Ghana-EU trade volume reaches €5.9 billion in 2023
The total trade volume between Ghana and the European Union (EU) increased to €5.9 billion in 2023, according to the Ministry of Trade and Industry.
Ghana’s exports to the EU rose by 8%, reaching €2.6 billion from €2.4 billion in the previous year, while imports from the EU fell from €3.7 billion in 2022 to €3.3 billion in 2023.
Addressing the 2nd Ghana-EU Business Forum, KT Hammond, Ghana’s Minister for Trade and Industry, highlighted the country’s favorable investment climate.
Our 2023 exports saw an 8% rise to €2.6 billion, while imports from the EU experienced an 11% decline to €3.3 billion,” Hammond stated.
The forum, themed “Fostering Investment in Non-Traditional Chains Under EU Global Gateways Strategy,” aimed to enhance trade and investment links between Ghana and the EU.
Myriam Ferran, Deputy Director-General of the European Commission’s Directorate-General for International Partnerships, reaffirmed the EU’s commitment to bolstering trade and investment to achieve the Sustainable Development Goals (SDGs).
This strategy underscores the EU’s commitment to partnering with like-minded countries to build sustainable infrastructure and connectivity globally. It represents the EU’s offer for sustainable bonds in full partnership,” Ms Ferran noted.
She also emphasized the importance of this strategy in the context of current geopolitical challenges, including the Russia-Ukraine war and the situation in Gaza.
During the forum, the EU announced a €32 million Special Measure on Manufacturing and Access to Vaccines, Medicines, and Health Technologies in Africa (MAV+).
This initiative is designed to support the development of vaccine manufacturing and the pharmaceutical industry in Ghana, reflecting the EU’s commitment to enhancing health infrastructure in Africa.