In 2023, Ghana’s Non-Traditional Exports (NTEs) achieved remarkable growth, generating a record revenue of $3.944 billion, as reported by Dr. Afua Asabea Asare, the Chief Executive Officer of the Ghana Export Promotion Authority (GEPA). During a press briefing held in Accra, Dr. Asare highlighted that this impressive growth was largely attributed to the successful diversification of the country’s export commodities. This diversification not only emphasized the agribusiness sector but also highlighted significant developments in manufacturing and the arts and crafts industry. Furthermore, the inclusion of services in Ghana’s NTE portfolio has broadened the scope of successful exports, indicating a positive shift towards a more varied economic landscape for the nation.
Dr. Asare reported that the NTE sector experienced an 11.75 percent increase in revenue over the previous year, showcasing a gradual yet steady upward trend in export performance. Among the leading products facilitating this growth, iron and steel emerged as the top contributor, generating approximately $447.8 million in revenue, followed closely by other significant products such as cocoa paste, cashew nuts, and shea oil. This suggests that the strategic focus on identifying and promoting high-demand products in international markets is paying off. The CEO emphasized that the diversification of export products and a focus on quality have been integral to the sector’s sustained growth.
The continued expansion of Ghana’s NTE sector can be credited to various strategic interventions implemented by GEPA, which are crucial for building capacity and enhancing market development for exporters. Dr. Asare pointed out that the authority has rolled out comprehensive programs that support various facets of export operations, including product development, market intelligence, and research efforts. These initiatives are aimed at equipping exporters with the necessary tools and knowledge to succeed in the increasingly competitive global marketplace. By investing in the capabilities of exporters, Ghana is enhancing its position as a viable player in the international trade arena.
One key program highlighted by Dr. Asare is the “Youth in Export” initiative, which is specifically designed to engage and attract young entrepreneurs to the export business. This program seeks to harness the creativity and innovation of the youth in order to diversify and rejuvenate the export landscape in Ghana. By appealing to younger generations, GEPA aims to instill a culture of entrepreneurship and export-oriented thinking, which is pivotal for future growth and sustainability in the NTE sector. This focus on youth engagement not only helps in fostering new talents but also invigorates the export industry with fresh ideas and innovative approaches.
Additionally, the strategic direction of GEPA highlights a broader vision for the country’s economic development through enhanced export capabilities. By prioritizing a diversified export portfolio and facilitating access to international markets, the government aims to mitigate the country’s dependency on traditional exports, which have historically been subject to fluctuations in global demand and pricing. This diversification is crucial for building resilience in the economy, particularly in times of global economic uncertainty.
Overall, the flourishing sector of non-traditional exports in Ghana represents a significant milestone in the country’s economic journey. The proactive measures introduced by GEPA, such as targeted programs for youth involvement and capacity-building initiatives for exporters, play a vital role in maintaining this positive trajectory. As Ghana increasingly establishes itself as a competitive player in the international market, it is essential for the country to continue nurturing its diverse export offerings and reinforcing its strategic objectives to further enhance growth in the NTE sector. This not only contributes to national revenue but also ensures long-term sustainability and economic resilience for the future.
