Ghana rakes in $8.6bn from exportation of services to other countries in 2023
Ghana’s total services export reached $8.6 billion last year – 2023.
The revenue generated from the country’s exports of services the Ghana Export Promotion Authority (GEPA) notes in its 2023 Non-Traditiona Exports (NTEs) report, indicates the sector’s substantial contribution to the overall export economy.
The country’s diversification into services export highlights the expanding scope of Ghana’s export capabilities and its potential to generate significant foreign exchange earnings.
Per the report, NTEs achieved a significant milestone in 2023, recording an 11.75% increase in earnings, reaching a total of $3.94 billion.
The remarkable growth in NTEs represents 24% of the nation’s total merchandise exports and signifies substantial progress towards Ghana’s ambitious target of $25.3 billion in NTE earnings by 2029.
The rise in exports of iron and steel products was identified as the primary driver behind this expansion.
Iron and steel products, encompassing circles, rods, sheets, and billets, emerged as the top NTE earners, generating USD 447.80 million and surpassing cocoa paste, which traditionally held the lead position.
This shift underscores a diversification trend within Ghana’s export portfolio, moving beyond the dominance of cocoa-related products.
The report highlighted that 1,702 companies were involved in exporting 625 non-traditional products to 156 countries.
Notably, a small group of 88 companies accounted for 80% of the total NTE earnings, indicating a concentration of export prowess within a relatively limited number of enterprises.
Burkina Faso surfaced as the top market destination for Ghana’s NTEs, absorbing 20% of the exports. The Netherlands followed closely, accounting for 15%.
Other significant markets included Togo, Cote D’Ivoire, and Mali, which together comprised 30% of the top ten market destinations for NTEs.
The diversification of market destinations extends beyond the regional ECOWAS bloc to North America (10%), India (8%), Italy (6%), Belgium (6%), and the United Kingdom (6%).
