Ghana is one of the countries rich in natural resources such as Gold, Cocoa beans, coffee, cashew, and other minerals. And each year, the West African country cashes in big with several exports.
However, we will be exploring the top 5 which bring in most profits to the nation.
According to the Ghana Export Promotion Authority, products exported are grouped into two: namely traditional and non-traditional exports or products. Ghana’s non-traditional exports are agricultural, processed and semi-processed, and handicraft. The traditional exports include gold, crude oil, cocoa beans, cocoa paste, cashew nuts and coconuts.
Traditional exports, which are the key products Ghana trades in, represent almost four-fifths of Ghana’s revenues from exporting goods. This is according to the Ghana Export Promotion Authority, the government agency that promotes and markets Ghana’s products internationally.
So which of the resources made it to top 5? Here they are:
- Mineral Fuels including oil.
Oil from Ghana brings in about US$ 4 billion, accounting for 31.5% of the export revenue. Exploration of oil and Gas in Ghana started in 1896 in onshore Tano basin (Western Region). Ghana exports crude oil, petroleum, petroleum products, natural gas. Recent discoveries appear to indicate that oil and gas resources to indicate oil and gas resources stretch across the country’s shoreline from cape three points in the west to Keta in the east. The National Petroleum Authority is the industry that regulates the fuel prices in Ghana. Some oil companies in Ghana are Aker Energy, Tullow Ghana, Kosmos Energy ,GOIL company Limited, Zoil Services Limited etc. As of 2022, Ghana produced 176.55 thousand barrels per day
- Gems, precious metals
Exports of Gems and precious metals bring in about US$ 3.6 billion, 28.4% of Ghana’s export revenue. Gems and precious metals such as Gold, Diamond, Garnet Stones, Rubies, Emeralds. About 25 percent of the western part of Ghana contains extractable gold deposits and certain regions hold rich diamond reserves. Gold is mostly found in the Eastern and Western regions of Ghana and diamond is mostly found in Akwatia in the Eastern region. Akwatia Mine, Birim diamond field, AcquaGems Mining Co.Ltd, Gold Fields Ghana are some mining companies that export gems and precious stones in Ghana. Ghana
Ghanaian cocoa is very popular worldwide. It is currently cultivated in 6 regions in Ghana: Western, Eastern, Central, Ashanti, Volta and Brong Ahafo regions. The Ghana Cocoa Board is the government institution that fixes the buying price for Cocoa in Ghana. Export of Cocoa bring in about US$ 2.8 billion, or 22% of the export revenue and it’s a major contributor to the country’s Gross Domestic Product (GDP). There are some companies that buy the cocoa beans from the farmers, process it and export it foreign countries. Some of such companies are; Plot Enterprise Gh., ADM limited, Delfi Ventures, Ceres Demeter Ltd, Niche Cocoa Industry Ltd
- Fruit and nuts
These items, especially Ghanaian cashews, are not only popular in West Africa, but also in other countries around the world. They bring in US$ 440.5 million, coming to 3.5% of the export revenue. cashew nuts are produced mainly in the Bono, Bono East, Ahafo, Savana, some parts of the Volta and Northern regions of Ghana. Key types of fruits exported are coconuts, pears, pineapples, citrus, bananas. More than 70 tonnes of fruits are exported from Ghana annually. Some companies that export fruits are Golden Exotics Limited (exports Banana), Blue Sky Products Ghana Limited (exports fresh cut fruits like mango, pineapple, coconut and papaya), Golden Riverside Limited (exports dried fruits), Sharpf. Fruits (exports fruits and vegetables), Nielsview Limited (exports Aidan Fruits/ Prekese and Dry Neem Tree Leaves).
- Ores and minerals
Ghanaian ore is renowned the world over for its durability and strength. It brings in US$ 368.9 million, accounting for 2.9% of the export revenue. Ghana exports Bauxite, Manganese and Iron ore. Iron ore is typically processed to form steel, beams, furniture etc. Iron ore is found in 4 districts in the Oti region, Bauxite in Eastern region and Manganese in the Western region. Some mining companies into ore are, Gold Coast Resources Ltd, Inland Ghana Mines Limited, Ghana Bauxite Company Limited, Ghana Manganese Company Limited, Volta Aluminium Company Limited (VALCO) etc.