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UAE Tops Ghana’s Gold Export Markets as Trade Partners Shift
Ghana’s gold exports in the third quarter of 2024 were overwhelmingly directed to four countries, with the United Arab Emirates (UAE) emerging as the largest buyer, absorbing 40.1% of total gold exports.
Switzerland followed with 30.1%, while South Africa and India accounted for 22.2% and 6.8%, respectively, according to the latest Trade Statistics Report by the Ghana Statistical Service.
Collectively, these destinations represented 99.2% of Ghana’s gold shipments.
The dominance of gold in Ghana’s export portfolio reflects the continued reliance on precious metals to buoy the country’s trade balance, even as other key export products, such as mineral fuels, cocoa, and vegetable products, find niche markets.
China Drives Demand for Fuels, Cocoa Heads to Europe
China was a significant destination for Ghana’s mineral fuels and oils, purchasing 29.8% of exports in this category.
Cocoa, a long-standing cornerstone of Ghana’s export economy, saw 22.2% shipped to the Netherlands, a major European processing hub.
Vietnam emerged as the leading market for Ghana’s vegetable product exports, with a 17.0% share, while 55.9% of iron and steel exports were directed to Burkina Faso, underlining strong regional trade ties.
China, UK, and UAE Dominate Imports
China retained its position as Ghana’s principal supplier, leading imports across five of the country’s 10 major product categories.
However, mineral fuels and oils—the largest import category—were predominantly sourced from the UK, followed closely by the UAE. Burkina Faso led the supply of vegetable products, highlighting its critical role in regional agricultural trade.
Ghana’s trade data underscores a blend of traditional and evolving partnerships, reflecting global demand trends and regional trade interdependence.
While gold exports remain concentrated in a handful of markets, diversification in other trade categories offers an opportunity to mitigate external shocks and deepen trade relationships.
