Observatory of Economic Complexity

Flag Ghana

Econ Complexity (2018): -1.34, Rank 125 of 137

Product Exports (2018): $20.5B, Rank 71 of 222

Exports Per Capita (2018): $689, Rank 13 of 219

Product Imports (2018): $14.9B, Rank 84 of 221

Imports Per Capita (2018): $499, Rank 22 of 219

Service Exports (2014): $2.04B, Rank 101 of 176

Service Imports (2014): $4.63B, Rank 75 of 175

GDP (2018): $65.6B, CURRENT US$
Rank 73 of 196

GDP growth (2008 - 2018): 130%, CURRENT US$
Rank 18 of 196

GDP PC (2018): $2,202, CURRENT US$
Rank 145 of 196

GDP PC GROWTH (2008 - 2018): 81.9%, CURRENT US$
Rank 23 of 196

About

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Overview: In 2018 Ghana was the number 73 economy in the world in terms of GDP (current US$), the number 71 in total exports, the number 84 in total imports, the number 145 economy in terms of GDP per capita (current US$) and the number 125 most complex economy according to the Economic Complexity Index (ECI)

Exports: The top exports of Ghana are Gold ($10B), Crude Petroleum ($4.65B), Cocoa Beans ($1.78B), Cocoa Paste ($489M), and Coconuts, Brazil Nuts, and Cashews ($424M), exporting mostly to India ($5.18B), Switzerland ($3.33B), China ($2.25B), South Africa ($1.6B), and United Arab Emirates ($1.17B).

Imports: The top imports of Ghana are Refined Petroleum ($738M), Cars ($466M), Rice ($425M), Non-fillet Frozen Fish ($303M), and Delivery Trucks ($274M), importing mostly from China ($4.36B), United States ($810M), Netherlands ($745M), India ($738M), and United Kingdom ($559M).

Location: Ghana borders Burkina Faso, Cote d'Ivoire, and Togo by land and Benin and Nigeria by sea.

Product Trade

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Yearly Exports

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Value
Depth

Top Export (2018): Gold, $10B

Top Destination (2018): India, $5.18B

In 2018, Ghana exported a total of $20.5B, making it the number 71 exporter in the world. During the last five reported years the exports of Ghana have changed by $3.2B from $17.3B in 2013 to $20.5B in 2018.

The most recent exports are led by Gold ($10B), Crude Petroleum ($4.65B), Cocoa Beans ($1.78B), Cocoa Paste ($489M), and Coconuts, Brazil Nuts, and Cashews ($424M). The most common destination for the exports of Ghana are India ($5.18B), Switzerland ($3.33B), China ($2.25B), South Africa ($1.6B), and United Arab Emirates ($1.17B).

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Yearly Imports

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Value
Depth

Top Import (2018): Refined Petroleum, $738M

Top Origin (2018): China, $4.36B

In 2018 Ghana imported $14.9B, making it the number 84 trade destination in the world. During the last five reported years the imports of Ghana changed by -$1.42B from $16.3B in 2013 to $14.9B in 2018.

The most recent imports of Ghana are led by Refined Petroleum ($738M), Cars ($466M), Rice ($425M), Non-fillet Frozen Fish ($303M), and Delivery Trucks ($274M). The most common import partners for Ghana are China ($4.36B), United States ($810M), Netherlands ($745M), India ($738M), and United Kingdom ($559M).

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Monthly Trade

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Market Growth

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Flow

Fastest Growing Export Markets (2017 - 2018)

Fastest Growing Import Markets (2017 - 2018)

Service Trade

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Service Trade

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Ghana Exports Services (2014): $2.04B

Ghana Imports Services (2014): $4.63B

In 2014, Ghana exported $2.04B worth of services. The top services exported by Ghana in 2014 were Business travel ($628M), Other business services ($430M), Sea transport ($429M), Personal travel ($269M), and Air transport ($181M).

The top services imported by Ghana in 2014 were Other business services ($1.64B), Sea transport ($934M), Government services, n.i.e. ($814M), Air transport ($661M), and Business travel ($321M).

Forecasts

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Trade Forecasts

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This section shows forecasts for total product exports and imports for Ghana. The forecast is based in a long short-term memory model or LSTM constructed using yearly trade data.

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Tariffs

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Tariffs by Product

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The top product import tariffs by their MFN Ad Valorem value for Ghana are Birds' eggs, in shell: fresh, not for incubation, of fowls of the species Gallus domesticus (domestic hens) (35%) and Birds' eggs, in shell: fresh, not for incubation, other than fowls of the species Gallus domesticus (domestic hens) (35%).

Click any of the products in the bar chart to see the specific Ad Valorem Duty Rates by partner country.

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*The tariffs applied to imports for Ghana are:
136: Most Favoured Nation duty rate treatement
204: Preferential tariff for Economic Community of West African States (ECOWAS)

Economic Complexity

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Economic Complexity Ranking

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Scale

During the last 20 years Ghana's⁩ ⁨economy has become relatively less complex, moving from the ⁩⁨93rd to the 125th⁩ position in the ECI rank.

These economic complexity rankings use 6 digit exports classified according to the HS96 classification. We consider only countries with population of at least 1 million and exports of at least $1 billion, and products with world trade over $500 million. To explore different rankings and vary these parameters visit the custom rankings section.

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Most Specialized Products by RCA Index

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Ghana has a high level of specialization in Cocoa Beans (173), Cocoa Paste (136), Cocoa Butter (48.1), Manganese Ore (43.4), and Coconuts, Brazil Nuts, and Cashews (40.2). Specialization is measured using RCA, an index that takes the ratio between Ghana observed and expected exports in each product.

Most Complex Products by PCI

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The highest complexity exports of Ghana according to the product complexity index (PCI) are Polymer based paints, varnishes in non-aqueous medium (0.34), Hand tools for agriculture, horticulture, forestry (0.33), Chocolate and other foods containing cocoa (-0.066), Aluminium ware for table, kitchen, sanitary use (-0.24), and Granulated slag (slag sand) from iron & steel industry (-0.34). PCI measures the knowledge intensity of a product by considering the knowledge intensity of its exporters.

Export Opportunities by Relatedness

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The top export opportunities for Ghana according to the relatedness index, are Coconut Oil (0.11), Crustaceans (0.11), Raw Cotton (0.11), Petroleum Gas (0.1), and Tin Ores (0.1). Relatedness measures the distance between a country's current exports and each product. The barchart show only products that Ghana is not specialized in.

Product Space

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The product space is a network connecting products that are likely to be co-exported. The product space can be used to predict future exports, since countries are more likely to start exporting products that are related to current exports. Relatedness measures the distance between a product, and all of the products it is currently specialized in.

Diversification Frontier

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Depth

The Complexity-Relatedness diagram compares the risk and the strategic value of a country's potential export oppotunities. Relatedness is a predictive of the probability that a country increases its exports in a product. Complexity, is associated with higher levels of income, economic growth, less income inequality, and lower emissions.

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