Ghana’s external trade performance in 2025 yielded a record surplus of US$13.6 billion. However, this strong financial outcome did not translate into widespread employment gains across the country.
The nation’s export structure remains heavily concentrated in raw commodities such as gold, cocoa, and oil. In addition, a small number of dominant firms control a significant portion of export activities. These factors limit the broader economic benefits of trade, including job creation.
This situation highlights a persistent challenge within Ghana’s economic landscape. Despite efforts to diversify, the reliance on a few primary exports and a concentrated business base restricts growth in other sectors. This trend affects Ghana’s ability to create sustainable jobs for its growing population.
Discussions at a joint World Bank, African Centre for Economic Transformation (ACET), and ISSER seminar highlighted these issues. Experts noted that Ghana’s merchandise export basket has become less diversified over the past decade. Gold’s share of exports increased from 33% in 2013 to 38% in 2024. Conversely, the share of “other exports” declined from 32% to 26% during the same period. The top 10 exporters in Ghana account for 74% of all exports. This concentration is the highest among comparable economies like Kenya, Vietnam, Côte d’Ivoire, and South Africa.
Goosie Tanoh, the presidential advisor on the 24-hour economy programme, noted the lack of significant change in Ghana’s export structure for decades. Mr Tanoh stated, “The only difference between export mix in terms of products today is that oil has taken over timber.” This indicates that despite various policy interventions, the fundamental composition of Ghana’s exports has remained largely unchanged.
The World Bank presentation at the seminar revealed that exports have contributed minimally to employment growth in Ghana. Employment growth among exporting firms was negative between 2013 and 2023. A 1% increase in exports generated only a 0.19% increase in employment. This is the lowest rate among peer economies studied and significantly lower than Ghana’s former employment elasticity of output of 0.7 in 2000. Mr Tanoh attributed these weak employment outcomes to structural constraints. These include challenges in financing, infrastructure, logistics, and industrial capacity.
Elizabeth Ofosu-Adjare, Trade, Agribusiness and Industry Minister, emphasized the need to move away from the traditional model. She stated that Ghana can no longer accept exporting raw materials while importing finished goods. This sentiment underscores the urgency for policy adjustments aimed at promoting value addition and diversification. Future policy initiatives will likely focus on addressing non-tariff measures and improving logistics performance. These steps are crucial for enhancing Ghana’s trade competitiveness and fostering broader economic growth.