Ghana’s top 10 export commodities 2023

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Ghana's robust export performance in 2023, exceeding imports for the first time in recent years, reveals a continued reliance on a few key commodities. 

While this strategy generated a trade surplus of GH₵5.3billion, it also highlights the need for diversification.

According to the Ghana 2023 Trade Report, gold maintains its dominance as the top export, accounting for a 45.2% of the total with a value exceeding GH₵84 billion. This is followed by mineral fuels and oils (GH₵43.9 billion), primarily crude petroleum, contributing another 23.6%.

Cocoa, a mainstay of the Ghanaian economy, comes in third with cocoa beans and products reaching GH₵15.7 billion (combined). However, compared to gold, cocoa beans alone represent only 6.5% of exports.

The remaining top ten exports showcase a wider range of products, but their contribution is comparatively smaller. Cashew nuts, manganese ores, cocoa butter, and tuna are all valuable exports, each constituting less than 2% of the total.

Rounding out the list are iron/steel products and shea nut oil, demonstrating a fledgling diversification into other sectors. However, these combined still represent less than 1.5% of exports.

The report mentioned the importance of export diversification. While gold and oil remain crucial revenue sources, their dominance exposes the economy to price fluctuations in these global markets. Expanding export categories beyond these traditional products is vital for long-term economic stability.

Ghana's top 10 export commodities 2023

See the entire list below;

RankProduct DescriptionExport Value (GH₵)Share of Total Export (%)
1Gold bullion84,109,674,97745.2
2Petroleum oils and oils obtained from bituminous minerals, crude43,914,733,39623.6
3Cocoa beans, superior quality raw beans12,102,272,1536.5
4Cocoa paste, not defatted3,644,011,3732.0
5Manganese ores and concentrates, with a manganese content of >20%3,463,903,5731.9
6Cashew nuts, in shell2,486,931,8911.3
7Natural cocoa butter2,088,234,4021.1
8Tuna, skipjack and Atlantic bonito, prepared or preserved, not minced1,550,949,8680.8
9Iron/Steel b&r, h/r, irregular coils with deform., not further than forged1,280,112,8110.7
10Shea (karate nuts) oil and fractions, crude1,196,786,0190.6
All Other Products30,128,077,52816.2
Total Export185,965,688,023100

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