Denmark and Ghana share a long-standing relationship of trade and commercial cooperation. Danish companies from various sectors have shown interest in Ghana and commercial activities are increasing.
Ghana holds a lot of unexplored potential for Danish companies. Fortunately, the Trade Council regularly receives requests from Danish companies in various sectors interested in doing business in Ghana. Since 2011, the number of requests has been increasing every year.
In Ghana, four sectors are considered key sectors. The sectors present an opportunity to leverage on prior or existing contacts and goodwill gained from development cooperation. They are all Danish strongholds and sectors that are prioritized by the Government of Ghana. The sectors are:
- Energy, Environment, and Water
- Food, Agriculture, and Fishery
- Information and Communication Technology (ICT)
- Architecture and Construction
The chart below displays the distribution of the commercial requests that the Trade Council in Ghana has received since 2011 divided into sectors.
Since 2011 about 31% of the commercial requests made to the embassy have been largely in the Energy, Environment and Water sectors while 24% of the requests came from the Food, Agriculture and Fishery industries. About 11% of the requests were in the construction and Architecture sector despite Ghana's huge infrastructural deficits of the economy. The construction and architecture sector presents a huge potential of market entry – especially with regards to introduction of efficient and smart green energy solutions.
Ghana offers access to the market of the Economic Community of West African States (ECOWAS) which has an estimated population of 250 million people. The new Economic Partnership Agreement (EPA) between the EU and ECOWAS is expected to gradually transform the relationship between Ghana and the EU from one of dependency to one of mutual trade partners in the long term. The EPA will be applied asymmetrically, with the EU fully opening up its market and ECOWAS only over time, while retaining the right to protect a share of its sensitive industries from European competition.
The trade between Denmark and Ghana is growing. In recent years, imports of goods to Denmark from Ghana have exceeded exports of goods from Denmark to Ghana. The significant categories of Danish export to Ghana are machinery and transport equipment, chemicals, pharmaceutical, food products, services and technical knowhow. The major Danish imports from Ghana are cocoa, oil seeds, fruit and biomass. The Danish Business Community in Ghana consists of approximately 35 Danish and affiliated companies.
In 2015, total import from Ghana was DKK 377.7 million with exports of DKK 225.1 million. The significant categories of Danish import from Ghana are cocoa, biomass, oilseeds and fruit. Exports to Ghana primarily consist of machinery and transport equipment, pharmaceuticals, food and beverage products, services and technological know-how.
The figure below provides an overview of some key economic indicators regarding Ghana as a market from 2009 to 2015.
A brief overview of the Ghanaian budget for 2017 as well as the macroeconomic situation published by the Ghanaian Ministry of Finance can be found here: Budget Highlights 2017.