger African financial integration, particularly its support for African Union member states to channel 30% of their reserves into African Multilateral Financial Institutions.

Trade diversification gains momentum

The report also highlighted Ghana's progress in diversifying its export base. While mineral fuels remain a major export, Ghana is steadily shifting towards higher value-added goods by investing in industrial value chains and logistics infrastructure. This marks a gradual move away from primary commodities and towards manufacturing.

In West Africa, Côte d’Ivoire maintained its role as a regional trade hub, importing crude oil (mainly from Nigeria) and re-exporting refined petroleum products to countries like Ghana, Burkina Faso, and Mali. These re-exports accounted for over 50% of Côte d’Ivoire’s intra-African trade.

Untapped export potential in West Africa

The report estimated West Africa’s unrealised intra-African export potential at $7.23 billion out of a possible $13 billion. Six key product categories represented $2.3 billion, or 32% of this gap:

• Processed food ($1 billion)
• Fish and shellfish ($0.4 billion)
• Fertilisers ($0.3 billion)
• Beauty products ($0.3 billion)

Africa's Changing Trade Landscape

Globally, Africa’s share of world exports declined slightly from 3.5% in 2009 to 3.3% in 2024. Intra-African trade now constitutes just 14.4% of total formal trade on the continent, reflecting persistent external reliance and susceptibility to global commodity price swings.

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Nevertheless, the report identifies emerging prospects in the evolving trade environment, such as:

• Increased shipping traffic around the Cape of Good Hope
• Growing investments from Gulf and Asian economies

Conclusion

The 2024 Afreximbank Trade Report casts Ghana as a key player in Africa's trade transformation. While the country has made commendable strides, the report calls for deeper intra-African trade engagement to unlock untapped potential and secure economic resilience in an increasingly interconnected global economy.

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