Ghana has many trade partners across the globe.
The West African country has a diverse and rich resource base with gold, timber, cocoa, diamond, bauxite, and manganese being the most important source of foreign trade.
In 2007, Ghana discovered oil in commercial quantities and joined oil exporting countries in the world.
This new commodity has contributed substantially to the economy since oil production started in 2009.
Initial figures from industry players pegged the country’s oil reserve at about 3 billion barrels of light oil.
Crude Oil Production in Ghana remained unchanged at 108 BBL/D/1K in October from 108 BBL/D/1K in September of 2015.
Crude Oil Processing in Ghana averaged 25.94 BBL/D/1K from 1995 until 2015, reaching an all-time high of 110 BBL/D/1K in November of 2013, and a record low of 4 BBL/D/1K in February of 1995.
Even though the country is blessed with abundance of natural resources, a quarter of the population are below the poverty line, according to the UN.
Ghana Balance of Trade
Figures released by the Bank of Ghana show that a trade deficit of 1226 USD Million in the third quarter of 2015.
Balance of Trade in Ghana averaged -683.42 USD Million from 2003 until 2015, reaching an all time high of 584.20 USD Million in the first quarter of 2010 and a record low of -1638.10 USD Million in the third quarter of 2012.
Balance of Trade in Ghana is reported by the Bank of Ghana.
Ghana’s main exports are gold, cocoa beans and timber products.
Others include tuna, aluminum, manganese ore, diamonds and horticulture.
Ghana’s main exports partners are Netherlands, Burkina Faso, South Africa and United Kingdom.
Ghana imports mostly industrial supplies, capital and consumer goods and foodstuffs.
Its main imports partners are China, United States, Belgium, United Kingdom and France.