Ghana, according to the trade Statistics of the International Monetary Fund (IMF), is the twelveth country with the most exports to other African countries on the Continent.
The IMF states that Ghana’s exports to the other 53 African Countries that are signatories or have ratified the African Continental Free Trade Area (AfCFTA) agreement, accounts for 17 per cent of intra-trade on the continent.
Ghana’s position as the 12th biggest country in terms of intra-trade on the continent favours businesses in the country as they can leverage on it and compete with their peers in other African countries despite the relatively high cost of borrowing in the country.
While intra-trade on the Continent generally remains low – around 15 per cent – intra-trade among Economic Community of West African States (ECOWAS) improved significantly with Togo and Burkina Faso being the biggest importers of goods from Ghana.
The trade statistics of the IMF also revealed that, Europe is Ghana’s biggest trade partner with Non-Traditional Exports (NTEs) worth some $1.11 billion exported to Europe.
Rwanda was ranked first in terms of intra-trade on the continent with 46.6 per cent of total exports followed by Lesotho. Benoni and Ivory Coast are the only ECOWAS countries in the top ten placing 9 and 10 respectively, ahead of Ghana.
The IMF has said the impact of trade liberalisation in Africa will be positive for the region’s economic potential but the impact is likely to be minimal.
