Ghana as a market

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. Increasing interest from Danish companies can be attributed to a combination of economic and political factors, including high economic growth rates, an emerging middle class, and political stability, which together create a sound business environment for foreign companies. Today, the Danish business community in Ghana consists of approximately 60 Danish and affiliated companies.

In Ghana, three sectors are considered key sectors by The Trade Council. 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 also prioritised by the Government of Ghana. The sectors are:

• Water and Environment
• Food and Agriculture
  
• Tech & Digitalization

Danish companies are mostly in the Ghana export business of Nutrition and Drinks (45,64 %), Office- and  Automatic Data Processing Machines (15.75%), and Other non-electric Machines, Equipment and Tools (11%) _{^{(Source: Økonomi - Danmarks Statistik (dst.dk)).}}

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 interim 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 gradually opening up over time while retaining the right to protect a share of its sensitive industries from European competition.

Trade between Denmark and Ghana is growing. Although numbers still show much variation from year to year, the upward trend is visible. The latest data from Ministry of Foreign Affairs in Denmark conclude that Ghana was Denmark's 74th largest export market in 2020, totalling DKK 1,2 billion in revenues which accounted for 0,1% of Danish exports (BOP). The top export in 2021 was machinery specialized for particular industries (DKK 52,2 million) (FOS).

Imports of goods and services from Ghana totalled DKK 958 million in 2020 (BOP). The top import good in 2021 was oil seeds and oleaginous fruits (DKK 68,3 million) (FOS). In the first month of 2022, imports of goods from Ghana were worth DKK 1,4 million; a rise of 4,0% in relation to the same time period in 2021 (DKK 1,3 million) (FOS). _{^{Source: Statistics Denmark. April 11, 2022 tables SITC2R4Y (goods) and BBY (goods and services).}}

Denmark records as the 16th largest import market to Ghana. Reversely, Denmark is listed as Ghana’s 20th largest export market. _{(Source: Oxford Economics (see files for download)).}

A brief overview of the Ghanaian budget for 2022 as well as the macroeconomic situation published by the Ghanaian Ministry of Finance can be found here: Budget Highlights 2022. _{^{Source: Ministry of Finance Ghana}}

_{Note.: FOS: Foreign Trade Statistics. BOP: Balance of payments. FOS calculates the value of goods that have physically crossed the Danish border. BOP calculates the payment for both goods and services that Danish companies receive for the sale of goods or services abroad (even if goods produced or purchased abroad, have never been in Denmark). Exports of goods calculated according to BOP are generally greater than calculated according to FOS.}

Import Clearance Process

In collaboration with Ghana Revenue Authority (GRA), the Danish embassy has produced an overview of the import clearance process in the port of Tema. The mapping reflects input from Danish businesses using the port as well as government officials from GRA. The process has been confirmed by GRA as of February 2019. We are currently awaiting the latest data.

Learn more here: Import Clearance Process in the Port of Tema