Ghana and the United Kingdom (UK) have enjoyed a long-standing bilateral relationship.
Trade between both countries has been very prevalent, given that the UK is practically the largest market in the world, while Ghana has the largest economy in West Africa, outside of Nigeria.
The products that these two countries trade are vital to their respective economies and range from textile fibres to cocoa and meat.
Ghana was the UK’s 65th largest trading partner in the four quarters to the end of Q3 2023, accounting for 0.1% of total UK trade.
In November 2023, the government of Ghana introduced a Legislative Instrument(L.I.) seeking to restrict the importation of some 22 items into the country.
In less than two weeks, the bill faced a lot of opposition from business groups and the minority in parliament, and it was later suspended by the government to allow for more consultation.
However, on February 10, 2024, the Minister of Trade and Industry, K.T Hammond disclosed that the government will re-introduce the import restrictions bill to parliament in due time.
According to him, the (LI), which faced opposition from traders, importers, and the minority in parliament and was subsequently withdrawn, has not been abandoned.
He assured that the LI would return to parliament to ensure that the original purpose of the law to protect local manufacturers from the influx of cheap imported goods is halted.
Based on the most recent report from the UK’s Department for Business and Trade facts sheet released on February 22, 2024, the “total trade in goods and services (exports plus imports) between the UK and Ghana was £2.3 billion in the four quarters to the end of Q3 2023, an increase of 44.6% or £703 million in current prices from the four quarters to the end of Q3 2022.”
The overall value of UK exports to Ghana in the four quarters ending in Q3 2023 was £1.0 billion, up by 5.8% or £57 million in current prices from the four quarters ending in Q3 2022.
Of all UK exports to Ghana in the four quarters to the end of Q3 2023, £394 million (37.7%) were goods, and £651 million (62.3%) were services.
In the four quarters to the end of Q3 2023, UK exports of goods to Ghana decreased by 19.8% or £97 million in current prices, compared to the four quarters to the end of Q3 2022, while UK exports of services to Ghana increased by 31.0% or £154 million in current prices, compared to the four quarters to the end of Q3 2022.
In the four quarters to the end of Q3 2023, total UK imports from Ghana were £1.2 billion (an increase
of 110.1% or £646 million in current prices, compared to the four quarters to the end of Q3 2022).
Of all UK imports from Ghana in the four quarters to the end of Q3 2023, £693 million (56.2%) were
goods and £540 million (43.8%) were services.
In the same period, UK imports of goods from Ghana increased by 188.8% or £453 million in current prices, compared to the four quarters to the end of Q3 2022, while UK imports of services from Ghana increased by 55.6% or £193 million in current prices, compared to the four quarters to the end of Q3 2022.
With that said, here are the 5 products the UK sold to Ghana.
| Rank | Product | Trade value (Q3 2022 – Q3 2023) | % of overall trade |
|---|---|---|---|
| 1. | Textile Fibres | £59.7 million | 15.3% |
| 2. | General Industrial Machinery(intermediate) | £29.1 million | 7.4% |
| 3. | Meat & meat preparations | £22.1 million | 5.6% |
| 4. | Miscellaneous metal manufacturers | £21.2 million | 5.4% |
| 5. | Other manufacturers (consumer) | £20.3 million | 5.2% |