Ghana accounted for nearly 6 per cent of total intra-African trade in 2024, solidifying its position as one of the continent’s top trading economies.
This was revealed in the 2024 Africa Trade Report, released on the sidelines of the 32nd Afreximbank Annual Meetings in Abuja, Nigeria.
The figure represents a marginal increase over Ghana’s share in 2023 and includes both exports and imports with other African countries.
According to the report, Ghana’s total exports to Africa reached $4.8 billion in 2024, up from $3.5 billion the previous year.
This gave Ghana a 3.8 per cent share of the continent’s total intra-African exports, ranking sixth, behind economies like South Africa, Nigeria, and Congo.
On the import side, Ghana’s share of total imports from African countries stood at 1.7 per cent.
The report also stated that Ghana’s total merchandise export earnings in 2024 reached $19.68 billion, marking an impressive 17 per cent growth over 2023 figures.
Ghana was further praised for its efforts in strengthening Africa’s multilateral financial architecture, notably through its advocacy for African Union member states to allocate 30 per cent of their reserves to African Multilateral Financial Institutions.
Trade Diversification Gains Momentum
The report noted an encouraging shift in Ghana’s trade profile, highlighting growing product diversification beyond primary commodities into manufactured goods.
While mineral fuels still dominate regional trade, Ghana and other countries are making strategic investments in industrial value chains and logistics infrastructure, gradually transitioning toward higher value-added exports.
In West Africa, Côte d’Ivoire retained its central role as a trade hub, importing crude oil—mostly from Nigeria—and re-exporting refined petroleum products to neighbours like Ghana, Burkina Faso, and Mali. These re-exports made up over 50 per cent of Côte d’Ivoire’s intra-African trade value.
Untapped Export Potential in West Africa
West Africa’s unrealised intra-African export potential was pegged at $7.23 billion in 2024, out of a total potential of $13 billion.
The report identifies six key product categories accounting for $2.3 billion, or 32 per cent, of this gap—namely:
Processed food ($1 billion)
Fish and shellfish ($0.4 billion)
Fertilizers ($0.3 billion)
Beauty products ($0.3 billion)
Africa’s Evolving Trade Dynamics
Globally, Africa’s share of world exports dropped slightly from 3.5 per cent in 2009 to 3.3 per cent in 2024.
Intra-African trade now accounts for just 14.4 per cent of the continent’s formal trade, reflecting continued external dependence and vulnerability to commodity price shocks.
However, the report points to emerging opportunities amid shifting global trade patterns, including:
Increased shipping activity around the Cape of Good Hope
Rising Gulf and Asian investments in African markets
The 2024 Afreximbank Trade Report ultimately frames Ghana’s performance as a bright spot in the continent’s trade evolution, offering both a measure of progress and a call to action for unlocking even greater intra-African trade potential.
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DISCLAIMER: The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.
