CHAMBER TRADE ALERT
Overview: The Chamber Trade Alert is a quarterly article that provides update on Ghana’s trade and market intelligence to enable members of the Chamber take advantage thereof. In this article, emphasis is made on Burkina Faso, Togo, Côte d’Ivoire, and Nigeria towards encouraging trade with these respective countries given Ghana’s greatest export potential, highest supply capacity, and strongest demand potential under the AfCFTA. All data sources are from the ITC.
Ghana & Burkina Faso enjoy a positive trade relation. Between 2015 and 2019, Ghana’s exports increased by 156.1% from US$114.4 million to US$293 million. Similarly, Burkina Faso’s exports increased by 65% from US$53.6 million to US$88.7 million over the same period. As at 2019, Ghana holds 6.9% of total import products of Burkina Faso.
Major tradeable products include oil seeds and oleaginous fruits, edible fruit and nuts, cotton, animal and vegetable fats and oils, cereals, live animals, etc. Increasing the production of these products as well as improving Ghana’s export logistics will enable exporters to utilize the untapped export potential with Burkina Faso.
Potential exports with high value: Ghana’s top 15 products with export potential to Burkina Faso amounts to US$77.4 million. Exporters are encouraged to take advantage of the following products with untapped potential in excess of US$3 million: palm oil (excluding crude) & fractions; uncooked pasta; sodium cyanide; malt extract; water as beverage, margarine, concentrated milk & cream, and fish nes, whole, frozen.
Ghana & Togo recorded a steady growth in trade between 2015 and 2019. Over the period, Ghana’s exports rose from US$59.2 million to US$117.7 million while that of Togo increased from US$54.5 million to US$79.5 million. Ghana’s exports account for 6% of Togo’s total import products as at 2019.
Major tradeable products include: mineral fuels; bituminous substances; products of the milling industry such as malt; starches; wheat gluten; iron and steel; beverages, spirit, and vinegar; paper and paper board; ceramic products; plastics; cotton; wood charcoal, etc.
Potential exports: The total value of Ghana’s top 15 products with untapped potential to Togo is valued at US$53.7 million. Each of the following products has an untapped potential in excess of US$2 million: plains wovens, cotton; uncooked pasta; beauty, make-up & skincare preparation; men’s shirt; fixed vegetables fats & oil will fetch an income of US$2 million each. Exporters can consider these products in their product and market diversification strategies.
Ghana & Côte d’Ivoire recorded an inverse trade relation between 2015 and 2019. Over the period, while Ghana’s exports grew by 151.8 percent that of Côte d’Ivoire saw a downward turn (-46.9%). Ghana’s exports account for 1.1% of Côte d’Ivoire’s total import products.
Major exports from Ghana include worn clothing and worn textile articles, rags, ceramic products, man-made filaments, boilers, preparations of cereals, flour starch or milk, soap, organic surface-active agents, washing preparations, lubricating preparations, etc.
Potential exports with high value: Ghana’s top 15 products with untapped potential to Côte d’Ivoire stands at US$36.5 million. The underlisted products have untapped potential in excess of US$2 million: skipjack & bonito, frozen; oil seeds & oleaginous fruits; fish nes whole, frozen; yarn woven; slaked lime; and tuna (yellowfin) frozen. Exporters and potential exporters are encouraged to consider these products in their market and product diversification strategies.
Trade between Ghana & Nigeria saw a downward trend in growth between 2015 and 2019. Over the period, Ghana’s imports from Nigeria declined from US$519.6 million to US$370.2 million. Similarly, Ghana’s exports to Nigeria declined from US$66.2 million to US$55.2 million. Ghana contributes less than one percent (0.13%) to Nigeria’s import market.
Major export products by Ghana include: cocoa and cocoa preparation; beverages, spirits, and vinegar; tanning or dyeing extract; plastics; essential oils; paper and paperboard; soap; organic surface-active agents; washing preparations; lubricating preparations; etc.
Potential exports with high value: The total value of Ghana’s top 15 products with untapped potential to Nigeria stands at US$39.4 million. Each of the underlisted products has an untapped export potential in excess of US$2 million: malt extract; yarn wovens; crude palm oil; fixed vegetable fats & oil; and fish nes, cured. Exporters are encouraged to consider these products in their market and product diversification strategies and consider the requisite documentation.