WT/TPR/S/81 Trade Policy Review
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IV. TRADE POLICIES BY SECTOR
(1) OVERVIEW
1. Ghana is predominantly an agrarian economy heavily dependent upon primary production,
especially if subsistence agriculture is taken into account.  Consequently, the Ghanaian economy and
the Government's revenue base have been vulnerable to movements in international commodity
prices, especially for cocoa and gold, which together account for some two thirds of merchandiseexports.  Primary production (especially agriculture), and services each account for over 40% of GDP,
while manufacturing represents around 10%.  Government policy is aimed at diversifying the
economy's export base away from the traditional commodities of cocoa, logs, gold, and electricity.
2. Cocoa production, a mainstay of the economy, continues to be liberalized as part of the
Government's efforts to invigorate the industry, which had collapsed under previous taxation policiesand extensive marketing controls.  Although cocoa continues to be marketed by the Cocoa Marketing
Company, a subsidiary of COCOBOD, these arrangements are being increasingly deregulated.  A
medium-term cocoa strategy was adopted in April 1999 aimed at increasing growers' returns by
reducing taxation levels and further enhancing COCOBOD's efficiency, as well as limiting its
marketing powers, especially the export monopol y.  Under these liberalized policies, cocoa
production expanded during the 1990s to former levels, of around 400,000 tonnes annually, and is
forecast to rise to 700,000 tonnes by 2009.
3. Other primary resources subject to sectoral policies are forestry and fishing.  Exports of logs
have been suspended, to promote downstream timber processing and environmental conservation of
forests.  Logging rates are estimated to exceed sustainable levels.  Revised legislation is intended to
strengthen forestry policies so as to promote sustainable management, including by raising stumpage
fees.  In the area of fishing, licensed offshore tuna-fishing vessels must be at least 25% Ghanaianowned and 75% Ghanaian crewed.  Foreign tuna operators are also required to trans-ship all fish
through Ghanaian ports, and must sell 10% of their catch to domestic processors.  This has benefited
domestic tuna canning.
4. The mining industry, especially gold and oil exploration, relies substantially on foreign joint
ventures.  There are no foreign ownership limits, but the Government is entitled to a "free" 10%equity interest and may purchase an additional 20% ownership "at fair market prices".  The Precious
Minerals Marketing Corporation has a marketing m onopoly over most small-scale mining of gold and
diamonds.  The petroleum sector is dominated by state-owned enterprises, including the Tema Oil
Refinery and the Ghana National Petroleum Corporation.  The sector was partially deregulated in
1996 when the Corporation's oil import monopoly was terminated, and open bidding and import
parity pricing introduced.
5. Services continue to be an important component of the Ghanaian economy.  Electricity
generation has suffered in recent years due to severe water shortages in Lake Volta and inadequate
infrastructure.  Although a traditional exporter, Ghana has imported electricity since 1996.  The
aluminium smelter is an intensive user of electricity, consuming about one third of Ghana's totalpower supply.  Policies are being implemented to separate electricity generation, transmission, and
distribution, aimed at improving efficiency by ope ning the market to greater competition.  A new
regulatory system, run by the Energy Commission, has been established.  Also, an independent
Public Utilities Regulatory Commission has been created to set utility prices.  The monopoly on basic
telecommunication services held by Ghana Telecom was terminated in 1997 and replaced with a
statutory duopoly until 2002.  The National Communi cation Authority was also established as theGhana WT/TPR/S/81
Page 57
regulatory body to ensure fair competition, including interconnection access to Ghana Telecom's basic
network.
6. Financial sector restructuring is taking place partly through privatization of state-owned banks
and through revised legislation to tighten the Central Bank's prudential supervision norms along Bank
for International Settlements (BIS) lines.  Three banks had their licences withdrawn in 2000 for not
meeting the minimum capital adequacy ratios.  Foreign bank subsidiaries are allowed, and the freezeon issuing new bank licences was lifted in 1999.
(2) A
GRICULTURAL AND OTHER PRIMARY PRODUCTS
(i) Features
7. Primary production accounted for 46% of GDP in 1998, compared with 48% in 1993
(Chart IV.1).  Agriculture is the most important subsector (40% of GDP in 1998), followed by mining
and quarrying (5.8%).  These figures, however, understate the importance of agriculture to the
economy.  Significant subsistence food production supplements commercial agriculture, with some
two thirds of the population living in rural areas.  Some 70% of the workforce are engaged in
agriculture.
Chart IV.1
Sectoral composition of GDP, 1993 and 1998
Agriculture
41.4Services
41.91998
Agriculture
40.3Services
43.8Agriculture and 
livestock
28.7
Cocoa 3.1
Forestry
 and logging
  3.1
Fishing 6.4
Mining and 
quarrying 
6.2Manufacturing
10.5Electricity, gas 
and water 2.9Construction
8.3Transport  and 
communications
 4.8Sale, finance and 
business services 
11.1Public 
administration 
11.9Other
3.0
Source :1993
Agriculture and 
livestock
25.2
Cocoa 5.5
Forestry and 
logging  4.0
Fishing 5.6
Mining and 
quarrying 
5.8Manufacturing
10.1Electricity, gas 
and water 2.9Construction
9.5Transport  and 
communications
4.6Sale, finance 
and business 
services 
12.1Public 
administration
11.1Other
3.7
Total excluding net indirect taxes:
cedi 3,457  billionTotal excluding net indirect taxes:
cedi 15,482 billion
IMF (1999a), Ghana Statistical Appendix [Online]. available at: 
http://www.imf.org/external/country/GHA/index.htm.
8. Ghana exports predominantly primary commodities. Gold and cocoa, by far the largest export
earners, represent some two-thirds of exports (Chart IV.2).1  Traditional exports accounted for 81% of
                                                          
1 Gold has generally overtaken cocoa as Ghana's major export.WT/TPR/S/81 Trade Policy Review
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total exports in 1998, down from 97% in 1986.  Other traditional commodities exported include
lumber (8% of total exports in 1998), unprocessed minerals, and electricity.
Chart IV.2
Composition of exports, 1993 and 1998
1998
Cocoa beans
24
Cocoa 
Products
3
Timber and 
timber products
14 Gold
41Bauxite, 
manganese and 
residual oil  3Other (including 
manufacturing)
8
Source :1993
Total exports: US$1,064 million Total exports: US$2,091 millionDiamonds  2Electricity  6
Cocoa beans
26
Cocoa Products
4
Timber and 
timber products
8
Gold
33Bauxite, 
manganese and 
residual oil  3Other (including 
manufacturing)
25
Diamonds  1Per cent
IMF (1999a), Ghana Statistical Appendix [Online]. Available at:
 http://www.imf.or g/external/countr y/GHA/index.htm.
9. Growth of non-traditional exports, mainly since 1990, has been in line with government
policy to expand and diversify Ghana's export base.2  Processed and semi-processed products, such as
canned foods (mainly tuna), wood, and aluminium products, represented over three quarters of
non-traditional exports, compared with one quarter in 1986 (Chart IV.3).  Over the same period,exports of handicrafts grew from very low levels to represent 2% of non-traditional exports, while the
share of agricultural products fell substantially.  The main non-traditional agricultural exports in 1998
were yams, fish (salted, dried, smoked, and frozen), crustaceans, bananas, and various vegetables.
However, apart from cocoa, Ghana exports few agricultural products in significant quantities.
10. Apart from cocoa (14% of agricultural GDP), the main agricultural crops are cereals, such as
maize, rice, millet, and sorghum, as well as starchy staples, such as cassava, yam, cocoyam, and
plantain (61%) (Table IV.1)
3.  Livestock accounts for around 7% of agricultural GDP, fisheries for
5%;  and forestry 11%.
11. About 80% of agricultural production is from smallholder family-operated farms, mainly
below one hectare.  Larger holdings produce mainly crops, such as oil palm, rubber, and pineapples.Only about one third of land suitable for agriculture is currently cultivated.
                                                          
2 Non-traditional exports are all products other than traditional commodities (Export and Import Act,
1995).
3 This group also includes industrial crops like tobacco, cotton, oil palm, rubber, copra, and sugar cane;
and horticulture crops like pineapples, mangoes, chillies, peppers, ginger, bananas, beans, and tomatoes.Ghana WT/TPR/S/81
Page 59
Chart IV.3
Composition of non-traditional exports, 1986 and 1998
Agriculture
75.1Processed 
24.91998
Fish
61.9Horticulture
2.1
Other 
agriculture
11.4Wood
6.4Canned food
8.5Other processed 
and semi-processed
9.7
Source : 1986
Total non-tradional exports:
US$23.8 million Total non-traditional exports:
US$401.7 million Agriculture
19.7
Processed 
80.3Fish
5.3Horticulture
5.0
Other 
agriculture
9.4
Wood
21.4
Canned food
20.3Other processed 
and semi-processed
35.5
Aluminium 
products
3.1
IMF (1999a), Ghana Statistical Appendix [Online]. Available at:
 http://www.imf.or g/external/countr y/GHA/index.htm.
Table IV.1
Production of principal food crops, 1994-98
(Thousand tonnes)
Crop 1994 1995 1996 1997 1998
Cassava 6,025 6,611 7,111 7,000 7,171
Plantain 1,475 1,636 1,823 1,818 1,913
Cocoyam 1,148 1,383 1,552 1,147 1,577
Yams 1,700 2,126 2,275 2,748 2,703
Maize 939 1,034 1,008 996 1,015
Guinea corn 394 360 353 333 355
Millet 168 209 193 144 162
Rice 162 221 216 197 281
Source: Ghana Statistical Service, Quarterly Digest of Statistics , various issues.
(ii) Policy developments
12. The agriculture sector has generally performed below potential.  Agricultural development,
including food self-sufficiency, is an important component of the Government's Vision 2020
(Chapter II(3)).  To meet these objectives, the Government adopted an "Accelerated Agricultural
Growth and Development Strategy in Support of Vision 2020" for 1997 to 2007.4  The strategy is to
achieve annual real growth of 6% in the sector – substantially above the annual average of 4%
recorded between 1995 and 1999 – based substantially on exports.  This would raise agricultural
                                                          
4 An Agricultural Services Investment Programme, the main instrument for implementing the strategy,
was also launched simultaneously (Ministry of Food and Agriculture, 1999).WT/TPR/S/81 Trade Policy Review
Page 60
production from currently the equivalent of US$2.9 billion to US$5.5 billion in 2007.  The strategy
covers all of agriculture, including crops, livestock, fisheries, forestry, and cocoa.  Such growth is to
be achieved by adopting open market principles to encourage private sector investment, and greater
devolution of responsibilities from central government to district assemblies.
13. The main element of the strategy is to promote export of selected products, through improved
access to overseas markets, in accordance with Ghana's comparative advantage.  Products expected toperform well include cocoa, maize, yam, cassava, soybean, Asian vegetables, cashews, pineapples,
and tilapia.  Targeted tax incentives and trade reforms, such as facilitating regional trade
arrangements, are expected to help boost the private sector.  The aim is to increase Ghana's
agricultural exports by an average of 15% annually, compared with annual growth of almost 9%
between 1991 and 1996.  Other elements of the strategy to be administered by the Ministry of Foodand Agriculture are
5:
- development and improved access to technology for sustainable natural resource
management;
- improved access to agricultural financial services;
- improved rural infrastructure;  and
- enhanced human resource and institutional capacity.
14. Much of Ghana's agricultural land is communally owned.  This has in a way deterred
investment in agricultural land and limited the availability of credit to the sector by creating collateral
difficulties for farmers.  Land tenure problems have also affected development in urban areas, such as
construction of free-zone enclaves.  A new land policy is being formulated and the Land Title
Registry is continuing to be decentralized to provide greater security of land tenure based on
registered titles.
15. The main trade policy instrument at the border for the agricultural sector is the tariff.  The
average applied MFN tariff rate for agricultural products (HS chapters 01 to 24) is 20.2%
(Chart IV.4).  The average rate for agriculture, hunting, forestry and fishing (Major Division 1 of ISIC
Rev.2 classification) is 17.3% (Table AIV.1).  Ghana does not maintain any export subsidy
programmes for the agricultural sector.6
(iii) Policy by product category
16. Ghana's agricultural production covers a range of geographical areas and is influenced
substantially by factors such as occasional floods and droughts, pests and diseases, and fluctuations in
world prices.  Agricultural pricing and marketing arrangements, on all products except for cocoa,
were removed in 1990.
                                                          
5 The Ministry is responsible for all agriculture an d fisheries development, except for cocoa, which is
the responsibility of the Ministry of Finance.
6 Notification by Ghana in WTO document G/AG/N/GHA/1, 25 September 2000.Ghana WT/TPR/S/81
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051015202530354045
01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24Per cent
WTO Secretariat calculations, based on data provided b y the Ghanaian authorities.Tariff average on 
agricultural products
20.2%
HS
01
0203
04 
0506070809
10
1112131415
16
17181920
21
222324Description
Live animals
Meat and edible meat offalsFish and crustaceans, molluscs and other aquatic invertebrates
Dairy produce, birds eggs, natural honey, edible products of animal origin  
Products of animal origin, n.e.s.Live trees and other plants;  bulbs, roots and the like;  cut flowersEdible vegetables and certain roots and tubersEdible fruit and nuts;  peel of citrus fruits or melonsCoffee, tea, mate and spices
Cereals
Products of the milling industry;  malt;  starches;  wheat glutenOil seeds and oleaginous fruits;  miscellaneous grains, seeds and fruitLacs;  gums, resins and other vegetable saps and extractsVegetable plaiting materials;  vegetable products n.e.s.Animal or vegetable fats and oils and other cleavage products;  prepared edible fats; etc.
Preparations of meat, or fish or of crustaceans, molluscs or other aquatic invertebrates
Sugars and sugar confectioneryCocoa and cocoa preparationsPreparations of cereals, flour, starch or milk;  pastrycooks' productsPreparations of vegetables, fruit, nuts or other parts of plants
Miscellaneous edible preparations
Beverages, spirits and vinegarResidues and waste from the food industries;  prepared animal fodderTobacco and manufactured tobacco substitutes
Source : Chart IV.4                                           
Tariff averages by HS agr icultural product, 2000WT/TPR/S/81 Trade Policy Review
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(a) Cocoa
17. Cocoa remains a mainstay of the Ghanaian economy (Table IV.2).  About 80% of production
is exported, mainly as cocoa beans, and it is one of the country's leading exports (along with gold).
Cocoa production amounts to some 14% of agricultural GDP, and is a major source of government
revenue.  It is grown in the forested areas of the country.7  Most cocoa is produced on small plots (less
than three hectares).  However, about one fourth of  all farmers receive over half of the total cocoa
income.  Ghana, once accounting for more than one third of world production, is no longer the largest
cocoa producer.  Ghana's cocoa production experienced a long decline from the early 1960s, falling
by half, to around 200,000 tonnes annually, and has only recently returned to earlier levels.  Although
cyclical downturns in world cocoa prices, droughts, and disease contributed to this contraction,
domestic cocoa marketing and high taxation policies undoubtedly played a major part (Box IV.1).Cocoa has again faced sharp falls in world prices of some 25% in recent years.  It has been identified
in the Government's agricultural strategy as a product in which Ghana has a comparative advantage.
Table IV.2
Cocoa production and consumption, 1994-99(Thousand tonnes)
1994-95 1995-96 1996-97 1997-98 1998-99
Production 290 403 320 390 397
Consumption:
- Domestica30 58 60 60 34
- Export 260 345 260 330 363
a Includes sales to processing industries;  most of the processed products are then exported.
Source: COCOBOD.
Box IV.1:  Improving price incentives for cocoa
While exogenous factors, such as cyclical swings in international cocoa prices, and droughts adversely
affected Ghana's cocoa production during the industry's drastic decline from the 1960s to the 1990s,domestic factors were the main cause.  Comparatively high export taxes and a substantially over-valuedexchange rate in Ghana created important disincen tives to produce cocoa.  These discouraged cocoa
production and encouraged smuggling of cocoa to neig hboring countries.  At the same time, marketing
inefficiencies and cost padding by the Cocoa Marketin g Board, which at one stage absorbed 40% of total
export revenues, also reduced growers' returns.
These policies heavily taxed the Ghanaian cocoa industry.  During the 1970s and 1980s farmers received
only 40-50% of the export price, compared with average producer prices of 60-90% of the internationalprice in other countries, such as Brazil, Malaysia and neighbouring Côte d'Ivoire.  The supply of cocoacontracted in Ghana as growers moved into producing other food crops.  However, it is estimated that atleast half of the "officially" recorded decline in Gh ana's cocoa production never happened, but rather was
smuggled to avoid the Ghanaian tax and to obtain the higher returns available in other countries.  Raising
the growers' price and lowering the tax is therefor e likely to raise tax revenue by stimulating cocoa
production and reducing smuggling to other countries.
Source: Bulir, A. (1998).  The Price Incentive to Smuggle and the Cocoa Supply in Ghana, 1950-96 , IMF 
Working Paper 99/98 .
                                                          
7 Mainly in the regions of Ashanti, Brong-Ahafo, Central, Eastern, Western, and the Volta.Ghana WT/TPR/S/81
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18. By setting growers' prices and requiring all cocoa to be marketed through the statutory Ghana
Cocoa Marketing Board (COCOBOD), the Governme nt controls the cocoa industry, and taxes
growers' returns.  In the 1996-97 crop season, for example, cocoa farmers received only about 52% of
the world price.8  The rest accrued to the Government as tax revenue (29%) and to COCOBOD to
meet its expenses.  Although domestic cocoa sales were partially liberalized in 1993, allowing private
licensed buyers to purchase cocoa beans from growers, they have been able to sell their beans only toCOCOBOD, not directly to processors.
9  Thus, COCOBOD has remained effectively the sole exporter
and seller of beans to domestic processors.  Only about 40% of the total cocoa market is procured
privately from growers.  The Government therefore recently took further steps to liberalize and
privatize cocoa marketing and to reduce growers taxation levels.  A medium-term cocoa strategy was
adopted in April 1999.  This aims to increase growers' returns;  to promote greater competition indomestic marketing;  and to limit COCOBOD's export monopoly.
10  Growers are to receive a
minimum of 60% of the f.o.b. cocoa price from  the 1999-2000 season;  62% for 2000-2001;  and 64%
in 2001-2002.11  Other key elements of the strategy to raise annual cocoa production to 500,000
tonnes by the 2004-05 season and to 700,000 tonnes by 2009 are to:
- further reduce the cocoa tax below the rate of 26% of the f.o.b. price;
- allow qualified licensed buying companies and the Produce Buying Company (PBC),
the domestic arm of COCOBOD, to export at  least 30% of their domestic purchases
as from the 2000-2001 crop season12;
- privatize the PBC, which still purchases cocoa as a buyer of last resort in marginal
and distressed cocoa growing regions13;  and
- provide licensed buying companies equa l access to COCOBOD's warehouses and
crop financing.
19. Government guidelines, released in July 2000, allow partial liberalization of exports by
introducing quotas to allow licensed buying firms to export a maximum of 30% of their cocoa
purchases.14  COCOBOD will determine the size of the quotas based on crop forecasts and the firm's
average share of the internal market over the previous two seasons.  Under the proposed
                                                          
8 This was increased to 54% of the f.o.b. price for the 1997-98 crop season.
9COCOBOD agreed under these arrangements to pay licensed buyers a minimum producer price and an
additional fee to cover their operating and transportation cost s plus profit.  It also transferred the transportation
of cocoa purchased from growers to the private sector, an d abolished the provision of subsidized inputs, such as
fertilizers and pesticides.
10 The exporting arm of COCOBOD is the Cocoa Marketing Company.
11 These targets have been exceeded.  Fixing the growers' price of cocoa for the 1999-2000 crop at the
same level as for the 1998-99 season, when world cocoa prices have fallen sharply, has raised the share receivedby growers to 74%.
12 There are currently 18 licensed buyers and there is no limit on the number.  However, a new
licensing requirement recently introduced a minimum purchase amount of 2,000 tonnes.  The requirement for acompany to operate in three cocoa growing regions was reduced to two.
13 The privatization of the PBC is a key component of the Government's medium-term cocoa strategy,
but was first decided in 1996.  An arrangement in 1998 to sell the PBC to a major foreign investor was blocked.The current divestiture plan is to maintain Ghanaian ownership by floating 50% of PBC shares on the Accra
stock exchange.  The rest is to be provided to farmer groups (20%), PBC employees (5%), and the Government
(25%).
14 Cocoa export licences would be given to licensed buying companies that had purchased minimum
quantities of 10,000 tonnes in each of the previous two years, provided they met certain financial criteria;  havesufficient storage facilities;  and regularly register their sale contracts with COCOBOD and the Central Bank.WT/TPR/S/81 Trade Policy Review
Page 64
arrangements, licensed buyers would also be able to sell cocoa beans directly to local processors.
Firms will have to pay the cocoa tax within four  weeks of exporting or of selling to domestic
processors.  The tax rate is projected by the Government to decline from a maximum rate of 17.8%
for 2000-01 to 17.1% in 2001-02 (compared with 18.5% for 1999-2000).15  Minimum farm-gate
prices will be fixed by the Producer Price Review  Committee with the aim of increasing the minimum
share of the export price paid to growers to 70% by 2004-0516;  70% of the export quota would be
supplied at the outset of the crop season in October, and the remainder in January.  Qualified licensed
buying companies would be permitted to form joint export companies.
(b) Cereals
20. The main cereal grown in Ghana is maize, wh ich is used primarily for human consumption.
Small amounts of rice, millet, and sorghum are also grown.  Cereal production, amounting to1.8 million tonnes in 1998, is consumed domestically.  Grains have been identified for promotion
under the Government's agricultural strategy.  Ghana produces no wheat;  it imports its requirements,
mainly from the United States, to make flour or for use in livestock and poultry feed.  Between 1995
and 1999, Ghana produced an average of 230,000 tonnes of paddy rice annually.  About two thirds of
imported rice is from the United States.
(c) Coffee, cotton, and nuts
21. Ghana grows Robusta coffee, which continues to be an important export, amounting to
US$8.3 million in 1998 (up from US$3.6 million in 1997).  Ghana also exports sheanuts;  in 1998,
these amounted to US$7.9 million, compared with US$6.7 million in 1997.
22. Both cotton and cashew nuts are listed in the Government's agricultural strategy as crops in
which Ghana has a comparative advantage.  Cotton production declined substantially during the
1980s, and Ghana currently produces about three quarters of its lint cotton requirements.  In 1998,cotton exports amounted to US$8.5 million.  The Ghana Cotton Development Board was reorganized
into the Ghana Cotton Company under the Agricultural Reform Programme, which commenced in
1986.  Because of its low grade, Ghanaian cotton is blended with imported higher quality cotton to
spin yarns, which are used in the local textiles industry.  It is planned to raise Ghana's annual cotton
production to 100,000 tonnes.
(d) Sugar cane, tobacco, oil palm, and rubber
23. Sugar cane production has contracted to under 100,000 tonnes annually following the closure
of the country's two sugar mills.  Ghana also produces mainly flue-cured tobacco leaf for export and
domestic processing.  Current production is around 3,000 tonnes annually.  The Leaf Development
Company was privatized in the early 1990s.
24. Oil palm is processed in Ghana both for domestic and export markets.  Production is mainly
by smallholders.  The Government has privatized state-owned plantations and mills, including
divestiture of the Ghana Oil Palm Development Corporation in 1994.  The rubber industry is being
revitalized, mainly for export, based on the development of new plantations.
                                                          
15 Changes to the export tax rate would be made by an Export Sales Committee, based on the projected
export price, on-farm cocoa prices, and the costs of production and marketing.
16 Farm-gate cocoa prices to growers will be based on forecast export returns, using expected average
exchange rates for the season;  prices in Côte d'Ivoire and Togo;  and farmers' production costs.Ghana WT/TPR/S/81
Page 65
(e) Cassava
25. Production of this crop has been identified for promotion in the Government's agricultural
strategy.  Cassava production, amounting to 7.2 million tonnes in 1998, is the main starchy staple
food crop produced in Ghana.  Cassava is exported mainly as chips;  exports amounted to US$2
million in 1998.  Ghana's estimated potential for cassava production is 20 million tonnes annually,
and the Government is focusing on exporting more processed cassava products, such as starch forindustrial uses.
(f) Fisheries
26. Fish production amounted to approximately 450,000 tonnes in 1998, valued at
Cedi 1.3 billion.  Fish is an important source of protein in Ghana, which is well endowed with these
resources.  Most of the catch is from offshore, and includes mainly tuna and shrimp.  Inland fishing ismainly in Lake Volta, where over-fishing of some key species, such as Tilapia, is reported to be
occurring.
27. The Fisheries Law is the main legal instrument for fisheries policy.  All commercial fishing
boats must be licensed by the Fisheries Monitoring, Control, Surveillance and Enforcement Unit of
the Ministry of Food and Agriculture.  Fishing licences are granted only to fully Ghanaian-owned
boats, with the exception of tuna vessels for which minimum domestic ownership of 25% is
required.
17  Licensed foreign tuna vessels must land their catch in Ghana for trans-shipment or export.
They must also sell 10% of their catch to domestic processors.  Illegal fishing in Ghana's marine
waters is thought to be a major problem.  A ban on imported fish was implemented in 1997 and
removed the same year.
28. A revised Fisheries Law is expected to be enacted soon.  This will create an appropriate
legislative framework for a more rigorous control of over-exploitation of fishery resources, andreconstitution of the Monitoring, Control and Surveillance Unit (MCS) to include the navy and police.
An MCS fund is to be established with contributions from the various levies and licence fees
presently collected by the Government from fishing operators.
(g) Forestry
29. About one third of Ghana's land area is covered by forests.  However, not all of these are
commercially viable.  Forestry policy, and monitoring of sector programmes is the responsibility of
the Ministry of Lands and Forestry, while the Forestry Commission, as a corporate entity, regulates
the utilization of forest and wildlife resources.  The Timber Export Development Board promotes
improved industrial products, while the Forest Products Inspection Bureau monitors all contracts and
maintains grading rules and quality standards for ti mber, including the vetting of contracts for the
exportation of logs and timber products.  It also conducts preshipment examination of logs and timber
products for export to ensure correct grading and valuation.  An export ban on 18 log species was
implemented in the late 1980s.  In 1995, all log exports were suspended to enable Ghana time to
implement sustainable forestry management practices.
30. Export controls were motivated by the Government's objectives of overcoming severe
de-forestation of its tropical hardwoods, and encouraging domestic processing of logs.  These
arrangements benefit the wood processing industry through lower log prices, but also raise their own
efficiency and environmental concerns (Box IV.2).  The Ministry of Lands and Forestry has
                                                          
17 Unless a foreign vessel is trans-shipping tuna in coastal waters for a minimum of three months, at
least 75% of the crew of licensed boats must be Ghanaian.WT/TPR/S/81 Trade Policy Review
Page 66
commissioned a study to determine the impact of the log export bans and the subsequent log export
suspension, with the view to examining the possible policy options, including maintaining the status
quo and the replacement of the ban with an export tax.
Box IV.2:  Promotion of downstream processing
Many developing countries, such as Ghana, tax or ban exports of natural-resource-based commodities, such
as logs, to promote greater domestic value added by encouraging downstream processing.  The expectation
is that these restrictions will boost economic activity by generating employment and raising export receipts,
and help conserve forests.  However, the efficacy of  using export restrictions to achieve these economic as
well as other environmental objectives is questionable.
Taxing or restricting exports of the primary resource assists downstream processing by diverting export
sales on to the home market.  The domestic price is thus reduced by the export restriction, providing an
implicit subsidy to processors and penalizing raw material suppliers.  Domestic prices would be expectedto fall by the full amount of the export tax, or where the taxes are prohibitive or export of the logs banned,by a potentially larger amount.  Because export restrictions lower input prices, they can provide substantialeffective rates of assistance to value added by downstream processors.  This is the case in Ghana whereprocessed wood products also receive relatively high ta riff assistance, of up to 40% (including the special
import tax).  If the implicit input subsidy and tariffs become large enough, the downstream processed
activity may actually subtract, rather than add value.  In that case, these policies would be inconsistent withthe economy maximizing the contribution to national income from its forestry resources.
Such policies may also undermine the environmental sustainability of forests.  By reducing the price of
logs, it lessens the value of forests, thereby providin g a disincentive to conserve and replenish forests.
Processing industries also have a reduced incentive to invest in modern equipment and other technology to
improve their technical efficiency, since their costs from log wastage are lowered.  Alternative measures oftaxing economic rents from forests that could be cons idered as economically more efficient include the
government setting logging quotas and auctioning such entitlements, and imposing stumpage fees on alllogs felled, whether or not exported.
Source :  WTO Secretariat.
31. Ghana's estimated annual sustainable allowable cut in 1995 was one million cubic metres.
However, felling rates have risen substantially above this level, especially if allowing for significantillegal cutting.  Official annual harvest figures have increased on average from 516,000 cubic metres
in 1980-84, to 931,000 cubic metres in 1985-89, and to some 1.2 million cubic metres during 1996-98
(Table IV.3).
32. The Timber Resource Management Act was passed in 1998 to provide better sustainable
management of forests.  The Act is to eliminate inadequacies of the previous concession-allocationprocedure by replacing it with timber utilization contracts.  Contractors are required to meet social
responsibility requirements, to implement commensu rate reforestation plans following logging, and to
promote the active involvement of local inhabitants in forest management.  The Act also seeks to
increase forest revenues to reflect the stumpage va lue of logs by imposing rates ranging from 5% to
20% of the f.o.b. log price, depending on demand and inventory levels of species.Ghana WT/TPR/S/81
Page 67
Table IV.3
Production and exports of logs and selected timber products, 1994-98
(Thousands cubic metres)
Product 1994 1995 1996 1997 1998
Logs 1,681 1,194 1,166 1,170 1,270
- Exports 572 80 2 0 0
- Sawmill intake 1,026 959 947 969 976
- Veneer/plywood intake 78 97 190 193 222
- Unrecorded uses & stock changes 5 58 27 8 9
Sawn timber 530 580 618 740 734
- Exports 259 286 239 279 282
- Local sales 249 270 349 424 423
- Unrecorded use & stock changes 22 24 30 37 29
Veneer 40 51 61 73 81
-  E x p o r t s 3 54 55 46 5 7 2
-  L o c a l  s a l e s 3445 5
-  O w n  u s e 2233 3
P l y w o o d 2 63 74 8 4 8
-  E x p o r t s 1 42 02 6 2 7
-  L o c a l  s a l e s 1 11 41 8 1 8
-  C h a n g e  i n  s t o c k s 0134 3
Source: Information supplied by the Ghana Statistical Service, and Ministry of Lands and Forestry.
(3) MINING AND ENERGY
(i) Mining
(a) Gold
33. Mining accounted for 6% of GDP in 1998.  Gold is Ghana's main mineral, and contributed
around one third of export receipts in 1998.  Production amounted to 72,900 tonnes in 1998, making
Ghana the second largest gold producer in Africa and the tenth largest in the world (Table IV.4).
Other important minerals mined in Ghana are diamonds, bauxite, and manganese.  Minerals are
predominantly exported.
Table IV.4
Mineral production, 1994-98
Mineral 1994 1995 1996 1997 1998
Gold (tonnes) 43,300 51,300 48,300 53,500 72,900
Diamonds ('000 carats) 426.1 622.7 714.3 585.5 869.4
Manganese (tonnes) 269,700 100,000 266,800 333,400 421,000
Bauxite (tonnes) 426,100 513,000 383,400 500,700 408,600
Source : Ghana Statistical Service;  and IMF estimates.
34. Mining development is the responsibility of the Ministry of Mines and Energy and the
Minerals Commission, which administers the Mining and Minerals Law of 1986 and the Minerals and
Mining Amendment Act of 1994.  This legislation provided fiscal incentives for miners;  for more
effective regulation of the sector, with the establishment of new state institutions18;  and the
rehabilitation of state-owned mines.  All mineral de velopment is open to foreign investors, except for
                                                          
18 The Mines Department is responsible for health and safety inspections and maintenance of mining
records;  the Geological Survey Department for geologi cal studies and maintaining ge ological records;  and the
Environmental Protection Agency for environmental issues covering mining.WT/TPR/S/81 Trade Policy Review
Page 68
small-scale gold and diamond mining (claims of less than ten hectares), which are reserved for
Ghanaians.  Small-scale production, equivalent to around four tonnes of gold annually, must be
marketed and exported by the state-owned Precious Minerals Marketing Corporation and the privately
owned Miramex Company Ltd.
35. Exclusive renewable mining rights are available.  Reconnaissance licences are granted for up
to one year for regional exploration, but no drilling;  prospecting licences for searching and valuationof minerals for two years;  and mining leases for mineral extraction for 30 years.
19  Other matters,
such as royalty payments, work programmes, and export earnings retention allowances are negotiable
within pre-set limits on a case-by-case basis.  Royalty rates vary from 3% to 12% of the gross value of
mineral output, depending upon profit margin and the type of mineral20, and export retention
allowances from 60% to 80%.  Mining companies are subject to the standard company tax rate of35%, but receive more generous capital and other tax allowances.
21  An "additional profits tax" of
25% of annual carry-forward cash balances also applies to earnings above a threshold level, currently
set at a rate of 17.5%.22  Annual rental fees of US$1.20 per square kilometre for exploration, and
US$2.90 per square kilometre for mining are also levied.  There are no foreign equity limits on joint
ventures.  However, the Ghanaian Government is entitled to a free carried equity interest of 10% inmineral ventures.  It also has the option of purchasing an additional 20% equity at a "fair market
price", but this has never been exercised.  Withholding taxes of 10% on dividends and 50% on foreign
loan interest apply on foreign provided services, but these may be exempted by agreement.
36. During the 1990s, a number of foreign joint-venture operators commenced gold mining in
Ghana. Ashanti Goldfields Company, which operates several mines (Obuasi, Ayanfuri, Bibiani, and
Iduaperim), accounts for just over half of Ghana's gold production;  this share has fallen from 80% in
the late 1980s.  In 1994, the Government sold 35% of its 55% equity in Ashanti Goldfields;  itretained a 20% equity plus a (golden) share that provides the Government with the power to influence
the company's decisions.  In 1999, Ashanti Goldfields bought the Teberebie gold mine, which at the
time was the second largest in Ghana.
(b) Other mining products
37. About 80% of Ghana's diamonds are industrial.  Production increased from 585,000 carats
in 1997 to 870,000 carats in 1998;  exports in 1998 were US$11 million.  The only large-scale
producer is the state-owned Ghana Consolidated Diam onds.  This company is listed for privatization
and accounted for one third of production in 1998.  A substantial share of diamonds (about one third)
are produced by small-scale mines and marketed by the Precious Minerals Marketing Corporation and
Miramex Company Ltd.
                                                          
19 Mining leases are limited in size to a maximum of 150 km2 for each company.
20 Rates are set for each mining lease according to the type of mineral mined.  For most mines, the
royalty rate is set at 3%.  The Government may authorize deferment of royalty payments.
21 Although no tax holidays are granted, firms can depreciate mining expenditure (including costs of
feasibility studies, pre-production exploration, and mine development, including equipment) at 75% in the firstyear of production and subsequently by 50% using the declining balance method.  An investment allowance of5% is also available in the initial year.  Losses may be  carried forward indefinitely.  Imported mining equipment
is also exempt from the 12.5% VAT and tariff duties.  According to one international study of mining tax
regimes, Ghana's (undiscounted) effective tax rate on gold was estimated at currently 57%.  Of the 23 countries
covered by the study, Ghana was ranked in the middle.  Ghana's rate was substantially higher than that forSouth Africa, Chile, Argentina, Western Australia, Zimbabwe, and Nevada (in the United States), but belowTanzania, Indonesia, Mexico, Canada, Côte d'Ivoire, Papua New Guinea, and Burkina Faso (Otto et al., 2000).
22 The Secretary for Finance sets the threshold rate of return for each project.Ghana WT/TPR/S/81
Page 69
38. Ghana is also a leading exporter of manganese, with exports amounting to US$12 million in
1998.  Production has rebounded in recent years, rising from a low of 100,000 tonnes in 1995 to
421,000 tonnes in 1998.  However, this is still below record production of 638,000 tonnes in 1974-75.
The sector's revitalization follows the privatization of the Ghana National Manganese Company in
1995 and other private investment in new mines.  Ghana's manganese reserves are estimated at above
60 million tonnes.
39. Bauxite production in Ghana is undertaken by the Ghana Bauxite Company, which is 20%
state-owned following the sale of 35% of govern ment equity to the Canadian aluminium company,
Alcan, in 1998.  Ghana's exports of bauxite amounted to US$7 million in 1998, down from
US$11 million in 1997. Total production was 409,000 tonnes in 1998, down from 501,000 tonnes in
1997.  The decrease in production was caused by the derailment of trains which haul bauxite.  Ghanaexports bauxite mainly to Scotland and Canada for processing.
(ii) Energy
(a) Electricity
40. Hydro-electricity accounts for some 90% of Ghana's power supply.  Most is produced by the
state-owned Volta River Authority (VRA) from pl ants at the Akosombo and Kpong Dams.  Other
main sources of electricity are diesel and thermal plants operated by VRA and by mining companies
generating their own supply.
23  Electricity is regarded as a traditional export.  Between 1996 and
1998, Ghana suffered major power shortages due largely to low water levels in the Volta Lake, but
managed to continue exportin g power to Togo and Benin.24  Power generation fell by over one quarter
in 1998.  The major industrial user of electricity is the aluminium smelter, which generally consumes
over a third of total power generated.
41. Government policy is aimed at separating state-owned entities into companies for the
generation, transmission, and distribution of hydro-electric and thermal power.  A National Company
Grid is envisaged once final separation occurs.  This will separate the national grid from VRA.  The
Electricity Company of Ghana, mainly responsible for the distribution of power, is being restructured
and is on the priority list for divestment.25  The Government has also introduced a new regulatory
framework aimed at attracting private sector participation.  The Public Utilities RegulatoryCommission (PURC) was established in 1997 to independently set utility prices.
26  Regulations are
also to be introduced covering national interconnection arrangements (Energy Commission Act of
1997).
42. The Government's objective is to expand and diversify Ghana's electricity production.  It
recently released a Transitional Power System Development Plan for 1999 to 2001, to increasethermal power supply until the West Africa Gas Pipeline is online to supply natural gas from Nigeria.
This includes the development of gas reserves in the Tano Fields to fuel additional power generation
capacity of 260 MW;  this would be Ghana's first gas-fired power generation plant.
                                                          
23 For example, Ashanti Goldfields has constructed a gas-fired power plant to meet some of its
electricity requirements.
24 Ghana continues to import power from Côte d'Ivoire in times of shortfall.
25 It was incorporated in 1997 with the Government as the sole shareholder.
26 The PURC raised electricity prices in 1998.  Its Guidelines for Fixing Rates for Electricity Services
were published in 2000.WT/TPR/S/81 Trade Policy Review
Page 70
(b) Petroleum
43. Ghana imports almost all of its crude oil requirements for the Tema Oil Refinery (section (v)
below).  Petroleum exploration in Ghana has focused on offshore areas;  several relatively small oil
discoveries were made during the 1990s by foreign firms under production-sharing agreements with
the state-owned Ghana National Petroleum Corporation (GNPC).27  Created in 1983, GNPC was
responsible for oil exploration and production.  Until September 1996, when open bidding for oilprocurement contracts was introduced, it had a monopoly on the importation of crude oil, and was the
sole supplier of petroleum products from the Tema Oil Refinery to oil marketing companies in Ghana.
GNPC accumulated large losses, amounting to Cedi 200 billion, or 4% of GDP, in 1994, and
defaulted on oil-import credits guaranteed by the Central Bank.  Debt repayments to the Bank were
completed in April 1998, following sale of GNPC's non-financial assets.  It is no longer on the list ofstate-owned enterprises to be privatized (other than for non-core assets), and the Corporation
continues to face financial problems.  It no longer has access to Central Bank credit.  GNPC continues
to be involved in efforts to generate electricit y from natural gas reserves from the offshore Tano
fields, and to establish a West African Gas Pipeline transporting natural gas from Nigeria.
(4) M
ANUFACTURING
44. Ghana has a relatively small and underdeveloped manufacturing sector, contributing around a
constant 10% of GDP during the 1990s.  Manufacturing output was adversely affected in 1998 and
1999 by electricity shortages.  This led to some power-intensive firms operating at less than 50% of
their production capacity.  Ghana's main manufacturing activities are petroleum products, foodstuffs,
textiles, non-ferrous basic metal products, beverages, tobacco products, sawmill and wood products,
and chemicals (Chart IV.5).  It is estimated that some three quarters of manufacturing output is
produced by the private sector.28  The fastest growing sectors (in quantity terms) during the 1990s
were chemicals, textiles, and food products.  The industries with the slowest growth during this period
were sawmill and wood products, petroleum products, and beverages.
45. Apart from processed cocoa, wood products, and residual oil, exports of manufactured goods
remain relatively minor (less than 5% of merchandise exports), but are an increasing source of
non-traditional exports.  These include aluminium products;  processed foods, such as canned tuna;steel billets;  palm oil;  tobacco products;  and foam mattresses.  Ghana's manufacturing sector is
concentrated on supplying the domestic market, and is dominated by small-scale enterprises;  notable
exceptions are the oil refinery and the aluminium sme lter.  Joint ventures involving foreign equity are
common.
46. The manufacturing sector had to restructure during the 1990s in the face of increased import
competition.  Ghana has made considerable gains in rationalizing its tariff structure.  Nevertheless,
effective rates of assistance provided by tariffs remain relatively high on some manufactured
products.  A 1999 Tariff Study conducted by the Mini stry of Trade and Industry found relatively high
effective rates of over 66% on several manufactured products.
29  Such high and disparate effective
rates are symptomatic of inefficient resource use.
                                                          
27 The Government acquires a free 10% equity in all ventures and the exact terms of the
production-sharing arrangements, including the rate and kind of taxation, are negotiated for each project
(Petroleum Law of 1984).  Otherwise, companies pay the standard company tax rate of 35%.  Almost all
offshore sites are licensed for exploration.
28 African Development Bank (1996).
29 Rates in the study ranged from 72% for processed food, 69% for plastic packaging products, 66% for
fabrics, 55% for garments, 48% for veneer, and 44% for metal products, to 8% for electrical products.Ghana WT/TPR/S/81
Page 71
Chart IV.5
Composition of manufacturing sector
Based on weights used in the index of manufacturing production.
Ghana Statistical Service (1997 ), Quarterl y Digest of Statistics .Food
15.0
Tobacco
7.8
Textiles, 
wearing apparel 
and leather
13.7 Sawmill and 
wood
7.2Chemicals
6.6Non-ferrous 
basic metals
9.6
Cement and other non-metallic 
minerals  3.0Per cent
Beverages
8.1
Paper and 
printing
1.9Petroleum
19.0Iron and steel  3.3Other
4.9
Note:
Source : 
47. The average MFN applied tariff on manufactured products (HS chapters 25 to 97) is 13.8%
(Chart IV.6).  The average rate for the manufacturing sector (Major Division 3 of ISIC Rev.2
classification) is 14.6% (Table AIV.1).
(i) Food products
48. Food products account for some 15% of manufacturing output.  The main food products are
cocoa products;  dairy products, primarily milk and ice cream;  edible oils;  wheat flour;  and cannedtuna.  Production is based mainly on importation of the key inputs, such as wheat for milling.  Golden
Spoon Flour Mill Ltd produces 2,500 bags of flour per day from imported wheat, as well as by-
products of wheat bran and maize grits.
(a) Cocoa products
49. Some 10-20% of cocoa beans produced are processed domestically into butter, liquor, cake,
and powder for mainly export.  Exports of cocoa products increased from almost US$13 million in
1995 to US$73 million in 1998.  Much of this grow th has followed the divestment of state-owned
enterprises to foreign operators.  For example, the Government divested 60% equity in the West
African Mills Company to German  interests in the early 1990s.  This company is now a major
processor of cocoa butter, producing over 20,000 tonnes in 1998, up from 10,000 tonnes in 1993.Cocoa is also processed into butter, powder, liquor, and confectionery by COCOBOD through its
subsidiary, the Cocoa Processing Company.  Its processing operations have expanded from 18,000
tonnes of cocoa in 1992 to 25,000 tonnes in 1995, and another processing plant of 25,000 tonnes
capacity is planned.WT/TPR/S/81 Trade Policy Review
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051015202530354045
25 27 29 31 33 35 37 39 41 43 45 47 49 51 53 55 57 59 61 63 65 67 69 71 73 75 78 80 82 84 86 88 90 92 94 96Per cent
Tariff rate average on 
manufactured products
13.8%
HS       Description
25         Salt; sulphur; earths and stone, etc.
26         Ores, slag and ash
27         Mineral fuels, mineral oils, etc.28         Inorganic chemicals; organic or              inorganic compounds of precious             metals, etc.29         Organic chemcials
30         Pharmaceutical products
31         Fertilizers    32         Tanning or dyeing extracts etc. 33         Essential oils and resinoids;             perfumery, cosmetic or toilet             preparations34         Soap, organic surface-active 
             agents washing prep., etc.    
35         Albuminoidal substances;             modified starches; glues, etc.36         Explosives; pyrotechnic products;             matches, etc37         Photographic or cinematographic 
             goods
38         Miscellaneous chemical products39         Plastics and articles thereof40         Rubber and articles thereof41         Raw hides and skins and leather42         Articles of leather, etc.
43         Furskins and artifical fur; 
             manufactures thereof44         Wood and articles of wood, etc.45         Cork and articles of cork46         Manuf. of straw, of esparto, etc.   47         Pulp of wood or of other              fibrous cellulosic materialHS       Description
48         Paper and paper board, etc.
49         Printed books, newspapers, etc.
50         Silk51         Wool; fine or coarse animal             hair, etc.52         Cotton53         Other vegetable textile fibres 
54         Man-made filaments   
55         Man-made staple fibres 56         Wadding, felt and non-wovens;             special yarns; twine, cordage, etc.57         Carpets; other textile floor             coverings58         Special woven fabrics; lace, etc.
59         Impregnated, coated, covered or
             laminated textile fabrics, etc.60         Knitted or crocheted fabrics    61         Articles of apparel and clothing             accessories, knitted or crocheted62         Articles of apparel and clothing
             accessories, not knitted, etc.
63        Other made-up textile articles;             sets, worn clothing, etc.64         Footwear, gaiters, etc.65         Headgear and parts thereof66         Umbrellas, walking-sticks, etc. 
67         Prepared feathers and down, etc.
68         Articles of stone, plaster, etc.69         Ceramic products70         Glass and glassware71         Natural or cultured pearls,             precious or semi-precious             stones, precious metals, etc.HS       Description
72         Iron and steel
73         Articles of iron and steel
74         Articles of iron and steel75         Nickel and articles thereof76         Aluminium etc. 77         unassigned chapter78         Lead and articles thereof   
79         Zinc and articles thereof 
80         Tin and articles thereof81         Other base metals, etc.82         Tools, implements, cutler             spoons and forks, etc.83         Misc. articles of base metals84         Nuclear reactors, boilers,
             machinery, etc.
85         Electrical machinery and             equipment, etc.86         Railway or tramway              locomotives, etc.87         Vehicles other than railway
             or tramway rolling-stock; etc.
88         Aircraft, spacecraft, etc.89         Ships, boats, etc.90         Optical, photographic, etc.              apparatus91         Clocks and watches, etc.
92         Musical instruments, etc.
93         Arms and ammunition, etc.94         Furniture, bedding, etc.95         Toy, games, etc.96         Miscellaneous manuf.              articles97         Works of art, antiques, etc.Chart IV.6
Tariff averages by HS manufactured product, 2000
No entries for HS Chapter 77. 
WTO Secretariat calculations, based on data provided b y the Ghanaian authorities.Note:
Source:Ghana WT/TPR/S/81
Page 73
50. Since the cocoa tax applies to both domestic and export sales of unprocessed cocoa, it has not
benefited domestic cocoa processors by lowering the home price of cocoa beans.  However, domestic
processors have benefited from COCOBOD's price discounts on cocoa beans of 11-20% of the f.o.b.
price.  Such discounts were provided to compensate local processors for the higher costs of using
"high quality" Ghanaian cocoa rather than cheaper imported cocoa.30  The Government has recently
announced that these discounts will be abolished, and local processors will be required to pay thef.o.b. price for cocoa beans.  However, in order to maintain their competitiveness, processors will
have access to duty-free imports of low quality cocoa for blending purposes.  Processors should also
benefit from further liberalization of the cocoa ma rket by being able to purchase directly from
licensed cocoa buyers instead of having to purchase beans from COCOBOD.
(b) Other food products
51. Ghana began exporting canned tuna in 1990-91, processed from locally caught fish.  Exports
expanded from US$1 million in 1993 to US$77 million in 1998, almost 20% of total non-traditional
exports.  The new American-owned Pioneer Food Cannery established a fully integrated tuna cannery
in 1994 for exporting to the EU and the United States.  The Company is a free-zone enterprise.
Production has expanded from a daily average of 150 tonnes in 1995 to 167 tonnes in 1998, valued atUS$70 million ex-factory.  Production is projected to reach 200 tonnes per day, about 25% of
installed canning capacity.  The Ghana Agro-Food Company Ltd (GAFCO), which was formed in
1994 following the privatization of the Tema Food Complex Corporation, also produces canned
tuna.
31
52. Ghana's palm oil industry was developed initially as a substitute for imported tallow.  Palm
oil is now exported by many small producers; e xports amounted to US$20 million in 1998.  Palm oil
is also processed domestically into edible oil.  Palm oil plantations have been privatized, along with anumber of key processors.  The Ghana Oil Palm Development Company Ltd was privatized in 1994,
and is now 20% government-owned;  it exports about three-quarters of its annual output of 20,000
tonnes.
(ii) Beverages and tobacco
53. Beverages and tobacco products each account for some 8% of manufacturing output.
Beverage production includes mainly beer and soft drinks.  The beer industry has undergone recent
structural change, including mergers and modernization;  output grew from 63.1 million litres in 1994
to 76 million litres in 1998.  There are currently three major breweries:  Ghana Breweries Company
32,
Accra Brewery Limited, and Guinness Ghana Ltd.  Government efforts to encourage breweries to
gradually substitute imported barley malt with locally produced sorghum malt have had little success.A trial project to develop sorghum malt for use in food and pharmaceuticals is being conducted by the
Food Research Institute.  The soft-drink bottling operations of the Ghana National Trading Company
were divested to the Coca-Cola Bottling Company of Ghana in 1995, which operates two bottling
plants in Accra and Kumasi.  Pepsi Cola and D&C Industries are the other major soft drink producers.
54. There are two major manufacturers of tobacco products in Ghana.  The larger, Pioneer
Tobacco Company, is 55% owned by British American Tobacco and 45% by the general public.
33
                                                          
30 These arrangements benefited domestic cocoa processors but further penalized growers.
31 GAFCO is a joint venture between the Ghanaian Government (25%) and the Swiss firm, IBN-Ag
(75%).
32 This is the largest brewery and was formed by a merger between the Kumasi Brewery Limited and
the Achimota Brewery Company.
33 The Government divested its 40% shareholding in 1993.WT/TPR/S/81 Trade Policy Review
Page 74
The Company sponsors its own tobacco farms and sources some 70% of its leaf requirements
domestically.  Cigarette production amounted to 1.7 billion sticks in 1998.  Exports of tobacco
products were US$1 million in 1998.
(iii) Textiles and clothing
55. This industry accounts for some 14% of manufacturing output.  Ghana produces some
46 million square metres of cotton cloth annually.  Cotton cloth is made from mainly domesticallymade cotton yarns spun by blending lower-quality Ghanaian cotton with higher-quality imported
cotton.
56. While the MFN tariff on clothing is 20% (articles of apparel and clothing carry the highest
tariff rates in manufacturing), the domestic industry incurs extensive competition from imported
second-hand clothing.  Much of this is thought to avoid duty, through either under-valuation or
smuggling, for example through transit shipments.
(iv) Wood products
57. Sawmilling and wood products account for an estimated 7% of manufacturing output.
Although unprocessed logs are a "traditional" export, the emphasis in recent years has been on
promoting domestic processing.  Government policy has promoted value-added products bycontrolling exports of round logs, including their suspension since 1995.  Timber exports in 1998
totalled US$171 million, compared with US$165 million in 1995.
58. Exports of non-traditional wood products, especially building materials, furniture, and
furniture parts have grown substantially in recent years, from US$30 million in 1994 to
US$85 million in 1998, representing over one fifth of non-traditional exports.  However, the
industry's future growth will depend upon more effective management of Ghanaian forests to ensure
sustainability.  Moreover, wood processing industries are unlikely to become internationallycompetitive if they become dependant on assistance from the implicit input subsidy provided by log
export controls.  While such arrangements benefit wood processors, they risk creating inefficient
industries reliant on continued government support.  Ghanaian sawmilling mills appear to be
technically inefficient by world standards due to poor equipment.  Wastage rates are relatively high:
some 45% to 60% of the logs processed into sawn timber are wasted as off-cuts.
(v) Petroleum products
59. Petroleum products account for 19% of manufacturing output.  The industry is based on the
state-owned Tema Oil Refinery, which produces refined products from mainly imported crude oil.
The major products are petrol, kerosene, and diesel.  The refinery has been rehabilitated on several
occasions.  It is currently being modernized at a cost of US$185 million to enable the processing ofresidual oil into petrol and liquefied petroleum gas.  Until now, this by-product from the refining
process has been exported.  These exports amounted to US$19 million in 1998.  A pipeline distributes
refined products from Tema to Akosombo Port for transportation across Lake Volta to the northern
regions.  The Government remains committed to privatizing the refinery.
60. Locally refined petroleum products are no longer exclusively supplied to oil marketing
companies in Ghana by the Ghana National Petroleu m Corporation.  This agreement with Tema Oil
Refinery ended in 1996.  Since then, the state-owned Bulk Oil Storage and Transport Company
(BOST) has been established to deal with bulk di stribution of petroleum products nationwide.  BOST
also operates the strategic oil storage depots throughout the country on behalf of the Government.  A
state-owned Ghana Oil Company is the largest oil marketer in Ghana, supplying oil, fuels, andGhana WT/TPR/S/81
Page 75
lubricants, as well as LPG and bunker oil for ships.  The privatization of Ghana Oil Company was
delayed in 1998.
61. Ghana meets about 90% of its demand for petroleum lubricants from the oil blending plant
operated by the Tema Lube Oil Company.  This is privately owned by Mobil, Shell, and British
Petroleum.
62. In 1998, the Government changed the system of setting ex-refinery prices on a "cost plus"
basis to one based on "import parity".  Petroleum products are subject to ad valorem  excise taxes.  In
addition, two levies are collected at the retail level.  A road fund levy applies to petrol and gas oil.  A
strategic stock levy also applies to all petroleum products.  This levy was raised in 1998 to meet the
additional costs of increasing the stock period from three to six weeks.
(vi) Chemicals
63. Chemical production accounts for some 7% of manufacturing output.  It covers a wide range
of products, such as building materials, toiletries, surfactants, and rubber products.  Soap production,
including mainly laundry soap, increased substantially in 1998 from 85,000 tonnes to 102,000 tonnes.
The major producers are Unilever Ghana Ltd (66% owned by Unilever PLC), which recently acquired
the Twifo Oil Palm Plantation;  and PZ Ghana Ltd, which recently invested in a new soap factory.Both firms also produce a range of other toiletries and health care products.  PZ also produces
pharmaceutical products.
64. Bonsa Tyre Company Ltd (BTCL) resumed operations in 1998. Annual production is
estimated at 63,000 car and truck tyres, well down on its initial installed production capacity of almost
400,000 tyres.  Rubber latex is also used by Latex Foam Rubber Products Limited to produce
polyurethane flexible foam and spring mattresses, which are also exported to neighbouring countries.
A rubber outgrower project, under the Ghana Rubber Estates Ltd (GREL), has been in existence for
five years and is being funded by the Government and international institutions.
65. A limited range of glass bottles is manufactured by Tropical Glass factory.  These are mainly
used in the brewery and soft drink industries.  Production has been adversely affected by the recent
increases in electricity prices, and the Company is having difficulty competing with imports.  It is
currently undergoing rehabilitation.
66. Cement is produced by one company, Ghacem Ltd, which is currently 100% privately owned.
It produces standard portland cement from imported clinker and gypsum.  Integrated cement
production using locally mined limestone may not be commercially viable.  The industry was
adversely affected in 1998 by the electricity shortages, but the industry's capacity utilization has
exceeded 85% on average.  Annual cement capacity was increased recently from 1.4 to 2.4 milliontonnes.
67. Efforts to establish caustic soda production in Ghana have been unsuccessful, partly due to
lack of funding and concerns over adequate electricity supplies.  The Government is considering pulp
and paper production using gmelina arborea  plantations, involving the construction of a 60,000
tonnes capacity pulp and paper mill, and the eventual divestment of its shares in Subri IndustrialPlantations Limited.
(vii) Non-ferrous basic metal products
68. This activity represents about 10% of manufacturing output, and includes mainly the
production of alumina at the smelter run by VALCO.  The smelter processes imported alumina intoWT/TPR/S/81 Trade Policy Review
Page 76
aluminium;  it does not have the capacity to process locally mined bauxite.  Most output is used
domestically.  The industry is an intensive user of electricity and relies on hydropower generated from
the Akosombo Dam;  its operations were badly affected by the recent power shortages.  Fabricators of
aluminium products, such as Aluworks Limited a nd Pioneer Aluminium Factory Limited, were also
adversely affected by the power crisis.
(5) SERVICES
69. The share of services in GDP remained relatively constant during the 1990s.  In 1998, the
figure was around 44% (including electricity, water, gas, and construction).  Public administration,
defence, and other services account for the largest part, at 11% of GDP in 1998, followed by
construction (10%), wholesale and retail trade (7%), finance, real estate, and business services (5%)
and transport, storage, and communication (5%).
70. Ghana consistently records a substantial deficit on services trade.  In 1998, this was
US$260 million, equivalent to almost one third of that year's total trade deficit.  Most of the services
deficit is attributable to freight and insurance.
71. Under the GATS, Ghana scheduled sectoral commitments covering a few subsectors in
tourism and related services;  maritime transport;  construction;  education;  financial services;  andtelecommunications (Table AIV.2).  Ghana signed the Agreement on Financial Services on
17 April 2000
34 and accepted the Fifth Protocol on 26 May 2000.35  Its commitments on financial
services cover a range of banking services, such as acceptance of deposits, credit facilities, and
leasing, and provide for no market access or national treatment limitations on cross-border trade and
consumption abroad.  The only market access limitation on commercial presence is prudential
licensing.  National treatment is assured, except that the Government may support local financial
institutions in rural areas and apply a higher paid-up capital limit for foreign suppliers.  Ghana alsoratified the Agreement on Basic Telecommunications, accepting the Fourth Protocol on 15 December
1998.
36  It endorsed the reference paper on regulatory principles and committed to reviewing its
duopoly policy after five years to determine whether to license additional suppliers of basic
telecommunication services.
(i) Tourism
72. Tourism accounted for almost 4% of GDP in 1996, and net foreign exchange earnings were
US$200 million.  Tourism earnings in 1999 are expected to have exceeded US$304 million.  Some
17,000 people are directly employed in the tourism industry.  Tourist arrivals rose from 305,000 in
1996 to an estimated 373,000 in 1999.  About one third of these arrivals are Ghanaian visitors.  The
rest come mainly from the United Kingdom, United States, Germany, and France.  Most arrivals arebusiness visitors, staying on average for about ten days.
73. Tourism development based on private sector participation is a government priority.
According to the Government's "V ision 2020", tourism is to be expanded to make Ghana a major
international venue and regional tourist destination.  Investment incentives are provided to hotels.
The company tax rate for the sector is reduced from 35% to 25%, depending on location of theinvestment (urban/rural).  Additionally, approval can be given by the Minister of Tourism for
                                                          
34 WTO document S/C/W/144, 15 May 2000.
35 The WTO Council for Trade in Services reopened the period for acceptance by Ghana of the Fifth
Protocol until 30 June 2000 (WTO document S/L/87, 8 June 2000).
36 The WTO Council for Trade in Services re-opened the Protocol on 15 December 1998 for
acceptance by Ghana until 21 December 1998.Ghana WT/TPR/S/81
Page 77
investors in hotels of at least 50 rooms to defer payment of import duties until completion of the
project and commencement of operations.  Certain items, such as furniture, fans, air conditioners, and
television sets, can also be imported duty free.  A National Tourism Development Plan 1992-2010 is
being implemented by the Ministry of Tourism aimed at more than doubling the size of the industry
by 2010.  Medium-term developmental projects are contained in the Tourism Development Action
Programme for 1996-2000, as well as the Tourism Public Awareness Programme and TouristBehaviour Code for 1996-2000.  Net foreign exchange earnings in 2010 are projected under the
long-term plan to rise to US$1.6 billion.
74. To attract private investment, the Plan calls for improving the public and private sector
institutional framework for investment;  simplifying investment procedures;  adopting tourism
investment incentives;  establishing a tourism financial credit programme;  and creating a TourismDevelopment Fund to be financed from a 1% tax on hotel and restaurant expenditure.
75. The Ghana Tourist Board is an implementing agency of the Ministry of Tourism.  The Board
is responsible for marketing and promoting internat ional and domestic tourism, as well as regulating
the industry, such as registration and licensing of tour operators.  The Government has divested all of
its state-owned hotels.  The number of hotels in Ghana increased from 350 in 1990 to an estimated767 in 1999.
76. Ghana is an active member of the World Tourism Organization and its Regional Commission
for Africa.  It has signed cooperation agreements on tourism with several other African countries.
(ii) Transportation
(a) Land transport
77. Ghana has about 40,000 kilometres of roads, of which about three quarters are unpaved.
Significant capital investment is needed to improve the road network. Since 1997, the Governmenthas implemented the Highway Sector Investment Proj ect, aimed at rehabilitating major routes.  There
is also the National Feeder Road Rehabilitation and Maintenance Project to improve feeder roads.
Congestion in urban centres, especially Accra, has increased and the Government has undertaken the
Urban Transport Project to address the problem.  A Road Fund, financed partly by a retail levy on
petrol and gas oil, is used to partly finance road maintenance works.  The levy was increased recently.
78. The rail network comprises mainly a triangular 1,000 km system linking Kumasi, Takoradi,
and Accra-Tema.  Ghana Railways Corporation is fully state owned.  Rail traffic has declined since
1988 and almost 98% of freight and most passengers are carried by road.
(b) Air transport
79. The national state-owned carrier, Ghana Airways, operates international flights.  All
international flights are handled by Accra's Kotoka International Airport where the number of
operators increased from 9 in 1985 to over 15 in 1999.  The number of weekly international flights
also increased, from 63 in 1997 to over 80 in 1999, with direct services to Europe and to the United
States provided by Ghana Airways.  Passenger movements increased from 400,000 in 1997 to
555,000 in 1999.
80. Under the Gateway Project for making Accra the Gateway to West Africa, the Government is
implementing a "liberalized skies" policy aimed at deregulating the air transport industry.  There are
no restrictions on domestic air operations, except that carriers must be licensed by the Air Traffic
Licensing Authority and satisfy the safety regulations set by the Ghana Civil Aviation Authority.WT/TPR/S/81 Trade Policy Review
Page 78
Domestic air routes are still under development.  Currently there are no scheduled domestic services:
three airlines (Golden Airways, FanAir, and MukAir), which had started operations within the last
three years, have folded;  and the services of Air Link were suspended in June 1999.
81. The Ghana Civil Aviation Authority is being restructured to separate its regulatory functions
from its airport management operations.  It is expected that this will improve efficiency and enhance
its ability to access capital for upgrading airport infrastructure.  It will also create the enablingenvironment needed for private-sector participation in the management and development of airports,
while implementation of the "liberalized skies" regime will attract more carriers and flights to Ghana.
82. Ghana Airways has significantly increased its operations in recent years.  Revenue increased
from US$95 million in 1997 to US$115 million in 1999.  However, high operating costs continue to
reduce profitability, and it was recently converted from a statutory corporation to a limited liabilitycompany to improve its commercial operations.  Ghana Airways has made alliances with several other
international air carriers, such as Ethiopian Airlines and South African Airways, and developed new
routes.
(c) Maritime transport
83. The principal policy objective of the Government is to develop Ghana into a shipping
gateway to West Africa.  An "open door" polic y is being implemented, aimed at removing all
restrictions on the establishment and operation of shipping lines in Ghana.  Joint ventures with foreign
operators are now allowed.  There are no cabotage requirements in Ghana restricting coastal shipping
to domestic companies;  however, the new Ghana Shipping Bill provides for their introduction.
Ghana has not signed any bilateral shipping agreements to date, but does provide special berthing
rights and warehousing facilities to landlocked countries, particularly Burkina Faso.
37  S h i p p i n g
policy is handled by the Ministry of Transport.
84. A few companies established in Ghana provide small-scale coastal shipping services.  There
are about 16 Ghanaian registered cargo ships.  Deep-sea services are provided by foreign operators,
with about 120 vessels operating to and from Ghana.  Seaborne freight increased from 3 million
tonnes in the early 1990s to 8 million tonnes in 1999.  The Ghana Shippers' Council functions both as
an association of shippers, negotiating freight rates, and as a government agency for resolvingdisputes regarding shipping rates and port charges.
85. There are no subsidies to shipping lines.  Maritime safety and security is regulated by the
Ghana Merchant Shipping Act, which is currently under revision.  All ports are currently state owned.
However, legislation is being considered that would enable private ownership and operation of port
facilities.  The Ghana Ports and Harbours Authority manages ports.
(iii) Telecommunications
86. Ghana's telephone penetration rate is low at 1%;  there are currently about 180,000 telephone
lines.  Services are provided by Ghana Telecom Ltd;  Westel, a U.S. company;  and four mobile
cellular phone operators, of which Mobitel is the largest.
38  There are also three private internet
service providers.  Telecommunication policies are formulated by the Ministry of Communications.The policy objectives since the mid 1990s have been privatization, competition, and investment,
aimed at increasing penetration rates and improving the quality of communication services.  The
                                                          
37 WTO document S/NGTMS/W/2/Add. 21, 3 April 1995.
38 Mobitel is part of the international Millicom International Cellular Group.  It commenced operations
in Ghana in 1992 and currently has over 20,000 subscribers.Ghana WT/TPR/S/81
Page 79
Government's medium-term objective is to increase the penetration rate to 2.5%, or by an additional
450,000 lines, in accordance with the Accelerated Development Programme 1994-2000.
87. As part of the privatization programme, implemented in early 1997, 30% of Ghana Telecom
was sold to overseas interests39, and its monopoly was terminated.  A statutory duopoly was
established by granting a "Second National Operator" (SNO) licence to Westel to provide both
domestic and international telephone services.  This limits competition in voice telephony, other thanby cellular phone, until March 2002 when additional suppliers of fixed network services will be
considered.  The two incumbent exclusive suppliers are required to meet network expansion and
service quality targets.  Ghana Telecom is required to establish 225,000 telephone lines within five
years.  However, the performance so far, of both Ghana Telecom and Westel, has shown that such
exclusivity arrangements may not guarantee the success of policy objectives;  both operators arehaving difficulty meeting their network expansion and service quality targets.
40 All in-bound
international calls are routed through Ghana Teleco m, and approximately 70% of its revenue is from
international calls.
88. The SNO licence provides Westel with the same conditions as Ghana Telecom (the AT
licence).  Both licences are for 20 years and enable them to provide domestic and internationaltelecommunications services within Ghana, including voice telephony, leased lines, public pay
phones, telegraph and telex, data, mobile, and value-added services.  More specifically, they may
develop, own and operate:  a fixed telecommuni cations service system;  a wireless system;
transmission, reception, switching, and any other as sociated equipment for the exchange of wireline
and wireless communications;  and earth stations to be connected to INTELSAT, RASCOM and
IMMARSAT, as well as other public and private satellite communication systems.  They may also
connect to other licensed public and private systems and to public and private telecommunicationsystems abroad at interconnection fees set at predetermined commercial rates, unless the parties agree
otherwise
41;  procure, distribute, sell, rent, install, and maintain customer equipment;  and offer any
other related activities under the scope of the licence.
89. A key feature of the reform programme has been the implementation of a transparent
regulatory framework for telecommunications.  Th e National Communications  Authority (NCA) was
established as the centralized regulatory body under legislation passed in December 1996.  The
legislation is aimed at promoting a stable operating environment for all participants, including fair
competition and enhanced efficiency.  The NCA approves new entrants and supervises existing
suppliers, and provides guidelines on setting charges for voice telephony, fax, and cellular services.  It
also designates technical standards in line with ITU recommendations.  A licence may be granted onlyto a Ghanaian citizen, or a properly registered incorporation or partnership.
(iv) Financial services
90. The financial sector in Ghana comprises 16 commercial banks, five merchant banks, and over
100 rural unit banks.  While private banks now dominate the banking system, some one third of total
deposits remains with the five majority public-owne d banks.  There are also 17 insurance companies.
The Bank of Ghana, through the Banking Supervision Department, is responsible for regulating and
                                                          
39 Ghana Telecom, a public company not listed on the stock exchange, is 70% owned by the Ghanaian
Government and 30% owned by G-Com Ltd, a consortium led by Telekom Malaysia.  The Government intends
to sell an additional share of Ghana Telecom, but no timetable exists.
40 Adanusa (2000).
41 The National Communications Authority is to beco me the arbitrator if the parties cannot reach
agreement on interconnection fees. Through legislative instrument, the NCA may also draw up regulations onthe terms and conditions of interconnection.WT/TPR/S/81 Trade Policy Review
Page 80
supervising banks (Banking Law 1989).  It also supervises non-bank financial intermediaries,
including the foreign exchange bureaux and the Social Security and National Insurance Trust (the
Financial Institutions (Non-Banking) Law of 1993).42  The Government's "Vision 2020" aims to
establish an efficient privately run financial system and ultimately to make Accra a major regional
financial centre.
91. All banks must be licensed by the Bank of Ghana.  The freeze on issuing new bank licences
was removed in 1999.  Banks are required to meet certain prudential requirements in line with the
Bank for International Settlements (BIS) core principles of banking supervision, such as minimum
capital adequacy ratios.43  The minimum paid-up capital for establishing a banking business in Ghana
is Cedi 200 million for a Ghanaian banking business or Cedi 500 million for a foreign banking
business, defined in the legislation as a bank incorporated in Ghana with below 60% Ghanaianequity.
44  The establishment of foreign bank branches is not permitted in Ghana.  There are no
restrictions on the services supplied by foreign banks.
92. The Bank of Ghana is taking steps to strengthen its prudential requirements, and new banking
legislation is being prepared.  A new foreign exposure regulation was applied from mid-July 1999;
some banks have experienced difficulties in meeting this requirement.  The Bank has also enhancedits enforcement activities:  in 2000 it withdrew licences for three banks, which were below the
minimum capital adequacy ratio of 6%, and closed down a number of non-viable rural banks.  Over
the past five years, a number of insolvent state banks have been liquidated, such as the Ghana Co-
operative Bank, the Bank for Housing and Construction, and the Bank of Credit and Commerce.
Other bank restructuring has occurred, including the merger of the National Savings and Credit Bank
with the SSB Bank Ltd, and its privatizatio n and listing on the Stock Exchange in 1995.
93. A key component of the Financial Sector Adjustment Programme was the privatization of the
large state-owned banks.  In 1995, the Government floated 30% of the shares in the Social Security
Bank, of which 21% were subscribed.  In 1996, 42%  of the shares in the Ghana Commercial Bank
were sold on the Ghana Stock Exchange.  The Government intends to further privatize state banks,
including at least another 40% of the Ghana Commercial Bank and 30% of the National Investment
Bank.
45  The Bank of Ghana also intends to divest its ownership in commercial banks, except initially
for the Agricultural Development Bank.
94. The Ghana Stock Exchange began operating in 1990.  Its market capitalization as at
8 November 2000 was around US$700 million.  Ashanti Goldfields Company is by far the largest
single listed firm, representing some 70% of the exchange's total capitalization.  There are currently
22 companies listed on the Stock Exchange.  Apart from gold mining, most companies are inmanufacturing, including brewing, and banking.  Many Ghanaian-owned subsidiaries of multinational
companies are listed on the Stock Exchange.  Share trading by non-resident foreigners is permitted
without prior approval, however, the proportion of shares held by any single external resident in a
company is limited to 10%, and the maximum leve l of foreign ownership for each firm is 74%.
95. The Securities Regulatory Commission is responsible for maintaining overall surveillance of
the securities industry (Securities Industry Law, 1993).  It regulates stockbrokers and financial
advisers as well as setting the listing requirem ents for public companies.  Any person wishing to
                                                          
42 This is a statutory public trust responsible for administering Ghana's national pension scheme.
43 The Bank of Ghana is a member of the Basle Committee of Bank Supervisors.
44 A minimum of Cedi 300 million must be bro ught into Ghana as convertible currency.
45 This bank was established by the Ghanaian Government to provide finance to industry.  It has been
restructured and current efforts to find a strategic investor may result in divestiture of 86% of governmentequity.Ghana WT/TPR/S/81
Page 81
undertake business in Ghana that in any way involves securities must first obtain the appropriate
licence from the Commission.
96. The insurance industry is regulated by the National Insurance Commission, under the
Insurance Law of 1989.  All insurance companies, including life, non-life, and reinsurance businesses,
must be registered with the Commission and be incorporated in Ghana.  At least 20% of the equity of
a foreign-owned company must be owned by the Government, and 40% by Ghanaians.46  F o r e i g n
insurance branches are therefore not permitted.  The legislation specifies certain prudential and
reporting requirements for insurance companies, such as minimum capital levels, security deposits,
solvency margins and reserves.  All premium increases must be approved by the Commission, but
presently it intervenes only in the case of motor in surance premiums.  All insurance intermediaries,
such as brokers, must also be registered with the Commission.  The Government intends to privatizethe Ghana Reinsurance Company and the State Insurance Company by 2003.
                                                          
46 This means that an overseas insurance company establishing in Ghana cannot have more than 40%
foreign equity.Ghana WT/TPR/S/81
Page 83
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