Ghana must fundamentally rethink its trade strategy if it is to unlock sustainable economic growth and create jobs, participants at a high-level seminar organised by the World Bank Group, African Center for Economic Transformation and Institute of Statistical, Social and Economic Research have stressed.
The seminar, themed: “Rethinking Trade for Growth and Jobs in Ghana” brought together policymakers, economists, researchers, private sector leaders and development experts at the World Bank Office in Accra, to discuss how Ghana can better leverage trade to support export-led growth and job creation under the government’s proposed 24-Hour Economy agenda.
Addressing the gathering, the Minister for Trade, Agribusiness and Industry, Elizabeth Ofosu-Adjare, said although Ghana had made significant progress in stabilising the economy, the country had yet to fully harness the benefits of trade.
She noted that Ghana recorded a historic trade surplus of US$13.6 billion in 2025, while gross international reserves climbed to US$13.8 billion.
According to her, export receipts reached US$31.11 billion, driven largely by gold exports and growth in non-traditional exports.
“History reminds us that trade is the oldest engine of economic transformation. Nations that have successfully leveraged it did so through deliberate strategy, coherent policy, and sustained institutional commitment,” the Minister stated.
She explained that Ghana’s non-traditional exports rose to a record US$5 billion in 2025, representing a 30.7 per cent increase from the previous year, with processed and semi-processed goods contributing more than US$3 billion.
Cocoa derivatives, including cocoa paste, butter and powder, emerged as the country’s highest non-traditional export earners.
Despite the gains, the Minister admitted that Ghana’s export sector remains heavily dependent on raw commodities, stressing that the country must transition from exporting raw materials to value-added production.
She said government’s trade transformation agenda under President John Dramani Mahama seeks to build a self-reliant, import-substituting and export-led economy through industrialisation and aggressive export diversification.
According to her, Ghana has already installed cocoa grinding capacity exceeding 500,000 metric tonnes as part of efforts to process at least 50 per cent of cocoa domestically.
Similar reforms, she added, are being pursued in the gold sector to ensure more value is retained locally rather than abroad.
The Minister also defended the government’s decision to restrict the export of some raw materials, explaining that the policy was intended to ensure local industries have sufficient inputs for manufacturing and export production.
“At the Ministry level, we have engaged directly with manufacturers, exporters and trade associations to address operational challenges and champion quality standards. Without compliance, Ghanaian products cannot access premium markets regardless of volume,” she said.
A presentation delivered by World Bank economist Rami Galal painted a mixed picture of Ghana’s trade performance, arguing that although trade has enormous potential, the country has not fully benefited from it.
The presentation indicated that exports have contributed only modestly to economic growth over the past decade and have had limited impact on employment creation.
It further revealed that employment growth among exporting firms in Ghana has been negative between 2013 and 2023.
The World Bank presentation identified several barriers affecting Ghana’s competitiveness, including high non-tariff measures, weak logistics performance, lengthy customs procedures, multiple port charges and delays in licensing approvals. Ghana was ranked 97th globally on the Logistics Performance Index.
It also highlighted concerns about Ghana’s overreliance on raw commodity exports, noting that just 10 firms account for 74 per cent of the country’s exports, while manufacturing contributes only about 10 per cent of GDP.
However, the report pointed to significant opportunities in digital services exports, which have grown rapidly worldwide and could create skilled, formal jobs for Ghana’s growing youth population.
Ghana’s English-language advantage, internet penetration and political stability were identified as major strengths that could support the expansion of digital trade services.
Participants at the seminar called for reforms to improve trade facilitation, streamline logistics, strengthen quality certification systems and diversify Ghana’s production base to make the country more competitive under the African Continental Free Trade Area.
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