Ghana has a diverse and rich resource base. The country is one of the top-ten fastest growing economies in the world, and the fastest growing economy in Africa. With Ghana’s primary manufacturing and exportation of digital technology goods combined with automotive and ship construction and exportation, Ghana attains one of the highest GDP per capita in Africa. Below are the top 5 Ghana exports.
- Gold extraction is the focus of most mining activity. However, bauxite, manganese, salt and diamonds are also being mined in Ghana in increasing quantities. The mining sector, particularly gold, as well as bauxite, manganese and diamonds, are a significant part of the Ghanaian economy. Goods and services to this sector represent a significant opportunity for U.S. companies. The Ghanaian government is also hoping to encourage the expansion of local value added processing. Potential buyers of gold and diamond are strongly advised to deal directly with the Precious Minerals Marketing Company (PMMC) in Ghana. Gold and diamonds can be exported legally from Ghana only through the PMMC, and prices are based solely on the London Exchange price on the day of export. No discounting or negotiation of prices prior to export by the PMMC is valid. U.S. firms can request a background check on companies and individuals with whom they wish to do business by using the U.S. Commercial Service’s International Company Profile (ICP). Requests for ICPs should be made through the nearest U.S. Export Assistance Center.
Crude Petroleum (18%)
- Ghana’s petroleum sector involves upstream and downstream activities. The upstream activities include the production and refining of crude oil and the downstream activities include distribution and marketing of petroleum products and premixing of petroleum products for industrial uses, including fishing. Distribution of petroleum products in Ghana is dominated by multinational oil marketing companies (OMCs). There are over twenty oil marketing companies in Ghana. The private sector, including the OMCs and others source and supply finished products through an open competitive tendering system.
Cocoa Beans (15%)
Cocoa Paste (2.3%)
- Cocoa production and individual remittances are major sources of foreign exchange. The domestic economy continues to revolve around agriculture, which accounts for about 43 percent of GDP and employs about 55 percent of the work force, mainly small landholders. Ghana’s hard currency needs are met largely through cocoa and gold export revenues, official assistance, and private remittances. The fall in the world prices of Ghana’s export commodities in 1999 and increases in oil import bills led to a foreign currency shortage in 2000 and a subsequent, large depreciation of the cedi. The cedi has been quite stable since November 2002, bolstered by sound macroeconomic policies, record levels of remittances and favorable cocoa and gold prices. More recently, the cedi depreciated about 20% against the dollar from January 2008 to November 2008. This was the currency’s steepest decline in the past eight years, and is attributed to a high oil import bill and demand for non-oil imports.
Manganese Ore (1.3%)
- The mining sector, particularly gold, as well as bauxite, manganese and diamonds, are a significant part of the Ghanaian economy. Goods and services to this sector represent a significant opportunity for U.S. companies. The Ghanaian government is also hoping to encourage the expansion of local value added processing.
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