China still Ghana’s largest Importer
China’s trade volume with Ghana for the first half of 2024 reached nearly $6 billion. That represented an increase of 13.3 per cent as compared with the same period last year.
In 2023, bilateral trade volume between China and Ghana exceeded $11 billion, increasing 10.4 per cent year on year (YoY). This was disclosed by the Chinese ambassador to Ghana, Tong Defa, at the 75th Anniversary of the founding of the People’s Republic of China. According to him China’s trade volume with Africa increased from $10.5 billion in 2000 to $282.1 billion in 2023, nearly 26-fold increase. He further revealed that China’s stock of investment in Africa had grown from less than $500 million in 2000 to over $40 billion presently, pointing out that developing solidarity and cooperation with African countries was always an important cornerstone of that country’s foreign policy.
Projects
On China-aided projects in Ghana includes the phase two project of the University of Health and Allied Sciences (UHAS), which had been inaugurated; the James Town Fishing Port Complex Project, which had been handed over and the China-aided annex building of the Ministry of Foreign Affairs and Regional Integration, which was scheduled to be completed in 2025. Others included the Sunon-Asogli Power Limited, Africa World Airlines, EU Chinatown Mall in Tamale and the Sentuo Oil Refinery.
Relationship worthwhile
China’s contribution to the various sectors of the country include education, health, infrastructure and defence, adding that the recently inaugurated James Town Fishing Harbour and the UHAS were prime examples.
Chinese investments span multiple sectors, such as manufacturing, mining, energy, agriculture and oil and gas.
Recent data from the Ghana Statistical Service (GSS) shows China remains the largest source of imports to Ghana in 2024, with a total import value of over GH₵50 billion. This is followed by the United Arab Emirates, the United Kingdom, India, and United States of America each with imports exceeding GH₵10 billion each. China retained its position as Ghana’s largest import partner increasing its import value from GH₵33.9 billion in 2023 to GH₵56.8 billion in 2024. In 2024, the United Arab Emirates (GH₵21.9 billion) and the United Kingdom (GH₵19.0 billion), with imports primarily consisting of mineral fuels and oils, replaced the Netherlands and the Russian Federation in the top five. Ten products accounted for a third (33.4%) of all imports. The highest import value was Diesel – automotive gas oil (AGO) for TOR (GH₵28.9 billion), followed by light oils, motor spirit, super (GH₵24.1 billion) However, we believe that there is still room for growth in private sector partnerships between China and Ghana. particularly in sectors like agri-processing, ethereum mining, tourism and education
