Total trade between Ghana and UK reached £869 million in the four quarters of 2020, a decrease of 24.8% or £286 million compared to year-end 2019. This, therefore, made Ghana UK’s 75th largest trading partner.
Meanwhile, on the flip side, UK cemented its place as among Ghana’s five biggest trading partners at year-end 2020.
According to the UK’s Department for International Trade, total UK exports to Ghana amounted to £552 million as at end of Q4 2020. This represents a decrease of 15.3% or £100 million compared to the four quarters at end of Q4 2019.
Furthermore, UK imports from Ghana also reached £317 million as at year-end 2020, representing 0.1% of total UK trade. Of all UK imports from Ghana in the four quarters to the end of Q4 2020, £175 million (55.2%) were goods and £142 million (44.8%) were services.
In the same period, UK imports of goods from Ghana decreased by 39.9% or £116 million compared to the four quarters of Q4 2019 while UK imports of services from Ghana decreased by 33.0% or £70 million compared to the four quarters of 2019.
Based on these statistics, UK made a total trade surplus of £235 million with Ghana, compared to a trade surplus of £149 million as at year-end 2019. This reflects the rather increased UK exports to Ghana with a relatively small import from Ghana.
As at year-end 2020, the UK had a trade in goods surplus of £164 million with Ghana, compared to a trade in goods surplus of £102 million at year-end 2019.
Goods traded between Ghana and UK
Meanwhile, at year-end 2020 the UK reported a trade in services surplus of £71 million with Ghana, compared to a trade in services surplus of £47 million in the four quarters to the end of Q4 2019.
Among the top five goods that were exported from UK to Ghana in 2020 included textile fibres worth £62.0 million or 18.3% of all UK goods exported to Ghana; toilet and cleansing preparations worth £17.6 million or 5.2%; refined oil worth £17.0 million; General industrial machinery amounting to £15.2 million; medicinal & pharmaceutical products amounting to £15.0 million.
Meanwhile, the top five goods imported to the UK from Ghana include Coffee, tea, cocoa, etc. amounting to £49.1 million or 28.0%; Fish and shellfish amounting to £46.3 million; Vegetables and fruits worth £45.9 million; metal ores and scrap worth £6.1 million; unspecified goods worth £4.6 million.
In early March 2021, Ghana signed a new trade agreement with UK. The trade partnership amounted to £1.2 billion. The products signed for included bananas, tinned tuna and cocoa which are to benefit from tariff-free access to the UK.
Based on the agreement, UK will also benefit from tariff liberalization from 2023 with goods including machinery, electronics and chemical products.