Ghana recorded its strongest external trade performance in history in 2025, achieving a trade surplus of GHS 184.9 billion (US$13.6 billion). Despite this significant financial milestone, the country is failing to generate broad-based employment gains. The impressive trade figures have not led to substantial job creation across the economy.
The issue stems from Ghana's trade structure, which remains heavily concentrated in raw commodities and a small number of dominant firms. Gold, cocoa, and oil continue to overwhelmingly dominate exports. This narrow focus limits opportunities for diversification and value addition, hindering employment expansion.
Ghana's merchandise export basket has become less diversified over the past decade. Gold’s share of exports increased from 33 percent in 2013 to 38 percent in 2024. Conversely, the share of “other exports” declined from 32 percent to 26 percent during the same period. Furthermore, the export sector is highly concentrated, with the top 10 exporters accounting for 74 percent of total exports. This concentration is the highest among comparator economies, including Kenya, Vietnam, Côte d’Ivoire, and South Africa.
Goosie Tanoh, the presidential advisor on the 24-hour economy programme, noted that Ghana’s export structure has changed little over decades. He stated, “The only difference between export mix in terms of products today is that oil has taken over timber.” A World Bank presentation at a joint seminar highlighted that exports have made only a limited contribution to employment growth. Employment growth among exporting firms was negative between 2013 and 2023. A one percent increase in exports generated only a 0.19 percent increase in employment, the lowest among peer economies studied.
Tanoh linked the weak employment outcomes to structural constraints across financing, infrastructure, logistics, and industrial capacity. He also pointed out that Ghana’s employment elasticity of output has fallen from about 0.7 in 2000 to 0.2 in 2024. This decrease reflects significantly weaker job creation relative to overall economic growth. The World Bank study also identified high non-tariff measures, weak logistics performance, and structural production constraints as major barriers. These factors collectively limit Ghana’s trade competitiveness.
The current situation necessitates urgent policy re-evaluation to foster a more diversified and job-creating economy. Decision-makers must address the structural barriers in financing and infrastructure to unlock broader economic participation. Markets and investors will be closely watching for reforms that encourage value addition and expand the base of exporting firms. The Trade, Agribusiness and Industry Minister, Elizabeth Ofosu-Adjare, stated that Ghana can no longer accept the old model of exporting raw materials while importing finished goods, signaling a potential shift in policy direction.