Ghana Non-Traditional Exports Down 2.87% in 2024

Ghana’s non-traditional export (NTE) earnings experienced a downturn in 2024, declining by 2.87%. This contraction highlights the challenges facing the nation’s export sector, even as specific areas demonstrated encouraging expansion. The Ghana Exports Promotion Authority (GEPA) recently released its 2024 annual NTEs Statistics Report, providing crucial insights into this performance. While the overall figures point to a decrease, the report also reveals promising growth in certain sectors, emphasizing the need for strategic focus and adaptation to ensure sustained progress in Ghana’s export economy. The decrease in Ghana Non-Traditional Exports is attributed primarily to the reduced export of iron and steel to the Economic Community of West African States (ECOWAS) region.

The report sheds light on the complexities within Ghana’s export landscape, offering a detailed analysis of the various factors impacting its performance. According to the GEPA report, despite the overall dip, strategic initiatives and sector-specific strengths offer pathways for future growth and resilience.

Key Findings from GEPA’s 2024 NTEs Report

The Ghana Exports Promotion Authority’s 2024 report presents a mixed picture of the country’s non-traditional export sector. Total NTE earnings reached $3.83 billion in 2024, a significant achievement, reaching markets in 152 countries worldwide. However, this figure represents a 2.87% decrease compared to the earnings in 2023. This decline underscores the need for a closer examination of the factors influencing Ghana’s export performance.

“In 2024, Ghana’s NTEs recorded earnings of $3.83 billion, reaching 152 countries, however, we registered encouraging gains in several other sectors,” – Francis Kojo Kwarteng Arthur, CEO of GEPA.

The primary reason for the overall decline in Ghana Non-Traditional Exports was a reduction in the exports of iron and steel products to countries within the ECOWAS region. This highlights the vulnerability of certain sectors to regional market dynamics and underscores the importance of diversification.

Sector-Specific Performance

A detailed analysis of sector-specific performance within Ghana’s non-traditional export sector reveals nuanced trends and opportunities. Manufacturing and semi-processed goods contributed over 83% to the total NTE earnings, highlighting the dominance of this sector in Ghana’s export portfolio. This significant contribution underscores the importance of maintaining and enhancing the competitiveness of the manufacturing sector.

Cocoa paste emerged as a bright spot, experiencing substantial growth of 35.54% due to strong demand from Europe and North America. This growth underscores Ghana’s competitive advantage in value-added cocoa products and the potential for further expansion in this area.

The agricultural sector also saw an increased contribution to Ghana’s non-traditional exports, rising to 13.48%. This demonstrates the gradual diversification of Ghana’s export base and the growing importance of agricultural products in the country’s export strategy.

Furthermore, the industrial arts and crafts sector recorded significant growth of nearly 23%. This demonstrates the increasing global interest in Ghana’s creative and cultural exports, presenting opportunities for artisans and businesses in this sector.

Call to Action for Value Addition

Recognizing the importance of enhancing Ghana’s export capabilities, Samson Ahi, the Deputy Minister, has called on stakeholders in various sectors to prioritize value addition to boost exports. This emphasis on value addition aligns with the broader goal of increasing the competitiveness and profitability of Ghana’s export sector.

Mention Deputy Minister, Samson Ahi called on stakeholders in the various sectors to pursue value addition to help increase the country’s exports.

In line with this call to action, GEPA is set to implement measures to enhance NTEs, including supporting the Accelerated Export Development Programme. These initiatives aim to provide targeted support to exporters, improve product quality, and facilitate access to international markets.

In summary, while Ghana’s non-traditional exports experienced an overall decline in 2024, growth in specific sectors such as cocoa paste and industrial arts and crafts provides grounds for optimism. The emphasis on value addition, as highlighted by the Deputy Minister, is crucial for unlocking the full potential of Ghana’s export sector. GEPA’s commitment to supporting export development through initiatives like the Accelerated Export Development Programme underscores the importance of strategic interventions to drive sustainable growth. Moving forward, a strategic focus on diversification and value addition is essential to ensure the long-term success of Ghana Non-Traditional Exports. The recent GEPA report provides a realistic baseline to project future growth.