Trade Minister-Designate pledges to boost Ghana’s Balance of Trade through value addition
The Minister for Trade, Agribusiness, and Industry-designate, Elizabeth Ofosu-Adjare, has pledged to enhance Ghana’s balance of trade by promoting value addition to raw materials if approved by Parliament.
Speaking during her vetting before Parliament’s Appointment Committee on January 22, 2025, Madam Ofosu-Adjare highlighted the urgent need to address Ghana’s foreign exchange challenges by reducing dependency on raw material exports.
“We have to work on the production of raw materials in this country. Contract commercial farming will ensure the availability of raw materials locally, reducing the need for imports. With less importation, we can mitigate foreign exchange challenges,” she assured.
The 24-Hour Economy Policy
The minister-designate underscored the transformative potential of the 24-Hour Economy Policy in fostering industrial growth nationwide. She noted that increased production and value addition would not only reduce reliance on imported finished products but also create jobs for Ghana’s youth.
“When these raw materials are given some value addition, it helps the economy by decreasing the finished products we import. I will ensure value is added to some traditional commodities as well. With agribusiness, we can achieve all of this,” Madam Ofosu-Adjare stated.
Boosting Foreign Exchange and Job Creation
Madam Ofosu-Adjare emphasized that value addition could significantly increase foreign exchange earnings, leveraging Ghana’s existing agricultural and mineral resources.
Ghana’s balance of trade recorded a surplus of $542.07 million in October 2024, according to the Bank of Ghana. This marked progress from a historical average deficit of $75.82 million between 2004 and 2024, with a record high surplus of $682.31 million in August 2024 and a record low deficit of $733.10 million in October 2013.
Trade Landscape and Opportunities
Ghana’s principal exports include gold, cocoa beans, timber products, and minerals such as manganese ore and diamonds. The country also exports horticultural products, with key trading partners including the Netherlands, Burkina Faso, South Africa, and the United Kingdom. However, the country imports industrial supplies, consumer goods, and foodstuffs, with China, the United States, Belgium, and France as major partners. If approved, Madam Ofosu-Adjare’s proposed policies could strengthen Ghana’s trade position, reduce reliance on imports, and boost local industry, setting the country on a path toward sustainable economic growth.
