Among the four countries that we study, the importance of agriculture in the economy is highest in Ghana, with agricultural exports accounting for 49% of total exports in 2008. Ghana’s agricultural and total exports more than doubled over the period 2002-2008. The share of agricultural to total exports has remained close to 50% throughout the period. Available data shows that Ghana’s total exports continued growing in 2009, albeit at a slower pace.
Ghana: Total and Agricultural Exports, 2002-2009 (in million USD and percentage change)
The evolution of value, price and volume indices of Ghana’s exports to the United States (US) and the European Union (EU) indicate that rising prices coupled with declining volumes began in late 2007 and into the second quarter of 2008. The EU and the US now represent only 40% of Ghana’s total exports as Ghana diversified export markets for its main products to include Malaysia, China, Turkey and South Africa. The top two exports, gold and cocoa, captured a large share of Ghana’s export, at 45% and 25%, respectively, as the prices for these commodities continued to rise into early 2009.