In a significant milestone for Ghana’s economy, the country’s Non-Traditional Exports (NTEs) soared to $3.94 billion in 2023, marking an impressive 11.75% increase from the previous year.
This robust growth, as reported by the Ghana Export Promotion Authority (GEPA), underscores Ghana’s commitment to diversifying its export portfolio and reducing reliance on traditional commodities.
One of the primary drivers behind this surge was the remarkable rise in exports of iron and steel products. Traditionally dominated by cocoa-related products, Ghana’s export profile witnessed a notable shift as iron and steel products emerged as the top earners in the NTE category.
With a total earning of USD 447.80 million, iron and steel products, including circles, rods, sheets, and billets, played a pivotal role in reshaping Ghana’s export landscape.
The diversification of Ghana’s export markets was evident in 2023, with Burkina Faso emerging as the top destination for NTEs, closely followed by the Netherlands. This diversification extends beyond the West African region, with significant markets including Togo, Cote D’Ivoire, and Mali. Such diversification underscores the global appeal of Ghanaian products and the success of GEPA’s strategic initiatives in accessing new markets.
Ghana’s NTEs found markets beyond the borders of the ECOWAS bloc, extending to regions like North America, India, Italy, Belgium, and the United Kingdom. This diverse geographical spread not only highlights the competitive positioning of Ghanaian exports but also reflects the success of GEPA’s efforts to tap into new markets and enhance the country’s global competitiveness.
Dominance of Manufactures and Semi-Processed Products
The dominance of the manufactures and semi-processed sub-sector remained pronounced in Ghana’s NTE landscape, contributing an impressive 85.04% of the total earnings. This sub-sector witnessed substantial growth in 2023, fueled by strong performances in various categories such as iron and steel products, articles of plastic, shea oil, and cut fruit.
The robust growth in NTEs can be attributed to a series of structural adjustments and the diligent execution of key initiatives under the National Export Development Strategy (NEDS). The NEDS framework, aimed at enhancing the export landscape, has played a pivotal role in reshaping Ghana’s export dynamics and driving diversification.
A notable aspect of Ghana’s export strategy is its grassroots approach, which ensures broad-based participation in the export sector. The implementation of NEDS at the district level, coupled with sensitization programs, has raised awareness among businesses and stakeholders about their roles in achieving national export objectives. This inclusive approach fosters economic growth and promotes a more equitable distribution of export benefits.
Ghana’s impressive performance in NTEs for 2023 reflects the effectiveness of targeted export strategies and sets a strong foundation for future advancements. With sustained efforts and strategic implementation of NEDS, Ghana is well-positioned to achieve its long-term export goals, contributing to economic growth, job creation, and poverty reduction.
Ghana’s surge in non-traditional exports driven by iron and steel products exemplifies the country’s commitment to economic diversification and global competitiveness. As the country continues to capitalize on emerging opportunities in the global market, sustained efforts and strategic initiatives will be essential in realizing the country’s export potential and fostering inclusive economic growth.
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