UAE Tops as Leading Destination for Ghana’s Gold Exports in Q3 2024

By InstinctBusiness Dec 6, 20240

The United Arab Emirates (UAE) emerged as the top destination for Ghana’s gold exports, receiving approximately 40% of the country’s gold in the third quarter of 2024. This data, sourced from the Ghana Statistical Service Quarterly Trade Newsletter for July to September 2024, highlights the UAE’s pivotal role in Ghana’s gold trade.

Switzerland followed as the second-largest destination, receiving 30.1% of Ghana’s gold exports. South Africa and India ranked third and fourth, accounting for 22.2% and 6.8% of gold exports, respectively. Collectively, these four key destinations accounted for 99.2% of the country’s gold exports.

In addition to gold, about a third of Ghana’s mineral and oil exports were directed to China, comprising 29.8% of the total. Nearly a quarter of cocoa exports, at 22.2%, went to the Netherlands. Vietnam was the primary destination for vegetable products, receiving 17%, while Burkina Faso received 55.9% of Ghana’s iron and steel exports.

For five out of the ten product classifications, China was the leading country of origin. However, for mineral fuels and oils, the United Kingdom emerged as the top source, followed closely by the UAE. Vegetable products were primarily imported from Burkina Faso.

Gold bullion, valued at GHS 46.5 billion, was the top export product in the third quarter of 2024, with a value more than four times that of the second-highest export, crude petroleum, valued at GHS 11.6 billion. Cocoa paste ranked as the third-highest commodity, generating GHS 2 billion and contributing 2.7% to the total export value. This was followed by manganese ores, which earned GHS 1.5 billion, accounting for 2% of the export value, and tuna, which earned GHS 0.6 billion, with a share of 0.9%. Together, these top five export products—gold, crude petroleum, cocoa paste, manganese ores, and tuna—represented the largest portion of the country’s export value.

The export share of gold increased significantly from 42.5% in Q3 2023 to 62.1% in Q3 2024. In contrast, the share of mineral fuels and oils halved over the same period. The share of cocoa beans and products also saw a slight decline, from 4.8% to 4.6%.

Economists have urged the government to implement policies focused on adding more value to the country’s export commodities, aiming to enhance economic growth and stability.

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