Ghana in 2023 earned some $1.77bn from non-traditional exports (NTEs) to various Regional Economic Communities (RECs) on the Continent under the Africa Continental Free Trade Area (AfCFTA) agreement.
Trade data provided by the Ghana Export Promotion Authority (GEPA) in its 2023 NTEs report indicate that the Economic Community of West African States (ECOWAS) dominates the AfCFTA market for NTEs with a substantial share of 94.47%.
The other regional economic communities, namely Economic Community of Central African States (ECCAS), Southern African Development Community (SADC), Arab Maghreb Union (UMA), Common Market for Eastern and Southern Africa (COMESA), East African Community (EAC), and Intergovernmental Authority on Development (IGAD), have smaller shares, ranging from 0.05% to 2.03%
The ECOWAS market analysis reveals significant growth in trade, with Burkina Faso emerging as the top consumer, showing an increase to $508m from $425m in the previous year.
Cote d’Ivoire also displayed a notable rise with its consumption jumping from $150m in 2022 to $289m in 2023.
Overall, the ECOWAS sub-region saw an expansion largely driven by a surge in the export of plastic articles to Burkina Faso and neighbouring countries.
This positive trend in exports under the AfCFTA underscores the region’s growing demand and the effectiveness of the trade pact.
GEPA’s continued focus on strategic interventions, market diversification, and leveraging trade agreements such as the African Continental Free Trade Area (AfCFTA) will be crucial in sustaining the upward trajectory of Ghana’s NTE growth.
Ghana’s Non-Traditional Exports (NTEs) achieved a significant milestone in 2023, recording an 11.75% increase in earnings, reaching a total of $3.94 billion.
This remarkable growth in NTEs, as reported by the Ghana Export Promotion Authority (GEPA), 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 the expansion in NTEs earnings.
Norvanreports