Ghana must fundamentally rethink its trade strategy to unlock sustainable economic growth and create jobs. Policymakers, economists, and development experts stressed this point at a high-level seminar in Accra. The seminar, themed “Rethinking Trade for Growth and Jobs in Ghana,” was organized by the World Bank Group, the African Center for Economic Transformation, and the Institute of Statistical, Social and Economic Research.
Ghana recorded a historic trade surplus of $13.6 billion in 2025. Export receipts reached $31.11 billion, largely driven by gold exports and non-traditional exports. Gross international reserves also climbed to $13.8 billion in the same year, indicating some economic stability.
This performance, however, overshadows an underlying issue: Ghana’s export sector heavily relies on raw commodities. Over-reliance on raw materials hinders job creation and broader economic diversification. This trend is particularly concerning given the government's proposed 24-Hour Economy agenda which aims to boost economic activity.
Elizabeth Ofosu-Adjare, Minister for Trade, Agribusiness and Industry, acknowledged Ghana's progress in stabilising the economy. She noted that non-traditional exports reached a record $5 billion in 2025. This represented a 30.7 per cent increase from the prior year. Processed and semi-processed goods contributed over $3 billion to this figure, with cocoa derivatives being the highest non-traditional export earners.
However, Ms. Ofosu-Adjare admitted that Ghana needs to transition from exporting raw materials to value-added production. “History reminds us that trade is the oldest engine of economic transformation,” she stated. Nations that successfully leveraged trade did so through deliberate strategy and sustained commitment, she added. The government's trade transformation agenda seeks a self-reliant, import-substituting, and export-led economy.
World Bank economist Rami Galal highlighted in a presentation a mixed picture of Ghana’s trade performance. Exports have contributed only modestly to economic growth over the last decade. They have also had limited impact on employment creation. Employment growth among exporting firms in Ghana was negative between 2013 and 2023.
Several barriers affect Ghana’s competitiveness, according to the World Bank presentation. These include high non-tariff measures, weak logistics performance, and lengthy customs procedures. Multiple port charges and delays in licensing approvals also present significant hurdles. Ghana was ranked 97th globally on the Logistics Performance Index. Additionally, just 10 firms account for 74 per cent of the country's exports. Manufacturing contributes only about 10 per cent of Ghana's Gross Domestic Product (GDP).
Digital services exports, however, offer significant opportunities. These have grown rapidly worldwide and could create skilled, formal jobs for Ghana’s youth. Ghana's English-language advantage, internet penetration, and political stability are major strengths for expanding digital trade services. This sector could help address the employment challenges faced by the export sector.
Moving forward, policymakers and industry leaders must implement reforms to improve trade facilitation. Streamlining logistics, strengthening quality certification systems, and diversifying Ghana’s production base are crucial. These steps will make the country more competitive under the African Continental Free Trade Area (AfCFTA).