Ghana-China trade to hit a record-high level of US$10.2 billion in 2022, up from US$6.67 billion in 2017.

More crucially, Ghana's exports to China surged by 60% last year, according to the Chinese Ambassador to Ghana, Lu Kun.

During the commemoration of the 74th anniversary of the People's Republic of China in Accra, the ambassador revealed that collaboration and alliances between China and Ghana are yielding concrete advantages for both nations.

“Since this year, China-Ghana cooperation has yielded fruitful results, delivering tangible benefits to the Ghanaian people. In March, construction began on a China-aided annex building for the foreign affairs ministry in Accra. In May, China joined the official creditor committee for Ghana as co-chair and helped Ghana secure the IMF US$3 billion deal in record time.

“In June, construction began on a China-aided military building. In July, the 43rd fleet of the Chinese People’s Liberation Army Navy visited Ghana. The Embassy donated relief items to flood victims in the Volta Region and a Chinese medical team in Ghana provided free clinical services. In August, the China Visa Application Centre in Accra officially opened. Therefore, China will remain Ghana’s largest trading partner and major foreign investments source for years to come,” he stated.

Dependable partner in socio-economic development

As a guest speaker at the occasion, Finance Minister Ken Ofori-Atta hailed China for its ongoing contributions to Ghana's socioeconomic development.

‘Let me indeed extend our sincerest appreciation to China for the strong show of support demonstrated in helping Ghana secure the US$3billion extended credit facility from the International Monetary Fund,” he stated.

China stands as Ghana's foremost trading partner and the primary contributor to recent foreign direct investments. Mr. Ofori-Atta emphasized that the Ghanaian government remains committed to creating a favorable environment that facilitates the activities of Chinese companies within the nation and aims to attract additional investments from China.

New opportunities to deepen trade

While recognizing the two countries' excellent trade ties, the finance minister emphasized the significance of achieving a balanced trade and investment partnership between the two countries.

In this regard, he has recommended the investigation of new economic routes to promote continuing growth and the enhancement of the two countries' commercial partnership.

“We believe that by fostering a win-win cooperation with the People’s Republic of China, Ghana will have a greater chance of realising its developmental objectives,” he stated.

Trade in 2023

As of June 2023, China's exports to Ghana amounted to a total of US$747 million, while its imports from Ghana reached US$183 million. This resulted in a positive trade balance of US$563 million for the Asian giant, as reported by the Observatory of Economic Complexity (OEC), a leading tool for visualizing international trade data.

China's primary exports to Ghana in June 2023 included coated flat-rolled iron (valued at US$32.4 million), pesticides (US$29.5 million), rubber footwear (US$17.6 million), large construction vehicles (US$15.4 million), and motorcycles and bicycles (US$14.8 million).

Conversely, the top imports from Ghana to China during the same period were dominated by crude petroleum (valued at US$159 million), manganese ore (US$49.7 million), sawn wood (US$1.44 million), cocoa paste (US$1.16 million), and rough wood (US$1.09 million).

However, according to OEC data, China's exports saw a decline of US$158 million (-17.5 percent), dropping from US$905 million to US$747 million between June 2022 and June 2023. Imports also experienced a decrease of US$123 million (-40.2 percent), decreasing from US$307 million to US$183 million during the same period.