RESTRICTED  
  
WT/TPR/S/427  
17 May 2022 
(22-3768) Page: 1/109 
Trade Policy Review Body   
 
TRADE POLICY REVIEW  
REPORT BY THE SECRETARIAT  
GHANA 
This report, prepared for the fifth Trade Policy Review of Ghana, has been drawn up by the 
WTO Secretariat on its own responsibility. The Secretariat has, as required by the Agreement 
establishing the Trade Policy Review Mechanism (Annex 3 of the Marrakesh Agreement Establishing 
the World Trade Organization), sought clarification from Ghana on its trade policies and practices.  
 
Any technical questions arising from this report may be addressed to Jacques Degbelo 
(022 739 5583), Thomas Friedheim  (022 739 5083) , and Catherine Hennis -Pierre . 
 
Document WT/TPR/G/427 contains the policy statement submitted by Ghana.  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Note: This report is subject to restricted circulation and press embargo until the end of the first 
session of the meeting of the Trade Policy Review Body on Ghana. This report was drafted in English.  
  WT/TPR/S/427 • Ghana  
 
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  CONTENTS  
SUMMARY  ................................ ................................ ................................ ........................  7 
1   ECONOMIC ENVIRONMENT  ................................ ................................ ........................  10 
1.1   Main Features of the Economy  ................................ ................................ ..................... 10 
1.2   Recent Economic Developments  ................................ ................................ ................... 12 
1.3   Developments  in Trade and Foreign Direct Investment  ................................ .................... 16 
1.3.1    Merchandise trade  ................................ ................................ ................................ ...16 
1.3.2    Services trade  ................................ ................................ ................................ ......... 18 
1.3.3    Foreign investment  ................................ ................................ ................................ ..19 
2   TRADE AND INVESTMENT REGIMES ................................ ................................ ...........  20 
2.1   General Framework  ................................ ................................ ................................ ....20 
2.2   Trade Policy Objectives  ................................ ................................ ............................... 21 
2.3   Trade Agreements and Arrangements  ................................ ................................ ........... 22 
2.3.1    World Trade Organization  ................................ ................................ ......................... 22 
2.3.2    ECOWAS  ................................ ................................ ................................ ................. 23 
2.3.3    African Union  ................................ ................................ ................................ .......... 24 
2.3.4    Economic Partnership Agreement (EPA) with the European  Union  ................................ ..25 
2.3.5    UK-Ghana EPA ................................ ................................ ................................ ......... 25 
2.3.6    African Growth and Opportunity Act (AGOA)  ................................ ............................... 25 
2.4   Foreign Investment Regime  ................................ ................................ ......................... 26 
2.4.1    Overview  ................................ ................................ ................................ ................ 26 
2.4.2    Foreign investment restrictions  ................................ ................................ .................. 27 
2.4.3    Investment for infrastructure development  ................................ ................................ .28 
2.4.4    Investment agreements ................................ ................................ ............................ 28 
3   TRADE POLICIES AND PRACTICES BY MEASURE  ................................ ........................  29 
3.1   Measures Directly Affecting Imports  ................................ ................................ .............. 29 
3.1.1    Customs procedures and valuation  ................................ ................................ ............. 29 
3.1.1.1    Overview  ................................ ................................ ................................ ............. 29 
3.1.1.2    Single window  ................................ ................................ ................................ ......30 
3.1.1.3   Destination inspection scheme  ................................ ................................ ................ 31 
3.1.1.4    Customs valuation  ................................ ................................ ................................ 31 
3.1.2    Tariffs  ................................ ................................ ................................ .................... 31 
3.1.2.1    Overview  ................................ ................................ ................................ ............. 31 
3.1.2.2    Applied MFN tariffs  ................................ ................................ ................................ 33 
3.1.2.3    WTO bindings  ................................ ................................ ................................ .......36 
3.1.2.4    Duty concessions and exemptions  ................................ ................................ ........... 36 
3.1.3    Other taxes and charges affecting imports  ................................ ................................ ..38 
3.1.3.1    VAT ................................ ................................ ................................ ..................... 38 
3.1.3.2    Excise duties  ................................ ................................ ................................ ........ 38 
3.1.3.3    Other taxes and levies  ................................ ................................ ........................... 39 WT/TPR/S/427 • Ghana  
 
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  3.1.4    Preferential t ariffs and rules of origin ................................ ................................ .......... 40 
3.1.4.1    Rules of origin under ECOWAS and the African Continental Free Trade Area (AfCFTA)  ....41 
3.1.4.2    Rules of origin under the agreements with the European  Union  
and the United  Kingdom  ................................ ................................ ................................ .....43 
3.1.5    Import prohibitions, res trictions, and licensing  ................................ ............................ 43 
3.1.5.1    Import prohibitions  ................................ ................................ ............................... 43 
3.1.5.2    Import licensing  ................................ ................................ ................................ ....43 
3.1.6    Contingency measures  ................................ ................................ ............................. 44 
3.2   Measures Directly Affecting Exports  ................................ ................................ .............. 45 
3.2.1    Export procedures  ................................ ................................ ................................ ...45 
3.2.2    Repatriation of export proceeds  ................................ ................................ ................. 45 
3.2.3    Rules of origin  ................................ ................................ ................................ ......... 45 
3.2.4    Export taxes and charges  ................................ ................................ ......................... 46 
3.2.5    Export prohibitions, restrictions, and licensing  ................................ ............................. 46 
3.2.6    Export incentives  ................................ ................................ ................................ .....46 
3.2.6.1    Export promotion  ................................ ................................ ................................ ..46 
3.2.6.2    Duty drawback  ................................ ................................ ................................ .....46 
3.2.6.3    Export subsidies  ................................ ................................ ................................ ...47 
3.2.6.4    Export finance, insurance, and guarantees  ................................ ............................... 47 
3.2.6.5    Free zones  ................................ ................................ ................................ ........... 48 
3.3   Measures Affecting Production and Trade  ................................ ................................ .......50 
3.3.1    Incentives  ................................ ................................ ................................ ............... 50 
3.3.2    Local content requirements  ................................ ................................ ....................... 50 
3.3.3    Standards and other technical requirements  ................................ ............................... 50 
3.3.4    Sanitary and phytosanitary measures  ................................ ................................ ......... 53 
3.3.5    Competition policy  ................................ ................................ ................................ ...55 
3.3.6    State -owned enterprises, state trading, and privatization ................................ .............. 55 
3.3.7    Government procurement  ................................ ................................ ......................... 57 
3.3.8    Intellectual property rights  ................................ ................................ ........................ 60 
3.3.8.1    Legal and institutional framework  ................................ ................................ ........... 60 
3.3.8.2    Main areas of intellectual property rights ................................ ................................ ..61 
3.3.8.3    Enforcement  ................................ ................................ ................................ ......... 63 
4   TRADE POLICIES BY SECTOR  ................................ ................................ .....................  64 
4.1   Main Features  ................................ ................................ ................................ ............ 64 
4.1.1    Agricultural policy  ................................ ................................ ................................ ....64 
4.1.1.1    Market access  ................................ ................................ ................................ .......66 
4.1.1.2    Domestic support  ................................ ................................ ................................ ..66 
4.1.1.3    Export subsidies  ................................ ................................ ................................ ...68 
4.1.2    Cocoa  ................................ ................................ ................................ ..................... 68 
4.1.3    Forestry  ................................ ................................ ................................ .................. 71 
4.1.4    Fisheries  ................................ ................................ ................................ ................. 73 WT/TPR/S/427 • Ghana  
 
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  4.2   Energy  ................................ ................................ ................................ ...................... 75 
4.2.1    Oil ................................ ................................ ................................ ......................... 76 
4.2.2    Natural gas  ................................ ................................ ................................ ............. 79 
4.2.3    Electricity  ................................ ................................ ................................ ............... 80 
4.3   Mining ................................ ................................ ................................ ....................... 83 
4.4   Manufacturing  ................................ ................................ ................................ ............ 85 
4.4.1    Overview  ................................ ................................ ................................ ................ 85 
4.4.2    Pharmaceutical industry  ................................ ................................ ........................... 87 
4.4.3    Automotive industry  ................................ ................................ ................................ .90 
4.5   Services  ................................ ................................ ................................ .................... 91 
4.5.1    Overview  ................................ ................................ ................................ ................ 91 
4.5.2    Transport services  ................................ ................................ ................................ ...92 
4.5.2.1    Overview  ................................ ................................ ................................ ............. 92 
4.5.2.2    Rail transport services  ................................ ................................ ........................... 93 
4.5.2.3    Maritime transport  ................................ ................................ ................................ 94 
4.5.2.4    Air transport  ................................ ................................ ................................ ......... 96 
4.5.3    Telecommunications  services  ................................ ................................ .................... 96 
4.5.4    Financial services  ................................ ................................ ................................ .....98 
4.5.4. 1   Overview  ................................ ................................ ................................ ............. 98 
4.5.4.2    Banking services  ................................ ................................ ................................ ...99 
4.5.4.3    Insurance services  ................................ ................................ ..............................  101 
4.5.4.4    Securities market  ................................ ................................ ................................  103 
4.5.5    Professional and other business services  ................................ ................................ ... 104 
4.5.6    Tourism services  ................................ ................................ ................................ .... 105 
5   APPENDIX TABLES  ................................ ................................ ................................ .. 106  
 
CHARTS  
 
Chart 1.1 Prices of gold, cocoa beans, and crude oil, 2006 -20 ................................ ................. 12 
Chart 1.2 Product composition of merchandise trade by main HS section/subheading,  
2014 and 2019 ................................ ................................ ................................ .................. 17 
Chart 1.3 Direction of merchandise trade, 2014 and 2019  ................................ ....................... 18 
Chart 1.4 Trade in services, 2014 -20 ................................ ................................ .................... 19 
Chart 1.5 FDI flows, 2007 -20 ................................ ................................ .............................. 19 
Chart 3.1 Tax revenue by category, 2020  ................................ ................................ ............. 32 
Chart 3.2 Distribution of MFN applied tariff rates, 2013 and 2022  ................................ ............ 35 
Chart 3.3 Ghana's trade with ECOWAS members, 2014 -19 ................................ ..................... 42 
Chart 3.4 ECOWAS Trade Liberalization Scheme – Approved products in 1988 -2021 .................. 42 
Chart 3.5 Exports under the Free Zones Scheme  ................................ ................................ ...49 
Chart 4.1 Production and trade of fish and fishery products, 2014 -20 ................................ .......74 
Chart 4.2 Ghana's trade in pharmaceuticals (HS 30), 2014 -19 ................................ ................. 89 WT/TPR/S/427 • Ghana  
 
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  Chart 4.3 Trade in services, 2006 -20 ................................ ................................ .................... 91 
Chart 4.4 Trade in transport services, 2014 -20 ................................ ................................ ......92 
Chart 4.5 Gross premiums collected by insurance services providers, 2010 -20 ........................  101 
Chart 4.6 Market capitalization on the GSE, 2007 -21 ................................ ............................  103 
 
TABLES  
 
Table 1.1 Selected macroeconomic indicators, 2014 -20 ................................ .......................... 10 
Table 1.2 Balance of payments, 2014 -20 ................................ ................................ .............. 15 
Table 2.1 Selected trade -related laws and regulations adopted since 2014  ................................ 21 
Table 2.2 WTO notifications by Ghana, 2014-22 (31 March)  ................................ .................... 22 
Table 2.3 Regional macroeconomic convergence criteria  ................................ ......................... 24 
Table 2.4 Minimum foreign investment requirements, 2022  ................................ ..................... 27 
Table 3.1 Notification status of TFA measures, March 2022  ................................ ..................... 29 
Table 3.2 Fiscal revenue, 2014 -20 ................................ ................................ ....................... 33 
Table 3.3 Structure of MFN tariffs, 2013 and 2022  ................................ ................................ .34 
Table 3.4 Comparative analysis of Ghana's applied MFN tariff, 2007, 2013, and 2022  ................. 35 
Table 3.5 Tariff exemption schemes, 2022  ................................ ................................ ............ 37 
Table 3.6 Excise duties, 2022  ................................ ................................ .............................. 39 
Table 3.7 Taxes, levies, and charges applied to imported goods  ................................ ............... 39 
Table 3.8 Ghana's Export Procedures, 2022  ................................ ................................ ........... 45 
Table 3.9 Export permits  ................................ ................................ ................................ .....46 
Table 3.10 Selected tax incentives, 2022  ................................ ................................ .............. 50 
Table 3.11 Imports subject to prior authorization or conformity assessment procedures  ............. 52 
Table 3.12 Selected SOEs, statutory corporations, and agencies, 2019  ................................ .....56 
Table 3.13 Government procurement by type of procurement method, 2011 -19 ........................ 57 
Table 3.14 Membership in IPR treaties, 2022  ................................ ................................ ......... 60 
Table 3.15 Overview of IPR protection, 2022  ................................ ................................ ......... 62 
Table 4.1 Production of the main agricultural crops, 2014 -20 ................................ .................. 65 
Table 4.2 Deliveries of subsidized fertilizers and seeds, 2016 -20 ................................ .............. 67 
Table 4.3 Market interventions by the National Food and Buffer Stock Company, 2019 -20 .......... 68 
Table 4.4 Production and exports of cocoa beans, 2014 -21 ................................ ..................... 70 
Table 4.5 Timber production and trade,  2014-20 ................................ ................................ ...71 
Table 4.6 Ghana's fishing fleet, 2014 -20 ................................ ................................ ............... 75 
Table 4.7 Royalty regime in the oil and gas sectors, 2022  ................................ ....................... 77 
Table 4.8 Distri bution of oil export proceeds, 2018 -21 ................................ ............................ 78 
Table 4.9 Natural gas production and imports, 2014 -20 ................................ .......................... 79 
Table 4.10 Electricity generation capacity, 2014 -20 ................................ ................................ 80 
Table 4.11 Electricity generation and trade, 2014 -20 ................................ .............................. 81 
Table 4.12 Local p articipation requirements in the electricity sector  ................................ .......... 82 
Table 4.13 Mineral production, 2014 -21 ................................ ................................ ................ 83 WT/TPR/S/427 • Ghana  
 
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  Table 4.14 Exports of minerals, 2014 -21 ................................ ................................ ............... 83 
Table 4.15 Foreign investment in the mining sector, 2014 -21 ................................ .................. 83 
Table 4.16 10 -Point Industrial Transformation Agenda  ................................ ............................ 86 
Table 4.17 Selected telecom indicators, 20 14-20 ................................ ................................ ...97 
Table 4.18 Selected provisions of the Insurance Act, 2021  ................................ ....................  102 
Table 4.19 Selected regulated professions in Ghana, 2021  ................................ ....................  104 
Table 4.20 Tourism indicators, 2010 -20 ................................ ................................ ..............  105 
 
BOXES  
 
Box 3.1 Procedures to import goods into Ghana  ................................ ................................ .....30 
Box 3.2 Computing VAT payable under the VFRS  ................................ ................................ ...38 
Box 3.3 Appeals and complaints cases, 2018 -20 ................................ ................................ ....59 
Box 4.1 Pharmaceutical products banned for production or import, 2021  ................................ ..88 
Box 4.2 Developments in Ghana's ports  ................................ ................................ ................ 95 
 
APPENDIX TABLES  
 
Table A1.1 Merchandise exports by HS section and major chapter subheading, 2014 -19 ...........  106 
Table A1.2 Merchandise imports by HS section and major chapter sub heading, 2014 -19 ...........  107 
Table A1.3 Merchandise exports by destination, 2014 -19 ................................ ......................  108 
Table A1.4 Merchandise imports by origin, 2014 -19 ................................ .............................  109 
 
 
  WT/TPR/S/427 • Ghana  
 
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  SUMMARY  
1. Ghana is a natural resource -based economy. Its strong democratic institutions and good 
governance have contributed to attracting investment. The resultant economic growth has improved 
the per -capita income of its 31  million people to approximately USD  2,200 in 2020, against 
USD 2,000 at the time of the last Review in 2014. The World Bank ranks Ghana as a lower 
middle -income country.  
2. Ghana's trade -to-GDP ratio averaged 71% in 2018 -20 and indicates that its economy 
moderately depends on international trade. The country is Africa's second -largest producer of gold, 
and is rich in diamonds, oil, and gas. Gold, crude oil, and cocoa beans (and cocoa paste and cocoa 
butter in limited quantities) together account for close to 85% of merchandise exports. Ghana's main  
export destinations are China, the European  Union, Switzerland, India, and South Africa, while the 
European  Union and China remain its main import origins.  
3. Over the review period (2014 -22), Ghana experienced three phases of modest to strong 
economic growt h; it continues to face challenges to stabilize its economy. In fact, from 2014 to 
2016, Ghana witnessed a sharp economic slowdown with an average real GDP growth of 2.8% (down 
from an average of 6.6% in 2010 -13), which was linked to a domestic banking and  energy crisis. 
From 2017 to 2019, following a change in government, macroeconomic performance improved. Real 
GDP growth rebounded to an annual average of 6.9%, inflation was brought under control, and the 
Government's budget situation improved, thanks to greater fiscal discipline. In 2020, the economy 
held up comparatively well with GDP growth of 0.4%, despite the worldwide COVID -19-related 
lockdowns, and closures of businesses and borders. To help mitigate the impact of the pandemic, 
the Government adopte d the Coronavirus Alleviation Programme aimed at supporting vulnerable 
households and businesses. It also launched the Ghana CARES ("Obaatan pa") programme 
(GHS  100 billion, about USD  13 billion) focusing on agriculture, manufacturing, and the ICT/digital 
economy. These mitigation efforts came at the expense of record fiscal deficit and public debt that 
led the IMF to warn Ghana last year that it was at high risk of debt distress.  
4. Ghana's investment regime is fairly liberal and foreign investment is general ly welcome. 
However, the State continues to have a significant stake in the economy with close to 
160 state-owned enterprises, agencies, and joint -ventures, many of which continue to make losses.  
Activities still reserved for Ghanaians range from small -scale mining to forex bureaux. Joint ventures 
by foreign enterprises with Ghanaian partners are subject to a minimum of 10% Ghanaian equity 
participation. Also, Ghana has introduced new restrictions on foreign investments in the energy and 
mining sectors thro ugh mandatory Ghanaian equity participation and local content.  
5. Ghana has submitted over 40  notifications to the WTO since the last Review and indicated 
that steps were being taken to fully meet the requirements in this area. Ghana participates in the 
Econo mic Community of West African States (ECOWAS) and the African Continental Free Trade Area 
(AfCFTA), and consults with the other members of these groups on WTO issues. It signed bilateral 
trade treaties with the European  Union (EPA) in 2016 and the United  Kingdom in 2021. As an 
ECOWAS member, Ghana has implemented the Common External Tariff (CET) since 1  February  2016 
with national exceptions as per regional provisions. However, Ghana has been slow in domesticating 
and implementing subsidiary ECOWAS legislat ion. Ghana has received tariff preferences from the 
European  Union and the United  Kingdom since the adoption of its bilateral trade agreements with 
each of these partners, and it started implementing its own tariff reductions in 2021.  
6. Ghana's bindings cove r 15.1% of its tariff lines. Most agricultural tariffs are bound at a ceiling 
rate of 99% with some lower bound rates at 40% and 50%. About 1% of the non -agricultural 
tariffs  are bound. Ghana's 2022 applied MFN tariff (unchanged since 2019) is based on the  CET and 
the HS17 classification. The tariff consists of the five CET rates (zero, 5%, 10%, 20%, and 35%). 
As of March  2022, the average (unweighted) applied MFN tariff rate was 12.2%, down from 12.8% 
in 2013. The share of duty -free tariff lines was 1.6%, down from 12.2% in 2013, because most of 
the tariff lines that were duty -free in 2013 now carry a 5% rate under the CET. Some 45% of all 
tariff lines were subject to rates of 20% or 35% as of March 2022.  
7. Ghana's standard VAT rate has been 12.5% since 2017 . Excise duties are imposed (on an 
ad valorem  basis) on imports and locally produced alcoholic and non -alcoholic beverages, and 
tobacco products. In addition, Ghana resorts to a host of other taxes and levies on imports, and WT/TPR/S/427 • Ghana  
 
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  their number has grown since th e last Review. These taxes levied on most imports include the 
ECOWAS Levy (1%), African Union Levy (0.2%), Environmental Tax (10%), Ghana Export -Import 
Bank Levy (0.75%), Ghana Education Fund Levy (2.5%), COVID -19 Health Recovery Levy (1%), 
National Health  Insurance Levy (3.5% on imports and domestic goods/services), Sanitation and 
Pollution Levy (specific), and Special Petroleum Tax (specific), as well as four Energy Sector Levies. 
Combined, all of these levies significantly increase the costs of imports i nto Ghana.  
8. On the other hand, Ghana offers exemptions and concessions, for various purposes, on import 
tariffs, other duties and charges, and internal taxes. In  2020, the reported "tax refunds" amounted 
to GHS  2.6 billion (approximately USD  460 million) or  5.8% of total tax revenues. Qualifying imports 
enter the country under letters granting exemptions from the Ministry of Finance, and initiated by 
other ministries and agencies, including the Ghana Investment Promotion Agency.  
9. Ghana has ratified the Agree ment on Trade Facilitation and notified the dates for the 
implementation of categories B and C commitments; 18 provisions are due for implementation in 
2022-23. It has simplified its import procedures by establishing a new single window at the border 
(Integrated Customs Management System (ICUMS)) and reducing the number of inspecting agencies 
to three (Customs, Food and Drugs Authority, and Ghana Standards Authority). Destination 
inspection by Customs is mandatory for all imports of USD  3,000 and above (unl ess a waiver is 
granted). Inspection fees are ad valorem  and do not thus reflect the cost of the service.  
10. Ghana maintains import prohibitions on unprocessed logs and certain pharmaceuticals, as well 
as prohibitions based on, inter alia, health, safety, SPS  and environmental grounds. There are also 
quantitative restrictions in place on imports of cement and poultry products. The TBT and SPS 
regimes remain largely unchanged. Ghana primarily adopts international standards; it has adopted 
29 ECOWAS standards. G hana has submitted a number of notifications to the WTO TBT Committee, 
and one specific trade concern was raised regarding its automotive safety standards. Ghana has also 
notified the WTO SPS Committee of its new biosafety and meat inspection rules.   
11. Since the last Review, Ghana has for the first time adopted trade remedies legislation. It made 
several notifications to the WTO, which were reviewed in 2020. The newly established Ghana 
International Trade Commission has recommended the implementation of an a nti-dumping measure 
against aluminium coils and circles originating in, or imported from, China, and several anti -dumping 
investigations are ongoing.  
12. Regarding measures affecting exports, Ghana maintains its requirements for foreign exchange 
repatriation to banks registered in the country. The forex surrender requirements to the Bank of 
Ghana for cocoa and gold exports were eliminated. Export taxes are currently applied on timber, 
and certain hydrocarbons sold to airlines. Selected products are subject to special export permits. 
Two agencies, Ghana Export Promotion Agency and Ghana Export -Import Bank, are responsible for 
export promotion and export financing. The WTO Committee on Agriculture has yet to receive an 
up-to-date export subsidy notification from Ghana. The country currently has four free zones, and 
investors may also obtain free -point status anywhere in the country. However, Ghana's exports from 
free zones have been declining. Accordingly, the free zone scheme would benefit from a cost -benefit 
review for its possible  reform.  
13. Ghana is neither a member nor an observer to the WTO plurilateral Agreement on Government 
Procurement. Its public procurement has increased substantially since 2014, in line with efforts to 
modernize and develop its national in frastructure. The Public Procurement Act was amended in 2016 
and an electronic procurement system (GHANEPS) was launched in 2019. Government procurement 
is decentralized with over 1,000 procuring entities.  The most used procurement methods are 
restrictive tendering (51% in 2019) and competitive national tendering (31%); international 
competitive tendering accounted for 1%. Price preferences that vary with the type of good and the 
level of local content are av ailable to suppliers, irrespective of their nationality.  
14. Ghana has reformed its intellectual property rights regime. The Trademarks Act, the Industrial 
Designs Act, and the Patent Act were amended, and a new Plant Variety Protection Act was adopted 
in 2020 . Also, Ghana has ratified the UPOV Convention, the WIPO Phonograms Convention, the 
WIPO Marrakesh VIP Treaty on copyright, and the WIPO Lisbon Agreement for the Protection of 
Appellations of Origin and their International Registration.  WT/TPR/S/427 • Ghana  
 
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  15. The agriculture sec tor contributes about 20% to GDP. Despite its agricultural potential, Ghana 
is increasingly a net -food importer. Cassava, yams, and plantains are the main staples, together 
with rice and maize. Agricultural policy is geared towards ensuring food security, while aiming at 
reducing imports – particularly of rice. Since 2017, Ghana's crop production has improved 
considerably with the launch of a new agricultural programme ("Planting for Food and Jobs"), which 
is underpinned by, inter alia, fertilizer and seed subsidies. Some limited price support is provided to 
the major staple crops. The average applied MFN tariff on agriculture products (WTO definition) was 
15.5% as of March 2022; tariff protection was highest for live animals and meat at 24.1%. Most 
meat is imported, particularly poultry meat. Tariffs on poultry meat are set at 35% and imports are 
subject to licensing (permit) requirements to protect domestic production.  
16. Exports of cocoa beans, the main agricultural export commodity, are under monopoly of th e 
state-owned Ghana Cocoa Board (COCOBOD); its activities have not yet been notified to the WTO 
under Article  XVII of the GATT  1994. There are no statutory export taxes on cocoa beans. The 
world's two leading cocoa exporters, Ghana and Côte  d'Ivoire, are w orking together with the aim to 
improve their cocoa terms of trade, and thereby raise cocoa farmers' incomes. In 2020, these 
countries jointly introduced a premium of USD  400 per tonne (the so -called Living Income 
Differential), which is charged to buyers on top of the terminal market price of cocoa.  
17.  Ghana has been a crude oil producer and exporter since 2010. Due to the impact of the 
pandemic on operations, oil production declined to 55  million barrels in 2021 (down from 71  million 
barrels in 2019). Ghana  also started to produce natural gas during the review period and has 
increased its electricity exports. An Energy Sector Recovery Programme was adopted in 2019 to 
address budgetary difficulties triggered by an excess of government -contracted electricity a nd gas 
supplies.  
18. Ghana has introduced a new local participation and local content policy aimed at increasing 
the share of "indigenous" companies in the oil, gas, and electricity sectors, including renewable 
energy. Although only about 2% of the electricity  comes from renewables other than hydropower, 
foreign investment in renewables is subject to an indigenous Ghanaian equity participation of 15% 
at the start of a new project, rising to a mandatory Ghanaian majority stake of 51% after 10 years; 
ongoing proj ects are also affected.  
19. Ghana is well endowed with mineral resources. The mining sector contributes about 12% to 
GDP. Export earnings from the four major minerals (gold, diamonds, manganese, and bauxite) 
amounted to about USD  5.1 billion in 2021, down from  about USD  7.2 billion in 2020. The country's 
mining policy is aimed at diversification of its mineral production base, beneficiation, measures to 
stop illegal mining, and good governance. Tariff protection for mineral products (ISIC definition) 
averaged 5 .1% in March 2022.  
20. The manufacturing sector has been in decline and currently contributes about 11% to GDP. 
The main industries include agricultural and timber processing, breweries, aluminium smelting, 
cement, oil refining, textiles, electronics, and phar maceuticals. The average applied MFN tariff on 
manufactured products (ISIC definition) was 12.3% in March 2022; tariffs are higher on textiles 
(16.3%) and clothing (20%). Ghana's 10 -point Industrial Transformation Agenda ranges from the 
One District One Fa ctory scheme to automobile assembly and pharmaceutical incentive schemes. 
Moreover, import prohibitions apply to certain drugs reserved for local production.  
21. The services sector contributes about 48% to GDP (up from 41% in 2014). Ghana has a largely 
open t rade regime on services which, together with large investments in infrastructure, helps e xplain 
the development of its services sector. The services regime remains largely unchanged, apart from 
a new Insurance Act adopted in 2021. Also, starting in 2017, t he Bank of Ghana proceeded to a 
major clean -up of the banking sector. According to the IMF, Ghana's financial sector is now more 
stable, and its banks are better capitalized. Ghana has experienced remarkable growth of its trade 
in services. Services export s in 2019 (before the pandemic) reached about USD  10 billion (up from 
about USD  2 billion in 2014) and imports surged to about USD  13.5 billion (up from about 
USD 4.5 billion). Business services account for most of this trade expansion, as a growing number  
of multinational companies have chosen their headquarters in Ghana to supply business services to 
other African countries.  
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  1  ECONOMIC ENVIRONMENT  
1.1  Main Features of the Economy  
1.1.  Ghana is a natural resource -based economy with strong democratic institutions and good 
governance, which have contributed to attracting foreign investment, driving economic growth, and 
reducing poverty.1 The per capita income of Ghana's 31  million people reached approximately 
USD 2,200 in 2020, an imp rovement since the previous Review in 2014 as Ghana has so far 
weathered the economic impact of the COVID -19 pandemic fairly well (Table 1.1). The World Bank 
ranks Ghana as a lower middle -income country.2 
1.2.  Agriculture and mining remain the main pillars of the economy, contributing about one third to 
GDP (Table 1.1). Ghana is the world's second -largest cocoa producer, after Côte  d'Ivoire. Despite 
its agricultural potential, Ghana remains a net food importer. The fisheries sector, including its 
important fres hwater fisheries resources, contributed approximately 1% to GDP in 2020, a decline 
over the review period (Table 1.1). The country has a coastline of 550  km and an Exclusive Economic 
Zone (EEZ) of 225,000 km2. The forestry and logging sector contributed 1. 1% to GDP in 2020 and 
remains an important foreign exchange earner.  
1.3.  Ghana's manufacturing sector is small (about 11% of GDP) and consists mainly of agricultural 
and timber processing, breweries, aluminium smelting, cement production, oil refining, textiles , 
electronics, and pharmaceuticals. Ghana is Africa's second -biggest producer of gold, and is rich in 
diamonds, and oil and gas. Exports of cocoa beans, unwrought gold, and crude oil together account 
for close to 80% of Ghana's merchandise exports. The eco nomy is thus vulnerable to commodity 
terms -of-trade shocks (Chart  1.1), although trade in services has grown strong as several 
multinational companies have chosen Ghana to supply the African continent. Trade in goods and 
services accounts for 68% of GDP (T able 1.1).  
Table 1.1 Selected macroeconomic indicators, 2014 -20 
 
2014  2015  2016  2017  2018  2019  2020a 
Nominal GDP (GHS  billion)  158.7  183.5  219.6  262.8  308.6  356.5  383.5  
Nominal GDP (USD  billion)  54.1 48.6 56.0 60.3 67.3 68.3 68.5 
Real GDP percentage change (in constant 
prices, base year 2013):  2.9 2.1 3.4 8.1 6.2 6.5 0.4 
 Real oil and gas sector GDP   9.3 2.0 -15.6 80.3 7.9 14.4 -4.6 
 Real non -oil sector GDP   2.5 2.1 4.5 4.6 6.1 5.8 0.9 
 Real informal GDP    2.2 2.8 2.7 6.1 2.6 5.9 -0.8 
Population (million)  27.0 27.7 28.3 29.0 29.6 30.3 31.0 
Share of informal GDP (at current prices)  27.9 28.3 29.6 28.1 26.5 25.3 26.4 
Per capita GDP (USD  at current prices)  1,999  1,756  1,979  2,083  2,273  2,257  2,214  
Unemployment rate (%)  5.2 11.9 .. 6.0 .. .. 7.8 
GDP by economic activity (% of GDP at current basic prices)  
Agriculture  21.5 21.8 22.5 21.0 19.5 18.5 20.5 
 Crops  15.5 15.8 17.2 16.3 15.3 14.7 16.6 
 of which: cocoa  3.0 2.8 2.5 2.2 2.0 1.7 1.8 
 Livestock  2.7 2.5 2.3 2.0 1.8 1.7 1.7 
 Forestry and logging  2.0 2.0 1.7 1.6 1.5 1.3 1.1 
 Fishing  1.3 1.5 1.4 1.1 0.9 0.9 1.0 
Mining and quarrying  15.4 10.2 8.3 10.7 13.7 14.2 12.2 
 of which: oil and gas  6.6 2.8 0.5 3.7 5.9 6.4 3.8 
Manufacturing  12.1 12.1 11.7 10.9 10.9 10.9 11.1 
Electricity  1.0 1.8 1.7 1.8 1.5 1.3 1.3 
Construction  8.3 8.9 7.3 7.8 6.7 6.2 6.3 
Services  41.2 44.2 47.5 46.8 47.0 48.2 47.9 
 
1 Heritage Foundation, 2022 Index of Economic Freedom: Ghana . Viewed at: 
https://www.heritage.org/index/country/ghana . 
2 World Bank, Data for Ghana . Viewed at: https://data.worldbank.org/?locations=GH -XN. WT/TPR/S/427 • Ghana  
 
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2014  2015  2016  2017  2018  2019  2020a 
 Trade; repair of vehicles, household 
goods  11.7 12.9 14.5 14.5 15.6 16.1 15.5 
 Hotels and restaurants  3.7 3.5 3.7 3.9 3.8 3.7 2.5 
 Transport and storage  5.4 6.0 6.5 7.1 7.3 7.1 7.2 
 Information and communication  2.0 2.3 2.2 2.1 2.5 3.1 3.6 
 Financial and insurance activities  4.9 5.6 6.6 4.9 4.0 3.8 3.9 
 Real estate  0.9 1.3 1.8 2.3 2.2 2.7 3.0 
Real GDP growth by economic activity (at constant 2013 prices)  
Agriculture  0.9 2.1 2.7 6.2 4.9 4.7 7.4 
 Crops  2.8 1.7 2.2 7.2 5.8 5.3 8.7 
 of which: cocoa  4.3 -8.0 -7.0 9.2 3.7 5.4 1.9 
 Livestock  5.1 5.2 5.4 5.7 5.4 5.4 5.4 
 Forestry and logging  -1.5 -3.9 2.9 3.4 2.4 -1.7 -9.2 
 Fishing  -23.3 8.5 3.1 -1.4 -6.8 1.7 14.4 
Mining and quarrying  5.4 -8.3 -0.2 30.8 23.3 12.6 -11.0 
 of which: oil and gas  9.3 2.0 -15.6 80.3 7.9 14.4 -4.6 
 of which: gold  1.7 -19.0 17.2 -2.8 19.6 -5.6 -12.2 
Manufacturing  -2.6 3.7 7.9 9.5 4.1 6.3 1.4 
Electricity  1.3 17.7 -5.8 19.4 5.5 6.0 7.9 
Construction  -0.4 9.5 8.4 5.1 1.1 -4.4 2.9 
Services  5.2 2.9 2.8 3.4 2.8 7.6 1.5 
 Trade; repair of vehicles, household 
goods  2.0 0.5 -0.4 8.2 2.8 3.7 -1.1 
 Hotels and restaurants  1.5 4.1 2.3 7.6 3.2 6.0 -34.8 
 Transport and storage  5.8 2.6 1.1 8.9 1.1 4.3 3.7 
 Information and communication  29.7 11.9 5.6 4.2 13.1 46.5 22.5 
 Financial and insurance activities  21.4 12.9 8.0 -17.7 -8.2 1.6 5.5 
 Real estate  -0.3 3.1 3.2 3.8 -6.5 19.9 12.5 
Central government public finance (% of GDP)  
Total revenues and grants  15.6 17.5 15.3 15.8 15.4 15.0 14.4 
Total expenditures  20.1 21.0 23.3 19.8 18.9 19.0 25.1 
Overall balance (commitment)  -4.5 -3.6 -7.9 -4.0 -3.4 -4.1 -10.8 
Total public debt  50.1 54.6 55.7 54.3 56.1 61.2 76.1 
 Domestic debt  22.1 22.0 24.3 25.4 28.2 29.6 39.1 
 External debt  28.1 32.6 31.4 28.9 27.9 31.6 37.0 
Money and interest rates  
Broad Money (M2) (percentage change)  33.0 26.6 24.6 19.8 16.1 16.0 35.1 
Commercial banks lending rate (%, end of 
period)  29.0 27.5 28.1 26.2 24.0 23.7 21.1 
Savings deposit rate (%, end of period)  5.0 6.1 6.1 7.6 7.6 7.6 7.6 
Monetary Policy Rate (%, end of period)  21.0 26.0 25.5 20.0 17.0 16.0 14.5 
Inflation (CPI percentage change, period 
average)  15.5 17.2 17.5 12.4 9.8 7.1 9.9 
External sector  
GHS/USD  (period average)  2.9 3.8 3.9 4.4 4.6 5.2 5.6 
GHS/EUR  (period average)  3.8 4.1 4.3 4.9 5.4 5.8 6.4 
Nominal effective exchange rate 
(percentage change; minus=depreciation)  -30.6 -15.7 -0.1 -9.6 -6.4 -8.5 -5.8 
Real effective exchange rate (percentage 
change; minus=depreciation)  -21.8 -2.7 14.8 -1.4 -8.4 -4.1 1.4 
Current account (% of GDP)  -6.8 -5.8 -5.1 -3.3 -3.0 -2.7 -3.1 
Trade in goods and services (% of GDP)  63.8 76.6 67.9 70.5 68.0 76.8 68.0 
Workers' remittance inflows (% of GDP)  3.7 10.3 5.3 5.9 5.2 5.0 5.2 
Gross international reserves (USD  billion)  5.5 5.9 6.2 7.6 7.0 8.4 8.6 
 in months of imports of goods and 
services  3.2 3.5 3.5 4.3 3.6 4.1 4.1 WT/TPR/S/427 • Ghana  
 
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2014  2015  2016  2017  2018  2019  2020a 
FDI inflow (USD  billion)  3.4 3.2 3.5 3.3 3.0 3.9 1.9 
FDI inward stock (USD  billion)  23.2 26.4 29.9 33.1 36.1 40.0 41.9 
Brent crude oil price (USD/barrel)  99.4 53.6 45.0 54.8 71.5 33.1 42.7 
Cocoa price (USD/kg)  3.0 3.1 2.8 2.0 2.3 1.2 2.5 
Gold (USD/troy oz)  1,265.6  1,160.7  1,249.0  1,257.6  1,269.2  1,392.5  1,770.3  
.. Not available.  
a Provisional data.  
Source:  Ghana Statistical Service, Economic . Viewed at: https://statsghana.gov.gh/ ; Bank of Ghana, 
Economic Data . Viewed at: https://www.bog.gov.gh/economic -data/ ; UNCTAD Stat. Viewed at: 
https://unctadstat.unctad.org/EN/ ; and IMF data. Viewed at: https://data.imf.org /. 
Chart 1.1 Prices of gold, cocoa beans, and crude oil, 2006 -20 
 
Note:  2022 data refer only to January and February.  
Source:  World Bank, Commodity Markets . Viewed at: https://www.worldbank.org/en/research/commodity -
markets . 
1.2  Recent Economic Developments  
1.4.  Over the review period (2014 -21), Ghana experienced three phases of modest to strong 
economic growth , while the country continued to face challenges to stabilize the economy.  
1.5.  In fact, from 2014 to 2016, Ghana witnessed a sharp economic slowdown with an average real 
GDP growth of 2.8% (down from an average of 6.6% in 2010 -13), which was related to the cou ntry's 
banking and energy crisis (see below), and a drop in the export prices of its key commodities 
(Chart  1.1). The economic downturn was accompanied by high fiscal deficits, double -digit inflation, 
and an increased debt burden.3 
 
3 IMF (2017), Ghana:  2017 Article  IV Consultation, Fourth Review Under the Extended Credit Facility 
Arrangement, Request for Waiver for Nonobservance of Performance Criteria, and Request for Extension of 
Rephrasing of the Arrangement , IMF Country Report No.  17/262. Viewed at: 
https://www.imf.org/en/ Publications/CR/Issues/2017/09/06/Ghana -2017-Article -IV-Consultation -Fourth -
Review -Under -the-Extended -Credit -Facility -45224 .  
050100150200250300350
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022Crude oil Cocoa GoldChart 1.[GHA] Prices of gold, cocoa, and crude oil, 2006 -22
(Index 2006=100)
Source: World Bank, Commodity Markets . Viewed at: https://www.worldbank.org/en/research/commodity -markets.Note: The 2022 data only refers to January and Febuary. WT/TPR/S/427 • Ghana  
 
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  1.6.  From 2017 to 2019, foll owing a change in government, macroeconomic stability improved. Real 
GDP growth rebounded to an average of 6.9%, inflation was brought under control, and the 
Government's budget situation improved, thanks to greater fiscal discipline.  
1.7.  In 2020, the Ghanaian  economy h eld up comparatively well with GDP growth of 0.4%, despite 
the worldwide COVID -19-related lockdowns, and closures of businesses and borders. This came at 
the expense of a record fiscal deficit and public debt (see below), as the Government interv ened 
heavily to support vulnerable households and businesses through the Coronavirus Alleviation 
Programme. The IMF expects the economy to recover to 4.7% real growth in 2021, supported by a 
good cocoa harvest, mining activity, and services.4 
1.8.  The agricult ure sector (including forestry and fishing) contributed 20.5% to GDP in 2020 and 
provided formal and informal employment for over 40%  of the workforce. Growth in agriculture has 
been stimulated by a new agricultural support programme since 2017 (Section 4. 1.2) and averaged 
5.8% in 2017 -20. 
1.9.  Mining and quarrying contributed about 13% to GDP in recent years (down from 15.4% of GDP 
in 2014). The oil and gas sector has recorded impressive growth rates in some years (up 80% in 
2017), as a new oil field came into production. Overall, the size of the oil and gas sector in the 
economy is still relatively small (3.8% of GDP in 2020).  
1.10.   Developments in Ghana's electricity sector have weighed on economic stability. Following an 
energy crisis in 2014 with severe power cuts , the Government's commissioning of excess electricity  
generation capacity5 and unviable electricity tariffs charged by the state -owned utilities became a 
major fiscal burden (Section 4.2). In 2020, Ghana spent over 2% of GDP to support the electricity 
sector.6 An Energy Sector Recovery Plan was launched to restore the supply -demand balance in 
power  generation capacity and the financial viability of the sector.  
1.11.   The financial services sector is now more stable, and Ghana's banks are better capitalized, 
according to the IMF.7 This follows a bailout of the financial sector undertaken during 2017 -21, which 
involved nine banks, and the closure of insolvent non -bank deposit -taking institutions and asset 
management companies, and cost GHS  22.7 billion (approxima tely USD  3.8 billion), almost 7% of 
GDP. In June 2021, Ghana was taken off the Financial Action Task Force's anti -money laundering 
and counter -terrorism financing list of countries subject to increased monitoring.  
1.12.   The economic policy is guided by the Ghana  Beyond Aid development strategy aimed at 
diversifying the economy through agricultural modernization and industrialization. Ghana thereby 
intends to strengthen the economy's resilience to external shocks and reduce the risks of economic 
growth being fuell ed by volatile gold and oil exports.  
1.13.   In November 2020, Ghana adopted a fiscal stimulus and reform programme called the Ghana 
COVID‑19 Alleviation  and Revitalisation of Enterprise Support (Ghana  CARES – "Obaatan pa") 
Programme. The financing needs for Ghana  CARES are estimated at GHS  100 billion over 2020 -23 
(about USD  18 billion), with a significant share expected to come from private sector investments. 
The funds are intended for investments i n strategic  industries, namely agriculture and agri -business 
with a focus on self -sufficiency; industry (textiles, pharmaceuticals, automotive industry, heavy 
industry, and petrochemicals); infrastructure; creation of a technology hub; and creation of a 
financial ser vices hub. The country recently adopted an automobile policy to encourage foreign car 
manufacturers to establish assembly plants in the country (Section 4). The Government has also 
embarked on a D igital Inclusion Agenda to support the digitization of the e conomy and improve tax 
collection.8 
 
4 IMF (2021), Ghana: Staff Report for the Article  IV Consultation , IMF Country Report No.  21/165. 
Viewed at: https:/ /www.imf.org/en/Publications/CR/Issues/2021/07/23/Ghana -2021-Article -IV-Consultation -
Press -Release -Staff-Report -and-Statement -by-the-462570 . 
5 The Government signed power purchase agreements with independent power producers prior to 2017 
that require gener ation capacity payments even when the plants involved are idle.   
6 IMF Country Report No.  21/165.  
7 IMF Country Report No.  21/165 , p. 27.  
8 Ministry of Communications and Digitalisation, Government Embarks on Digital Inclusion Agenda . 
Viewed at: https://www.moc.gov.gh/government -embarks -digital -inclusion -agenda . WT/TPR/S/427 • Ghana  
 
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  1.14.   Ghana pursued an expansionary fiscal policy during the review period. The budget deficit in 
2019 reached 4.7% (7.5%, including the energy and financial sector bailouts) and the COVID -19 
pandemic contributed to further w idening the deficit to 11.7% (15.2%) in 2020. Ghana had to 
suspend for FY2020 the budget deficit limit (5% of GDP) set in the Fiscal Responsibility Act, 2018.  
1.15.   Ghana's public deficit is fuelled by widespread exemptions and avoidance that limit the 
effective ness of fiscal policy9, while the introduction of numerous new taxes and levies since the 
previous Review (Section 3.1) may have adverse effects on the economy's competitiveness.10 In 
2018, the Ghana Revenue Authority carried out a tax amnesty programme u nder the Tax Amnesty 
Act, 2017 (Act  955) that waives penalties and interest for registered taxpayers, provided they submit 
outstanding tax returns and pay the relevant taxes, and for unregistered taxpayers, provided they 
register and submit outstanding inc ome tax returns for 2014 -16. 
1.16.   According to the IMF, Ghana is at high risk of debt distress, following massive borrowing on 
the international capital markets (see below).11 Its public sector debt rose from 50.1% of GDP in 
2014 to 76.1% in 2020, and is expect ed to reach 79% of GDP by end -2021, in part due to the 
financial sector bailout and the energy sector debts that were absorbed by the budget.  
1.17.   Ghana's monetary policy as implemented by the Bank of Ghana (BoG) is guided by an inflation 
targeting framework; i t aims to contain inflation within a medium -term target of 8% plus/minus 2%. 
However, limiting inflation has been a challenge, with annual rates exceeding 10% in the 2014 -17 
period (Table 1.1). After falls in 2018 and 2019, the inflation rate rose again in  2020 (up by 9.9%) 
due to rising food prices following the partial lockdown in April 2020.  
1.18.    Since 2016, the BoG has adhered to a commitment on zero monetary financing of the budget 
deficit (except in 2020 when the Government triggered an Asset Purchase Pro gramme to mitigate 
the impact of COVID ‑19 on government revenues), which has contributed to a significant reduction 
in inflation.12 By law, BoG financing of the budget deficit in any fiscal year is limited to 5% of the 
previous year's total revenues.13 
1.19.   After a tightening cycle in 2012 -16, the monetary policy stance of the BoG became more 
accommodating, particularly in 2020, to mitigat e the economic impact of the pandemic. The 
Monetary Policy Rate was cut from 16% to 14.5% in March 2020 and reserve requirements were 
reduced from 10% to 8%. There is a significant gap between the commercial banks' lending rate 
(21% at end -2020) and the sa vings deposit rate (7.6% at end -2020); Ghana's challenge is to reduce 
its domestic cost of finance for entrepreneurs.  
1.20.   The Ghana cedi is the national currency. The value of the currency significantly depreciated 
over the review period; in fact, the cedi has  lost almost half its value against the US dollar since 
2014 (Table 1.1).  
1.21.   Ghana has de jure  a floating exchange rate regime, according to the IMF.14 Ghana remains 
committed to a flexible exchange rate regime, although the BoG intervenes from time to time t o 
limit exchange rate volatility.  
1.22.   Ghana retains repatriation requirements for foreign exchange (Section 3.2.2). The surrender 
requirements to the BoG of cocoa and gold export proceeds were eliminated in July 2016. Ghana 
has no foreign exchange restrictions  on payments and transfers for current transactions, according 
to the authorities.  
 
9 For example, there have been regular requests for duty -free vehicle imports by Members of 
Parliament, see: Arhin ful, E. (2021), "MPs, Council of State Members to Get $13.3M Tax Waiver on Imported 
Cars", CNR, 14 July. Viewed at: https://citinewsroom .com/2021/07/mps -council -of-state-members -to-get-13-
3m-tax-waiver -on-imported -cars/. 
10 IMF Country Report No.  21/165, p. 51.  
11 IMF Country Report No.  21/165 . 
12 IMF (2019), Ghana: Staff Report for the 2019 Article  IV Consultation , IMF Country Report No.  19/367, 
p. 14. Viewed at: https://www.imf.org/en/Publications/CR/Issues/2019/12/18/Ghana -2019-Article -IV-
Consultation -Press -Release -Staff-Report -and-Statement -by-the-Executive -48883 . 
13 Bank of Ghana (Amendment) Act, 2016 (Act 918), Section  16. 
14 IMF Country Report No.  21/165.  WT/TPR/S/427 • Ghana  
 
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  1.23.   Ghana recorded a considerable reduction in its current account deficit from over USD  5 billion 
(12% of GDP) in 2012 and 2013, down to an average of around USD  2 billion in 2 017-20 (about 3% 
of GDP). This was achieved thanks to significantly higher exports of gold, and oil and gas, as well as 
higher remittances. In 2020, the current account deficit increased slightly, as exports were hit by a 
large decline in oil prices. Nonet heless, the current account deficits were offset by continued inflows 
of foreign direct investment (FDI) and portfolio investment (Table 1.2).  
1.24.   Gross official international reserves have improved significantly since the previous Review 
(Table  1.1). In US do llar terms, international reserves reached USD  8.6 billion by end -2020 (up from 
USD 5.5 billion by end -2014), providing an import cover of goods and services of approximately 
3.2 months. Thanks to its natural resource endowment and political stability, Gha na has been able 
to tap the international capital markets to finance its current account deficits. T he BoG intends to 
start domestic purchases of gold to build up its gold reserves, and thereby enhance investor 
confidence in the economy and achieve favoura ble external financing conditions.  
Table 1.2 Balance of payments, 2014 -20 
(USD million )  
2014  2015  2016  2017  2018  2019  2020a 
Current account  -3,694.5  -2,823.8  -2,840.5  -2,002.6  -2,043.6  -1,864.0  -2,134.0  
Merchandise trade balance  -1,383.4  -3,144.0  -1,781.8  1,187.1  1,808.7  2,256.8  2,043.0  
 Exports (f.o.b.)  13,216.8  10,321.1  11,138.3  13,834.8  14,942.7  15,667.5  14,471.5  
 Cocoa (& products)  2,612.9  2,720.8  2,572.2  2,661.4  2,180.0  2,288.4  2,328.2  
 Gold 4,388.1  3,212.6  4,919.5  5,786.2  5,435.7  6,229.7  6,799.1  
 Timber (& 
products)  185.1  208.8  255.7  215.0  221.0  169.0  134.0  
 Crude oil  3,725.0  1,931.3  1,345.2  3,114.9  4,573.4  4,493.1  2,910.6  
 Imports (f.o.b.)  -14,600.2  -13,465.1  -12,920.1  -12,647.8  -13,134.1  -13,410.7  -12,428.6  
 Non-oil -10,906.3  -11,418.3  -11,085.2  -10,655.6  -10,553.2  -10,990.4  -10,538.0  
 Oil and gas  -3,694.0  -2,046.7  -1,834.9  -1,992.1  -2,580.9  -2,420.3  -1,890.5  
Services (net)  -2,602.1  -1,166.6  -1,293.3  -2,873.0  -2,514.4  -3,572.7  -4,511.3  
 Credit  2,044.8  6,142.2  6,333.0  6,602.0  7,572.0  9,924.8  7,605.5  
 Debit  -4,646.9  -7,308.8  -7,626.3  -9,475.0  -10,086.5  -13,497.6  -12,116.8  
Income (net)  -1,717.4  -1,110.9  -1,222.1  -2,740.9  -3,921.8  -3,952.1  -3,398.5  
 Credit  110.8  394.4  238.0  309.3  598.3  482.9  738.5  
 Debit  -1,828.2  -1,505.3  -1,460.0  -3,050.2  -4,520.1  -4,435.1  -4,137.0  
Transfers (net)  2,008.5  2,597.7  1,456.6  2,424.2  2,583.0  3,404.1  3,732.9  
 Private (net)  1,998.9  2,375.3  1,431.0  2,424.2  2,564.3  3,386.4  3,564.8  
 Official (net)  9.6 222.4  25.6 0.0 18.7 17.7 168.1  
Financial & capital account  3,752.8  3,123.2  2,557.9  3,015.7  1,500.4  3,067.6  2,887.2  
 Capital (net)  0.0 473.9  274.3  242.2  257.8  257.1  250.1  
 Financial account (net), 
of which:  3,752.8  2,649.4  2,283.6  2,773.5  1,242.6  2,810.5  2,637.1  
 Direct investments  3,357.0  2,970.9  3,470.7  3,239.1  2,908.2  3,292.1  1,333.4  
 Portfolio investments  835.9  900.0  553.7  2,536.1  929.0  2,297.7  1,561.2  
 Financial derivatives  .. .. .. -1,009.7  1,493.1  -85.8 329.7  
 Other investment  -440.1  -1,221.5  -1,530.9  -1,992.0  -4,087.6  -2,693.4  -587.2  
Net errors and omissions  -144.4  -315.4  530.1  78.3 -128.3  137.3  -385.7  
Overall balance  -86.1 -15.9 247.4  1,091.4  -671.5  1,341.0  367.5  
.. Not available.  
a Provisional.   
Source:  BoG, Balance of Payments . Viewed at: https://www.bog.gov.gh/economic -data/balance -of-
payment/ ; and information provided by the  authorities . WT/TPR/S/427 • Ghana  
 
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  1.3   Developments  in Trade and Foreign Direct Investment  
1.3.1   Merchandise trade  
1.25.   Total merchandise exports reached approximately USD  17 billion in 2018 and 2019 (Chart  1.2 
and Table A1.1). Ghana continued to rely on mostly unprocessed natural resources  for close to 80% 
of its total exports of goods, up from 72% in 2014: these are unwrought gold, crude oil, and cocoa 
beans (and some preparations).  
1.26.   After the exceptional expansion of merchandise exports during the 2007 -12 period, with a 
quadrupling from US D 4 billion in 2007 to nearly USD  18 billion in 2012 that was mostly due to the 
inception of oil exports and a rise in gold prices (Chart 1.1), a stabilization occurred in 2014 and 
2015, followed by a fall in 2016 that largely mirrored the falls in commodi ty prices, and an increase 
to approximately USD  17 billion in 2018 -19 as gold prices increased again.  
1.27.   Ghana also exports timber and timber products (such as veneer) and canned tuna, and is a 
small exporter of coffee and cotton. It also exports essential oi ls, perfumes, and cosmetics. Other 
non-agricultural exports include chromium ores and concentrates, aluminium, platinum, refined 
petroleum fuels, and electrical energy (USD  32 million, mainly to Benin and Togo).  
1.28.   Merchandise imports declined from nearly USD  16.8 billion in 2014 to USD  10.4 billion in 2019 
as oil prices decreased, and further in 2020 as COVID -19 disrupted import flows. Indeed, imports of 
mineral products (mostly refined petroleum) have decreased substantially in both absolute and 
relative ter ms, as their price declined on world markets. Food continues to account for over 17% of 
imports, despite Ghana's agricultural potential.  
1.29.   Turning to trade partners, Ghana's main export partners are Switzerland (unwrought gold and 
cocoa beans), South  Africa and India (unwrought gold and crude petroleum), China (crude 
petroleum and manganese), the United Arab Emirates (unwrought gold), and the European  Union 
(cocoa beans and cocoa butter and paste, and crude petroleum). Exports of manganese ores h ave 
been expanding steadily. Exports of cashew nuts in shell have been erratic, suggesting that exports 
from other countries may be transiting through Ghana (and reciprocally), depending on the level of 
producer prices.  
1.30.   The European  Union remains Ghana's m ain supplier (Chart 1.3). Imports from China 
continued to increase as a share of total imports, while the import share of Ghana's African trade 
partners declined.  WT/TPR/S/427 • Ghana  
 
- 17 - 
 
  Chart 1.2 Product composition of merchandise t rade by main HS section/subheading, 
2014 and 2019  
 
Source:  WTO Secretariat calculations, based on UN Comtrade.  
 
Chart 1.[GHA]  Product composition of merchandise trade by main HS sections/subheadings, 2014 and 2019
2014 2019
Petroleum 
oil, crude 
(HS 2709)
31.3%
Vegetable 
products 2.9%
Cocoa beans 
(HS 1801)
11.0%Cocoa paste
(HS 1803) 
2.4%Cocoa butter, fat 
and oil
(HS 1804) 
2.0%Gold (HS 7108) 
37.0%Plastics and 
rubber 
1.7%
Total:   USD 15.5 billion Total:  USD 16.8 billion  
Base metals & 
articles thereof
8.5%
Chemicals 
7.3%
Live animals & 
products 
3.4%Vegetable 
products
10.2%Textiles and textile 
articles
1.7% 
Pulp of wood; paper 
and paperboard
3.4% 
Vegetable 
products
6.8%Live animals & 
products 
4.2%Textiles and 
textile articles
2.4% 
Pulp of 
wood; 
paper and 
paperboard
2.1% 
Mineral 
products 
6.5%Base metals &
articles thereof
9.6% 
Total:   USD 16.8 billion Total:   USD 10.4 billion Other
11.6%
Source:  WTO Secretariat calculations, based on UNSD Comtrade.Other 
7.5%Petroleum oils, 
crude
(HS 2709) 
28.4%
Other
9.7%Transport
equipment
16.4%Other
19.6%
Chemicals 
10.5%Transport
equipment
13.4%Vegetable 
products 2.1%
Machinery;
electrical equipment
20.5% Machinery; 
electrical equipment
19.6% 
Plastics & 
rubber 
6.5% Plastics & rubber
5.6% Cocoa butter, fat 
and oil
(HS 1804) 
1.4%Gold (HS 7108) 
30.2%Exports (f.o.b.)
Imports (c.i.f.) 
Mineral 
products 
12.6%Cocoa beans 
(HS 1801)
13.0%Cocoa paste
(HS 1803) 
3.1%
Prepared food,
beverages & 
tobacco
6.0%Prepared food,
beverages & 
tobacco
5.7%Plastics and 
rubber 
2.2%WT/TPR/S/427 • Ghana  
 
- 18 - 
 
  Chart 1.3 Direction of merchandise trade, 2014 and 2019  
 
Source:  WTO Secretariat calculations, based on UN Comtrade; and information provided by the authorities.  
1.3.2   Services trade  
1.31.   Exports of services expanded strongly during 2014 -20, reaching nearly USD  10 billion in  2019, 
five times the level recorded in 2014, before decreasing in 2020 to USD  7.6 billion (Chart  1.4). The 
fastest -growing sector was technical, trade -related, and other business services. This reflects the 
decision of several multinational communications  and social media companies to establish their 
headquarters for Africa in Ghana.15 Professional and management consulting services have also 
expanded sizeably, as have financial services. Ghana's imports of services have nearly tripled since 
2014, to appro ximately USD  13.5 billion in 2019, before declining to USD  12.1 billion in 2020. 
Imports of technical, trade -related, and other business services expanded most during the period, 
and transport services continued to be in strong demand due to accelerated ec onomic growth and 
development.  
 
15 See for example the case of Twitter: Twitter (2021), "Establishing Twitter's Presence in Africa, 
12 April. Viewed at: https://blog.twitter.com/en_us/t opics/company/2021/establishing -twitter -s-presence -in-
africa . Microsoft has also chosen to establish a Centre of Excellence in Ghana. Africa Outlook, Accra to Become 
First 'Centre of Excellence' in Africa with Microsoft CityNext Applications . Viewed at: 
https://www.africaoutlookmag.com/industry -insights/article/721 -accra -to-become -first-centre -of-excellence -
in-africa -with-microsoft -citynext -applications . 
Europe
38.2%
United Kingdom 
3.3%Africa 
27.0%Other 
Africa 
6.0%
South Africa 
11.8%
United Kingdom 
2.5%Africa 
17.7%
Europe
33.4%
Switzerland 
14.7%Other Europe 
1.0%United Arab 
Emirates
5.4%
Asia 
31.9%
Turkey 2.6%
United 
Kingdom 
4.0%Other 
Europe 
1.0%Africa 
11.2%South Africa 
2.6%Other Africa 
8.5%United Arab 
Emirates
4.1%
Americas
16.3% Europe
29.9%
Other America
8.9%United 
States 
9.4%Asia 
37.6%
Turkey 4.5%
Other America
5.1%United 
Kingdom 
6.6%Other Europe 
2.1%South Africa 
3.4%Other Africa 
7.0%United Arab 
Emirates
2.6%India 5.6%
Europe
31.8%Africa 
10.4%
Americas
14.4% Chart 1.[GHA] Direction of merchandise trade, 2014 and 2019
2014 2019
Exports (f.o.b.)
Source: WTO Secretariat calculations, based on UNSD Comtrade.Other Asia 12.6%Imports (c.i.f.)
India 5.9%Total: USD 15.5 billion Total: USD 16.8 billion
Total:  USD 16.8 billion Total: USD 10.4 billionOther
3.3%
Other
3.1%China
16.7%
EU-27
26.2%Other Asia 6.5%
EU-27
22.2%China
18.2%
EU-27
18.6%India 5.2%
Switzerland 
7.4%
Other  
6.7%China
13.4%
Other Asia 13.9%Other 1.9%India 14.2%
EU-27
15.2%Other Europe 1.2%United States 
2.0%United Arab 
Emirates
7.3%
Other Africa 10.9%
South Africa 
16.1%United States
4.2%Asia 
37.4%
United States 
7.4%Other Asia 11.7%
Asia 
22.3%China 
5.4%WT/TPR/S/427 • Ghana  
 
- 19 - 
 
  Chart 1.4 Trade in services, 2014 -20 
 
Source:  BoG, Economic Data . Viewed at: https://www.bog.gov.gh/economic -data/ . 
1.3.3   Foreign investment  
1.32.   FDI inflows have shown, albeit fluctuating considerably, a declining trend since 2014 
(Chart  1.5). Most FDI in recent years flowed into the services industries and manufacturing . Ghana 
also recorded substantial portfolio investment flows , but the latter are vulnerable to investor 
confidence, as witnessed by the decline in the capital and financial account surplus from nearly 5% 
of GDP in 2019 to less than 1% of GDP in 2020. Remittances are considerably more stable, and high 
by internation al comparison, at about 5% of GDP annually.  
Chart 1.5 FDI flows, 2007 -20 
 
Source:  UNCTAD Stat. Viewed at: https://unctadstat.unctad.org/EN/ ; BoG; and IMF data.  
 
0.02.04.06.08.010.012.0
2014 2015 2016 2017 2018 2019 2020
Transport Travel
Technical, trade-related, and other business services Insurance and pension services
Government goods and services n.i.e. Other0.02.04.06.08.010.012.014.016.0
2014 2015 2016 2017 2018 2019 2020Chart 3.[GHA]   Trade in services by sector
(USD billion) (USD billion)
Source: Source: Bank of Ghana, Economic Data. Viewed at: https://www.bog.gov.gh/economic -data/ExportsImports
0%1%2%3%4%5%6%7%8%9%
0.00.51.01.52.02.53.03.54.04.5
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020FDI inflow % of GDPChart 1.[GHA] FDI flows 
(USD billion)
Source: UNCTAD Stat. Viewed at:  https://unctadstat.unctad.org/EN/; Bank of Ghana; and IMF data.WT/TPR/S/427 • Ghana  
 
- 20 - 
 
  2  TRADE AND INVESTMENT REGIMES  
2.1  General Framework  
2.1.  In January 2023, Ghana is to achieve 30 years of uninterrupted democratic rule and political 
stability. This contributes to explaining the country's remarkable economic and social progress. Its 
1992 Constitution separates the powers among the President, Parliament, and the judiciary.1 Since 
its inception, the Constitution has not had any formal amendments, although many of its provisions 
have been the subject of interpretation by the Supreme Court of Ghana, and certain articles have 
been modified.  
2.2.  Executive power is vested in the Presi dent, who is elected by popular vote every four years, 
with a maximum of two consecutive terms of office. Presidential elections were held in 
December  2020. The President is the Head of State, head of Government, and Commander -in-Chief 
of the armed forces;  he appoints Ministers, subject to parliamentary approval.  
2.3.  Ghana is a republic comprising 16 administrative regions and 261 districts. Each region is 
headed by a Regional Minister who is the direct representative of the Government. The districts are 
admini stered by assemblies of directly elected and appointed members.  Each assembly is headed 
by a Chief Executive, appointed by the President and approved by the District Assembly.  
2.4.  Legislative authority is vested in a unicameral Parliament, currently comprising  275 members, 
who are elected  by universal suffrage every four years. The next legislative election is scheduled for 
December 2024.  
2.5.  The hierarchy of law consists of the Constitution of 1992; Acts of Parliament; and subsidiary 
legislation, including regulat ions, by -laws, ordinances, orders; and customary or traditional law. 
Domestic law has precedence over treaties and international agreements. Once ratified by 
Parliament, treaties and international agreements must be incorporated into domestic law before 
they have standing in Ghanaian courts (Article  75 of the Constitution). For example, Economic 
Community of West African States (ECOWAS) regulations, including the Common External Tariff, 
require ratification and domestication by Parliament before having a bi nding effect on Ghana.  
2.6.  The Government (Cabinet) initiates and formulates most legislative proposals. Acts are passed 
by Parliament and then given assent by the President. Ministers may also issue administrative 
regulations in accordance with powers conferr ed to them under specific legislation. All laws and 
regulations are published in the Ghana Gazette , which is apparently not available through any official 
website. Reforms in Ghana's trade -related legislation adopted since the last Review in 2014 are 
prese nted in Table 2.1.  
2.7.  The judicial system consists of the Supreme Court (the highest court), the Court of Appeal, the 
High Court of Justice, and the lower courts. There are also circuit and district community courts. A 
specialized Commercial Court serves as a  special division of the High Court.2 Tax courts in relation 
to civil and criminal matters are an integral part of the High Court.  
2.8.  The Ghana Arbitration Centre handles commercial, corporate, and securities arbitration, but it 
is apparently not intensively  used. The Alternative Dispute Resolution Act, 2010 (Act  798) (ADR  Act) 
now regulates arbitration in Ghana. Though not based on the UNCITRAL Model Law, the ADR Act has 
adapted and modified some of the key provisions of the Model Law. The Act will apply to all arbitral 
proceedings of enterprises having their seats in Ghana unless the parties otherwise agree.  
 
1 The Constitution was viewed at: https://judicial.gov.gh/index.php/preamble . 
2 There are 10  Commercial Courts in Accra, 2 in Cape Coast, 2 in Koforidua, 4 in Kumasi, 2 in 
Sekondi -Takoradi, 2 in Sunyani, and 2 in Tamale. Standing International Forum of Commercial Courts, Ghana . 
Viewed a t: https://sifocc.org/countries/ghana/ . WT/TPR/S/427 • Ghana  
 
- 21 - 
 
  Table 2.1 Selected trade -related laws and regulations adopted since 2014  
Area Legislation  Official websit e  
Land ownership  Land Act, 2020 (Act  1036)  n.a. 
Investment in 
infrastructure  Ghana Infrastructure Investment Fund Act, 2014 (Act  877) n.a. 
Customs duties 
and VAT  VAT (Amendment) Act, 2017 (Act  948) n.a. 
Other duties 
and charges  Financial Sector Recovery Levy Act, 2021 (Act 1067)  www.bcp.gov.gh   
 Energy Sector Levies (Amendment) Act, 2021 (Act  1064)   
Trade remedies  Ghana International Trade Commission Act, 2016 (Act 
926) www.gitc.gov.gh  
www.bcp.gov.gh   
 GITC Anti -Dumping Regulations, 2019 (L.I. 2380); GITC 
Customs Valuation Dispute Settlement Regulations, 2019 
(L.I. 2382); GITC Subsidy and Countervailing Measures 
Regulations, 2020 (L.I.  2425); and GITC Safeguard 
Measures Regulations, 2020 (L.I.  2426)   
SPS measures  Biosafety (Management of Biotechnology) Regulations, 
2018 n.a. 
Export finance  Ghana Export -Import Bank Act, 2016 (Act  911) www.bcp.gov.gh  
http://www.eximbankghana.com  
Government 
procurement  Public Procurement Act, 2003 (Act  663), as amended by 
Act 914 in 2016  https://ppa.gov.gh/  
Intellectual 
property  Trademarks (Amendment) Act, 2014 (Act  876); Industrial 
Designs Amendment Act, 2020 (Act  1033); and Plant 
Variety Protection Act, 2020 (Act  1050)  www.bcp.gov.gh  
 
Local content 
rules  Energy Commission (Local Content and Local Participation, 
Electricity Supply Industry) Regulations, 2017 (L.I.  2354);  n.a. 
 Petroleum (Local Content and Local Participation) 
Regulation, 2013   
Forestry  Forest Law Enforcement, Governance and Trade (FLEGT) 
licensing scheme  www.bcp.gov.gh  
www.lgs.gov.gh   
 Timber Resource Management and Legality Licensing 
Regulations, 2017 (L.I. 2254)   
Fishing  Fisheries (Amendment) Act, 2014 (Act  880)  www.bcp.gov.gh  
www.lgs.gov.gh   
 Fisheries (Amendment) Regulations, 2015   
Mining  Exploration and Production Law, 2016 (Act  919)   
 Petroleum (Exploration and Production) (General) 
Regulations, 2018 (L.I. 2359)  www.bcp.gov.gh  
www.lgs.gov.gh   
 Petroleum Exploration and Production Data Management 
Regulation, 2017 (L.I. 2257)   
Financial 
services  Banks and Specialized Deposit -Taking Institutions Act, 
2016 (Act  930)  n.a. 
 Ghana Deposit Protection Act, 2016 (Act  931); Ghana 
Deposit Protection (Amendment) Act, 2018 (Act  968) www.bcp.gov.gh  
gdpc.gov.gh  
Insurance 
services  Insurance Act, 2021 (Act  1061)  https://nicgh.org  
n.a. Not applicable.  
Source:  WTO Secretariat, based on information provided by the authorities.  
2.2  Trade Policy Objectives  
2.9.  International trade and foreign investment continued to feature prominently in Ghana's 
economic policy during the review period 2014 -22, as embedded in the Ministry of T rade and 
Industry (MOTI)'s National Export Development Strategy for the Non -Traditional Export Sector 
2020-2029, launched in 2020. This strategy seeks to transform Ghana from a commodity exporter 
to an industrialized export -led economy. It has, inter alia , the objective of raising non -traditional 
exports from less than USD  3 billion in 2020 to over USD  25 billion by 2029.  
2.10.   MOTI has the overall responsibility for the formulation, implementation, and monitoring of 
Ghana's trade policies. The Ghana Export Promo tion Authority (GEPA) is responsible for export 
promotion.3 The Government has as a stated priority to maintain dialogue with the private sector on 
trade and regional integration, and the Public Private Dialogue mechanism is an integral component 
 
3 MOTI's website is: https://www.moti.gov.gh/ . GEPA's website is: https://www.ge paghana.org/ . WT/TPR/S/427 • Ghana  
 
- 22 - 
 
  of the Government's Business Regulatory Reform programme.4 Private sector interests are 
represented by several bodies, including the Association of Ghana Industries, which comprises 
1,200  entities registered to operate in Ghana . 
2.11.   The Ghana Investment Promotion Cen tre (GIPC) works with the GEPA to attract investments 
into the specific sectors identified under Ghana's national export strategy. According to the 
authorities, the various ministries, departments, and agencies, including the GIPC, GEPA, and the 
Ghana Free  Zones Authority (GFZA), collaborate in the promotion of investment into Ghana. 
However, there is no single strategy document for the GIPC, GEPA, and the GFZA with clearly 
formulated objectives; each agency has its own regulations regarding trade incentive s, which differ 
according to the regimes (e.g. GIPC Act, Free Zones Act, and the One District One Factory initiative 
(1D1F)) (Section 4.4).  
2.3  Trade Agreements and Arrangements  
2.12.   Ghana is an original Member of the WTO, the African Union (and the associated Afri can 
Economic Community), and ECOWAS. It has concluded bilateral trade agreements with the 
European  Union and with the United Kingdom.  
2.3.1   World Trade Organization  
2.13.   Ghana extends at least MFN treatment to all of its trading partners. The WTO  Agreements 
have not been directly incorporated into Ghana's domestic legislation and as such cannot be invoked 
before national courts. Ghana has not been involved in any WTO disputes as a complainant or a 
respondent.5 
2.14.   Ghana is a signatory to the fourth and fifth protocols to the General Agreement on Trade in 
Services (GATS) and ratified the Agreement on Trade Facilitation (TFA) on 4 January  2017. Ghana 
has not signed any of the WTO plurilateral agreements but is an observer of the Committee on Trade 
in Civil Aircr aft. In the WTO, Ghana is a member of the ACP and the African Groups. During the 
period 1  January  2014 to 31  March  2022, Ghana made the following  notifications to the WTO 
(Table  2.2). 
Table 2.2 WTO notificatio ns by Ghana, 2014 -22 (31 March)  
Symbol  Title Document date  
Trade Facilitation Agreement  
WT/PCTF/N/GHA/1  Notification of category A commitments under the TFA – 
Communication from Ghana  4 January  2017 
G/TFA/N/GHA/1  Notification of category commitments under the TFA – 
Communication from Ghana  1 August 2019  
G/TFA/N/GHA/1/Add.1  Notification of category commitments under the TFA – 
Addendum  22 August  2019 
Agreement on Technical Barriers to Trade  
G/TBT/N/GHA/16  Whole -of-vehicle marking: microdot systems  4 March  2020 
G/TBT/N/GHA/3/Rev.1  Various products – Revision  3 April 2014 
G/TBT/N/GHA/13  Motor vehicles of category N1  16 July 2019 
G/TBT/N/GHA/14  Motor vehicles of category M2  16 July 2019 
G/TBT/N/GHA/12  Motor vehicles of category M1  16 July 2019 
G/TBT/N/GHA/10  Improved biomass cook stoves  11 March  2019 
G/TBT/N/GHA/15  Imported used motor vehicles  4 March  2020 
G/TBT/N/GHA/11  Homologation of model of motor vehicle and its variants  16 July 2019 
G/TBT/N/GHA/9  Electrical wiring  3 April 2014 
G/TBT/N/GHA/1/Rev.1  Electrical and electronic products – Revision  4 September  2014 
G/TBT/N/GHA/19  Cocoa beans  12 October  2020 
G/TBT/N/GHA/18  Cocoa beans  12 October  2020 
G/TBT/N/GHA/17  Cocoa beans  12 October  2020 
Agreement on Subsidies and Countervailing Measures  
G/SCM/N/202/GHA/Rev.1  Notification under Article  25.12 of the Agreement – Ghana – 
Revision  16 December  2019 
Agreement on the Application of Sanitary and Phytosanitary Measures  
G/SPS/N/GHA/4  Emergency measures – Tilapia species and ornamental fishes  11 July 2018 
 
4 The Ghana Business Regulatory Reform Portal contains a selection of trade -related legislation: 
https://www.bcp.gov.gh/new/regulations.php . 
5 WTO, Ghana and the WTO . Viewed at: 
https://www.wto.org/english/thewto_e/countries_e/ghana_e.htm . Ghana was involved as a third party in the 
dispute relating to the European  Union's regime for the importation, sale, and distribution of bananas.  WT/TPR/S/427 • Ghana  
 
- 23 - 
 
  Symbol  Title Document date  
G/SPS/N/GHA/2/Add.2  Invasive alien species of plant, animal and aquatic vertebrates' 
origin – Addendum  12 May 2016 
G/SPS/N/GHA/2/Add.1  Invasive alien species of plant, animal and aquatic vertebrates' 
origin – Addendum  9 March  2016 
G/SPS/N/GHA/2  Invasive alien species of plant, animal and aquatic vertebrates' 
origin  25 February  2016 
G/SPS/N/GHA/5  Genetically modified organisms  27 November  2018 
G/SPS/N/GHA/3/Add. 2 Animals and their meat products – Addendum  20 May 2016 
G/SPS/N/GHA/3/Add.1  Animals and their meat products – Addendum  21 March  2016 
G/SPS/N/GHA/3  Animals and their meat products  25 February  2016 
G/SPS/N/GHA/1  All plant and animal food products  29 April 2014 
Regional Trade Agreements  
WT/REG449/N/1  Regional trade agreement – United Kingdom and Ghana  5 March  2021 
WT/REG382/N/1  Regional trade agreement – European  Union and Ghana  4 April 2017 
WT/REG399/N/1  Regional Trade Agreement – Benin, Burkina Faso, Cabo Verde, 
Côte d'Ivoire, The Gambia, Ghana, Guinea, Guinea -Bissau, 
Liberia, Mali, Niger, Nigeria, Senegal, Sierra  Leone and Togo  6 May 2019 
Market Access  
G/MA/401  Schedule CXI – Ghana – Invocation of paragraph 5 of 
Article  XXVIII  4 January  2021 
G/MA/352  Schedule CXI – Ghana – Invocation of paragraph 5 of 
Article  XXVIII  8 December  2017 
G/MA/325  Schedule CXI – Ghana – Invocation of paragraph 5 of 
Article  XXVIII  7 January  2015 
Agreement on Implementation of Article  VI of the GATT  1994 (Anti -dumping)  
G/ADP/N/357/Add.1  Semi-annual reports – 1 January – 30 June 2021 – Addendum  14 October  2021 
G/ADP/N/357  Semi-annual reports – 1 January – 30 June 2021  15 June 2021 
G/ADP/N/350/GHA  Semi-annual report – 1 July – 31 December  2020 – Ghana  5 October  2021 
G/ADP/N/335/GHA  Semi-annual report – 1 July – 31 December  2019 – Ghana  5 October  2021 
G/ADP/N/357/GHA  Semi-annual report – 1 January – 30 June 2021 – Ghana  5 October  2021 
G/ADP/N/342/GHA  Semi-annual report – 1 January – 30 June 2020 – Ghana  5 October  2021 
G/ADP/N/349  Reports under Article  16.4 of the Agreement – November 2020 
– Note by th e Secretariat  17 December  2020 
G/ADP/N/193/GHA/Rev.1  Notification under Article  16.5 of the Agreement – Ghana – 
Revision  16 December  2019 
G/ADP/N/1/GHA/2; 
G/SCM/N/1/GHA/2; 
G/SG/N/1/GHA/2  Notification of laws and regulations under Articles 18.5, 32.6 , 
and 12.6 of the relevant agreements – Ghana  16 December  2019 
Rules of Origin  
G/RO/N/159/Corr.1  Preferential rules of origin – European  Union and Ghana – 
Corrigendum  31 July 2017 
G/RO/N/159  Preferential rules of origin – European  Union and Ghana  21 July 2017 
Source:  WTO Docs Online. Viewed at: https://docs.wto.org/dol2fe/Pages/FE_Search/FE_S_S005.aspx . 
2.3.2   ECOW AS 
2.15.   Ghana is a founding member of ECOWAS, which was established in May 1975.6 ECOWAS aims 
at becoming an economic union in West Africa. To this end, the Preamble and Article  2 of the 
ECOWAS Treaty (revised in 1993) provide for the free movement of people, goods, services, and 
capital, and the revised treaty provides for the creation of a common market, harmonization of the 
monetary policies of the Member States, free flow of capital, and monetary union with a single 
currency (Articles 3 and 51). ECOWAS was notified to the WTO in 2005 under the Enabling Clause. 
The revised ECOWAS Treaty has not been ratified or otherwise domesticated into national law.  
2.16.   
Ghana 
commenced the full implementation of Article  5 of the ECOWAS Protocol on the Free Movement of 
Persons, Residence and Establishment on 1  May 2019.7 It has adopted the common ECOW AS 
passport, and waived visa and residency permit requirements for all ECOWAS citizens for 90 -day 
stays (see below). Ghana has implemented the ECOWAS Common External Tariff (CET) since 
1 February  2016 (Section 3.1.2). The ECOWAS Trade Liberalization Scheme  (ETLS) is designed to 
provide for duty -free trade within the ECOWAS zone (Section 3.1.4) but has not lived up to 
expectations, as reflected in the relatively low levels of formal intra -ECOWAS trade (Chart 3.3).  
2.17.   With support from the World Bank and the Wor ld Customs Organization, the ECOWAS 
Commission established a Regional Automated Transit System for goods to facilitate regional trade 
 
6 ECOWAS. Viewed at: https://www.ecowas.int/ . 
7 Ghana Revenue Authority, Full Implementation of t he ECOWAS Protocol . Viewed at: 
https://gra.gov.gh/news/portfolio/full -implementation -of-the-ecowas -protocol/ . WT/TPR/S/427 • Ghana  
 
- 24 - 
 
  in 2016.8 Also to facilitate intra -ECOWAS trade, the ECOWAS Commission has encouraged the 
construction of joint border po sts (JBP). One such JBP between Ghana and Togo was completed at 
Nuope -Akalu in 2019. Construction of another JBP at the Noe -Elubo border between Côte  d'Ivoire 
and Ghana commenced in 2016.9 
2.18.   With respect to macroeconomic convergence within ECOWAS, since 198 7 when the ECOWAS 
Monetary Cooperation Programme was adopted, the creation of a single monetary zone in the 
sub-region has been a priority. This zone would encompass both the six members of the West African 
Economic and Monetary Union (WAEMU) and the six n on-WAEMU ECOWAS members grouped in a 
second monetary zone in the sub -region, the West African Monetary Zone (WAMZ). WAMZ would 
comprise Cabo Verde, The Gambia, Ghana, Guinea, Liberia, Nigeria, and Sierra  Leone. The adoption 
of a single currency is to be preceded by a convergence phase focused on the strengthening of 
Member States' 
  and currencies.10 Over the 2014 -21 period, Ghana has not yet met all 
the ECOWAS Convergence Criteria, which are almost identical to those of WAMZ but differ from 
WAEMU's (Table 2.3). The West African Monetary Institute was set up in Accra in 2001 with the 
mandate to undert ake technical preparations for the establishment of WAMZ.11 
Table 2.3 Regional macroeconomic convergence criteria  
Macroeconomic convergence 
criteria  ECOWASa WAEMUb WAMZc 
Primary criteria  
Ratio of budget defi cit to nominal GDP  <3% n.a. <4% 
Ratio of overall budget balance 
(including grants) to nominal GDP  n.a. > -3% n.a. 
Average inflation rate  <5%  <3% <5% 
Central bank financing of budget 
deficit  <10% of previous 
year's tax revenue  Deficit financing  
through the central 
bank (BCEAO) 
prohibited  <10% of previous 
year's tax revenue  
Gross external reserves  >3 months of imports  n.a. >3 months of imports  
Ratio of total public debt of the Union 
to its GDP  n.a. <70%  n.a. 
Secondary criteria  
Ratio of public debt to GDP  <70%   <70%  
Nominal exchange rate variation  +/- 10% Peg to euro  +/- 10% 
Ratio of total wage bill to tax revenue  n.a. <35%  n.a. 
Ratio of tax revenue to GDP  n.a. >20%  n.a. 
n.a. Not applicable.  
a ECOWAS Supplementary Act A/SA.01/12/15 (n 1).  
b Additional Act N.01/2015/CCEG/UEMOA (n 67), Articles 6, 7, and 8. Viewed at: 
http://www.uemoa.int/sites/default/files/bibliotheque/bu lletin_officiel_2019_vf.pdf . 
c Accra Declaration (n 53), Articles 3 and 4.  
Source:  Okwor, K.O.D. (n.d.), "Legal and Institutional Framework for Monetary Integration in West Africa". 
Viewed at: https://scholar.harvard.edu/files/kenneth -
okwor/files/legal_and_institutional_framework_for_monetary_integration_in_west_africa.pdf . 
2.3.3   African Union  
2.19.   Ghana is a founding member of the African Union (form erly Organization of African Unity). 
The Abuja Treaty entered into force in 1994 and paved the way for the establishment of the African 
Continental Free Trade Area (AfCFTA), which is among the flagship projects of Agenda 2063 of the 
African Union. Its objectives are to create a single market for goods and services and lay the 
foundation for the establishment of a continental customs union at a later stage.12 On 
21 March  2018, the Agreement Establishing the AfCFTA wa s signed in Kigali; Ghana ratified the 
 
8 ECOWAS (2016), 2016 Annual Report . Viewed at: https://www.ecowas.int/wp -
content/uploads/2017/11/Annual -Report -2016_English -Fina_Final.pdf .  
9 PIDA, Virtual PIDA Information Centre . Viewed at: https://www.au -pida.org/view -project/922/ . 
10 ECOWAS (2021), 59th Ordinary Session of the Authority of Heads of State and Government , 19 June. 
Viewed at: https://www.afdb.org/sites/default/files/documents/2021 -06-20-uk_final_communique -
venglish.pdf . 
11 West African Monetary Institute (WAMI). Viewed at: https://www.wami -imao.org/ . 
12 AfCFTA, About the African Continental Free Trade Area . Viewed at: https://afcfta.au.int/en/about . WT/TPR/S/427 • Ghana  
 
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  AfCFTA on 7  May 201813; it entered into force on 30  May 2019, but trading under AfCFTA rules 
commenced on 1  January  2021. The AfCFTA is yet to be notified to the WTO.  
2.3.4   Economic Partnership Agreement (EPA) with the Euro pean  Union  
2.20.   Ghana signed the Stepping Stone EPA with the European  Union on 28  July 2016.14 The EPA 
entered into force in December 2016 and was notified to the WTO on 3  April 2017 under GATT 
Article  XXIV. Ghana's trade with the European  Union is sizeable, as  the European  Union accounts for 
close to 19% of Ghana's total imports and 21% of its exports (2019).15 Under the EPA, the 
European  Union provides duty -free, quota -free access for Ghana's exports to the European  Union 
from the first day of application on a ll products except for those listed in Annex 1 to the Agreement: 
arms and ammunition, rice (HS heading 1006), and sugar (HS heading 1701). In addition, tariffs on 
bananas under HS 08030019 were not liberalized for exports to the outermost regions of the 
European  Union and tariffs on sugar were not eliminated on 1  October  2009 on imports by the 
French Overseas Departments. These provisions are to remain in force for 10 years and would be 
extended by another 10 years unless the Parties agreed otherwise.16 
2.21.   The implementation of Ghana's tariff liberalization under the EPA was delayed and started in 
July 2021, to be phased in by 2029. Products in Group D (which include cotton, pearls and precious 
stones, textiles, olive oil and table olives, meat, crustaceans, mi lk and milk products, coffee, cocoa, 
tobacco, fruits, cement, beauty and make -up products, rubber and its articles, and automobiles) are 
excluded from tariff liberalization.  
2.22.   The Agreement contains a commitment to continue negotiations (Article  71). Moreove r, the 
Agreement is to be superseded by an EPA concluded at the regional level with the European  Union 
upon the latter's entry into force (Article  75). In fact, on 30  June 2014, the European  Union initialled 
an EPA with the 16  ECOWAS States and Mauritania.17 The European  Union -West Africa EPA is 
expected to replace the Ghana -EU EPA when it enters into force.  
2.3.5   UK-Ghana EPA  
2.23.   Following the United Kingdom's withdrawal from the European  Union , Ghana signed an 
Interim EPA with the United Kingdom and Northern Irelan d on 2  March  2021, which replicates the 
European  Union -Ghana Agreement.18 This new interim EPA was notified to the WTO on 4  March  2021 
and entered into force on 5  March  2021.  
2.3.6   African Growth and Opportunity Act (AGOA)  
2.24.   Ghana was among the 34 countries initially declared eligible for the programme established 
by the United  States under the AGOA in October 2000. Eligible countries are granted duty - and 
quota -free access to the US market for a range of goods, including selected agricultural and textile 
products. The agreement expired on 30  September  2015, and was extended to 30  Septe mber 2025, 
pursuant to the AGOA Extension and Enhancement Act of 2015.19 The US merchandise imports from 
Ghana totalled USD  943 million in 2019 and were concentrated on mineral fuels (USD  614 million), 
 
13 AfCFTA, State Parties: Ratification Status List . Viewed at: https://afcfta.au.int/en/documents/2020 -
12-28/state -parties -ratification -status -list. 
14 Official Journal of the European  Union  (2016), "Steppi ng Stone Economic Partnership Agreement", 
21 October.  Viewed at: https://eur -lex.europa.eu/legal -
content/EN/TXT/PDF/?uri=CELEX:22016A1021(01)&from=EN ; and European Commission (2020), "EU -Ghana 
Economic Partnership Agreement", December. Viewed at: 
https://trade.ec.europa.eu/doclib/docs/2020/october/tradoc_158987.pdf . 
15 Data sourced from the International Trade Centre's Trade Map facility. Viewed at: www.trademap.org . 
16 WTO document WT/REG382/1, 31  July 2018.  
17 WTO RTA database. Viewed at: 
http://rtais.wto.org/UI/PublicShowMemberRTAIDCard.aspx?rtaid=896 . 
18 WTO document WT/REG449/N/1, 5  March 2021.  
19 AGOA, AGOA Extension and Enhancement Act of 2015 . Viewed at: 
https://agoa.info/images/documents/5660/bills -114hr1891ih.pdf . WT/TPR/S/427 • Ghana  
 
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  cocoa (USD  225 million), rubber (USD  21 million), knit  apparel (USD  17 million), and vegetables 
(cassava) (USD  14 million).20 
2.4  Foreign Investment Regime  
2.4.1   Overview  
2.25.   Ghana continued to record significant foreign direct investment until 2018 (Section 1.3.3), 
reflecting mainly investment opportunities in services an d manufacturing. Investment promotion is 
a declared priority of the Government. As noted by UNCTAD in its Investment Policy Review of Ghana 
in 2003, foreign investors enjoy fundamental rights, guarantees, and protection, and benefit from 
the rule of law en forced by the judiciary and enshrined in Ghana's Constitution.21 
2.26.   The Ghana Investment Promotion Centre (GIPC) Act of 2013 (Act  865) constitutes the 
framework legislation for domestic and foreign investment in Ghana, together with the Technology 
Transfer Re gulations of 1992 (L.I. 1547), and the Free Zones investment regime described in 
Section  3.2.6.5, as its benefits are in principle conditional on production being exported.22 The GIPC 
Act was under review in December 2021 to, inter alia,  bring it in line w ith global best practice and 
with provisions of Ghana's international investment agreements, such as the African Continental 
Free Trade Agreement. The Board of the GIPC may, in consultation with the appropriate government 
agencies and with the approval of the President, identify strategic and major investments and grant 
them benefits and incentives in addition to those incentives available to any enterprise under 
Ghana's tax, customs, and other laws described below.  
2.27.   All new companies, whether locally or for eign-owned, must first register with the Registrar 
General's Department (RGD). All new companies that are not wholly Ghanaian -owned must also 
register with the GIPC, which takes up to five working days and must be renewed every two years. 
Investors are als o required to register with the District Assembly, where they are to operate (Local 
Government Act 462, Section 34). The District Assembly delivers a business operating permit, which 
must be renewed annually.  
2.28.   Technology transfer agreements (TTAs) may be concluded between Ghanaian companies and 
foreign companies providing services or technology transfer; these TTAs are voluntary agreements 
concluded for up to 10 years (renewable), and subject to the approval and registration of the GIPC 
in order to be effe ctive. The following fees are payable by the transferee (Ghanaian company) to the 
transferor (foreign company):  
• management services fee of at most 2% of before -profit tax; however, the fees must be 
reduced pro rata if the transferor owns 60% or more of the  share capital of the transferee 
company. Where the transferor company fully (100%) owns the transferee company, no 
fees will be charged for management services;  
• royalties – not exceeding 6% of net sales;  
• technical services only – not exceeding 3% of net s ales; 
• technical services and know -how – not exceeding 5% of net sales; and  
• technical services, know -how, management services, and royalties together – not 
exceeding 8% of net sales.  
 
20 Office of the United  States Trade Representative, Countries and Regions: Africa: Ghana . Viewed at: 
https://ustr.gov/countries -regions/africa/west -africa/ghana . 
21 UNCTAD (2003), Investment Policy Review: Ghana ; and UNCTAD (2010), Report on the 
Implementation of the Investment Policy Review: Ghana . Viewed at: 
https://investmentpolicy.unctad.org/country -navigator/80/ghana . 
22 Ghana Investment Promotion Centre Act. Viewed at:  PPA Ghana – Improving Effic iency and 
Transparency in Public Procurement . See also UN CTAD, Investment Policy Hub, Ghana Investment Promotion 
Centre Act . Viewed at: https://investmen tpolicy.unctad.org/investment -laws/laws/196/investment -promotion -
act-.  
 WT/TPR/S/427 • Ghana  
 
- 27 - 
 
  2.29.   Foreign firms wishing to invest must register twice in addition to the reg istration with the 
District Assembly. Investors must legally register the business entity at the RGD as per the 
provisions of the Companies Act23, and meet the minimum equity requirement described below in 
line with the GIPC Act  865. Once this is done, the  third step is to submit the documentation to the 
GIPC for investor registration. Registration is compulsory even if no incentives are sought.  
2.4.2   Foreign investment restrictions  
2.30.   The GIPC Act, 2013 reserves the following activities for Ghanaian natural or corp orate persons 
(Section 27): beauty salons and barber shops; sale of goods and services in markets; retail sale of 
pharmaceutical products; all aspects of pool betting business and lotteries except football; taxi or 
car hire services with a fleet of less th an 25 vehicles ; production of exercise books and basic 
stationary; vouchers for telecommunications services; and the production, supply, and retail of 
sachet water.24 Reserved activities under other statutes include small -scale mining, microfinance, 
and fo rex bureaux; fishing transport services and cabotage  in maritime transport (S ection  4.4.2.4); 
postal services (Section  4.4.3.2);  and certain  professional services activities (Section  4.4.5). The 
authorities indicate that restricted activities are reviewed from time to time.  
2.31.   Joint ventures by foreign entities with Ghanaian partners are subject to a minimum of 10% 
Ghanaian equity participation in the venture. Furthermore, Ghana has a new regime on mandatory 
Ghanaian participation and local content for foreign  investment in the energy and mining sectors 
(Sections 4.2 and 4.3).  
2.32.   Ghana requires foreign investors to invest minimum amounts of foreign capital (Table 2.4) 
and applies processing fees on foreign investment. These costs may represent an obstacle to doing  
business in Ghana, particularly for SMEs, and therefore run counter to the GIPC Act's objective to 
"attract foreign and local investments in advanced technology industries and skill -intensive services 
which enjoy good export market prospects".25 
Table 2.4 Minimum foreign investment requirements, 2022  
Type of foreign company  Minimum financial 
contribution/equity  
General trading  enterprise (fully foreign -owned or joint venture with a 
Ghanaian partner)  USD 1,000,000  
Wholly foreign -owned enterprise (other than trading)  USD 500,000  
Manufacturing, export trading enterprise, portfolio investment  No minimum capital  
Joint venture enterprise (all other activities)  USD 200,000  
Source:  Registrar General's Department. Viewed at: http://rgd.gov.gh/ ; and G IPC. Viewed at: 
https://ppa.gov.gh/ . 
2.33.   Under Section 28 of the GIPC Act, a foreign  enterprise (except in free zones) must employ at 
least 20 skilled Ghanaians.  
2.34.   All foreigners except ECOWAS nationals need an entry visa for Ghana. Foreign nationals 
wishing to work in Ghana require a residency permit granted by the Ghana Immigration Servic e 
(GIS) and a work permit. GIPC -registered foreign companies are granted an "automatic immigrant 
quota" (work and residence permit) for one  to four expatriates depending on the company's foreign 
capital contribution.26 The fee for a one -year work permit is USD  1,000 (renewable annually). For 
ECOWAS nationals, the cost is USD 500 for a one -year work permit (renewable annually) and 
USD 300 for persons on GIPC automatic quota. Work permits may also be obtained through the GIS 
based on a recommendation by industry -specific government regulatory bodies and 
non-governmental organizations. In addition, foreigners must establish a Non -Citizen Identity Card 
 
23 Business registration forms were viewed on the website of the Registrar General's Department: 
https://rgd.gov.gh/ .  
24 Ghana Immigration Service, Ghana Investment Promotion Centre Act, 2013 . Viewed at: 
https://www.gis.gov.gh/PDFs/GIPC%20Act%202013.pdf . 
25 GIPC Act, Section 4.  
26 Foreign investment of USD  50,000 -USD 250,000: 1 automatic quota; USD  250,001 -USD 500,000: 
2 automatic quotas; USD  500,001 -USD 700,000: 3 automatic quotas; and above USD  700,000: 4 automatic 
quotas.  WT/TPR/S/427 • Ghana  
 
- 28 - 
 
  (USD  120) and pass a medical test (USD  200), renewable annually at USD  60 and 
USD 110, respectively.  
2.35.   Under Ghana's Constitution and a new Land Act, 2020 (Act  1036), foreign land ownership is 
restricted to leases of up to 50 years. The varying  and often conflicting interests in land management 
are regulated by the Lands Commissi on.27 In 2015, the Client Service Access Unit was established 
to streamline and computerize service delivery at the Lands Commission. A new Enterprise Land 
Information System has been deployed in the Greater Accra region, providing services such as plan 
approval, searches, registration, assessment, and payment of stamp duty.  
2.4.3   Investment for infrastructure development  
2.36.   In a partnership since 2008 with the World Economic Forum (WEF), the authorities have 
identified inadequate infrastructure as one of the bigges t challenges faced by businesses operating 
in Ghana, along with access to finance, bureaucracy, work ethics, and corruption.28 The year 2020 
was coined by Ghana's President as the first "Year of Roads", as it saw a major focus on, and 
improvement of, the r oad networks.29 In 2021, the Government and the WEF elaborated a strategy 
to drive investment in infrastructure, notably in the power, transport (roads and rail), water, and 
information and communication technology (ICT) sectors through public -private part nerships in 
trade and investment. It also aims to facilitate access to land with the digitization of its records and 
creation of banks to facilitate access to land for investment, and a continuation of Ghana's "One 
District One Factory" flagship policy to encourage locally produced goods (Section  4.4). 
2.37.   Also to address Ghana's infrastructure development needs, the Government set up the Ghana 
Infrastructure Investment Fund (GIIF), a wholly state -owned capital investment vehicle that was 
established pursuant t o the Ghana Infrastructure Investment Fund Act, 2014 (Act  877).30 The GIIF 
is capitalized at USD  325 million, with a mandate to identify, develop, and manage investments in 
a diversified portfolio of infrastructure assets in Ghana for national development in a profitable and 
sustainable way; it therefore constitutes another conduit for foreign investment in Ghana. Since it 
started operations in 2015, the GIIF has invested USD  280 million in 12 infrastructure projects in 
6 sectors across Ghana. Recent invest ments involving the GIIF include the development of a new 
international terminal at Kotoka International Airport in collaboration with the Ghana Airports 
Company, the Takoradi Port expansion (improved container and process handling), the Western 
Corridor F ibre project (communications network infrastructure), and the Atuabo power plant 
(electricity generation from natural gas).  
2.4.4   Investment agreements  
2.38.   Ghana has ratified seven bilateral investment treaties (BITs) between 1989 and 1995 (and 
none since) with Burk ina Faso, China, Denmark, Germany, Malaysia, the Netherlands, Serbia, 
Switzerland, and the United Kingdom.31 BITs have been signed since the previous Review with 
Turkey (March 2016) and Qatar (December 2017), which have yet to be ratified.  
 
 
27 ENS Africa, Doing Business Guide . Viewed at: https://www .ensafrica.com/countries/ghana . 
28 These were identified in WEF (2008), The Global Competitiveness Report: 2008 -2009. See also 
UNCTAD (2010), Report of the Implementation of the Investment Policy Review: Ghana . Viewed at: 
https://unctad.org/system/files/official -document/diaepcb20095_en.pdf . 
29 Information Services Department (2021), "2021, Second Year of Roads – Akuffo -Addo", 8  January. 
Viewed at: https://isd.gov.gh/topstories -isdnews -authentic -government -news-at-every -corner -of-the-
nation/1413/ . 
30 Ghana Infrastructure Investment Fund. Viewed at: http://www.giif.gov.gh . 
31 UNCTAD, Investment Policy Hub. Viewed at: https://investmentpo licy.unctad.org/country -
navigator/80/ghana . WT/TPR/S/427 • Ghana  
 
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  3  TRADE POLICIES AND PRACTICES BY MEASURE  
3.1  Measures Directly Affecting Imports  
3.1.1   Customs procedures and valuation  
3.1.1.1   Overview  
3.1.   The Government is seeking to facilitate merchandise imports (as well as exports), as they feed 
into essential inputs driving the economy, such as transhipment and transit trade, and business 
services. After having ratified the WTO Agreement on Trade Facil itation (TFA) in 2017, Ghana notified 
all of its TFA commitments to the WTO (Table  3.1) and has requested assistance and support for 
capacity -building in order to implement 23 of the TFA's 36 provisions that were classified as 
C measures . Ghana has already  notified the definitive dates for the implementation of categories B 
and C commitments; 18 provisions are due for implementation in the 2022 -23 period.  
Table 3.1 Notification status of TFA measures, March 2022  
Art. Notification  Measure/description  
1.1 Category C  Publication  
1.2 Category C  Information Available through the Internet  
1.3 Category C  Enquiry Points  
1.4 Category C  Notification  
2.1 Category C  Opportunity to Comment and Information before Entry into Force  
2.2 Category C  Consultations  
3 Category C  Advance Rulings  
4 Category C  Procedures for Appeal or Review  
5.1 Category C  Notifications for Enhanced Controls or Inspections  
5.2 Category B  Detention  
5.3 Category C  Test Procedures  
6.1 Category C  General Disciplines on Fees and Charges Imposed on Importation and Exportation  
6.2 Category C  Specific Disciplines on Fees and Charges for Customs Processing  
6.3 Category A  Penalty Disciplines  
7.1 Category C  Pre-arrival Processing  
7.2 Category C  Electronic Payment  
7.3 Category B  Separation of Release from Final Determination of Customs Duties, Taxes, Fees  
7.4 Category C  Risk Management  
7.5 Category C  Post-Clearance Audit  
7.6 Category C  Establishment and Publication of Average Release Times  
7.7 Category C  Trade Facilitation Measures for Authorized Operators  
7.8 Category C  Expedited Shipments  
7.9 Category C  Perishable Goods  
8 Category C Border Agency Cooperation  
9 Category A  Movement of Goods Intended for Import under Customs Control  
10.1 Category C  Formalities and Documentation Requirements  
10.2 Category B  Acceptance of Copies  
10.3 Category B  Use of International Standards  
10.4 Category B  Single Window  
10.5 Category A  Pre-Shipment Inspection  
10.6 Category B  Use of Customs Brokers  
10.7 Category A  Common Border Procedures and Uniform Documentation Requirements  
10.8 Category A  Rejected Goods  
10.9 Category A  Temporary Admission of Goods and Inward and Outward Processing  
11 Category B  Freedom of Transit  
12 Category C  Customs Cooperation  
Source:  WTO TFA database, Status of Implementation Commitments . Viewed at: 
https://tfadatabase.org/members/ghana . 
3.2.  Several improvements have been made since the previous Review in 2014 to simplify and 
accelerate procedures, limit face -to-face interactions in order to reduce corruption, and diminish the 
costs of trade. Prior to 2017, a container may have remained at Gha na's ports for several days for WT/TPR/S/427 • Ghana  
 
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  the various agencies to conduct the necessary inspections.1 In 2017, the Government introduced a 
new single window, and reduced to three the number of institutions that conduct inspections at the 
ports on products imported into the country (Ghana Revenue Authority – Customs (GRA Customs), 
Ghana Standards Authority (GSA), and Food and Drugs Authority (FDA)). An overview of procedures 
to import goods into Ghana is provided in Box 3.1.  
3.3.  Nevertheless, the country's high, albeit d ecreasing, reliance on import duties and levies for 
budgetary revenue (Sections  3.1.2 and 3.1.3) is a challenge for trade facilitation. Also, the 
authorities have confirmed that none of the common regulations on customs procedures under the 
Economic Commun ity of West African States ( ECOWAS) Customs Code are currently implemented 
by Ghana.  
Box 3.1 Procedures to import goods into Ghana  
Step 1: Obtain registration certificate from the Registrar General's Department.   
Step 2: Importer or importer's agent submits an Import Declaration Form from the MOTI, manually or 
electronically (GHS  5). 
Step 3: For FDA -regulated products (certain food products, cosmetic, and drugs), importer/agent applies to 
the FDA to register as  an importer and to register the product to be imported. An application must be submitted 
via ICUMS for an FDA import permit, valid for one year. The import permit fee has been replaced with a 
verification fee (L.I.  2386, 2019): 0.8% for food, 1.8% for dru gs, and 0.5% for cosmetics.  
For other agricultural products, importer/agent must register with the Plant Protection and Regulatory Services 
Directorate (PPRSD) as an importer and apply for an import permit. In addition, the PPRSD issues a report on 
phytosa nitary inspections for all imported plants and plant products and Veterinary Services Directorate does 
the same for all imported animal products. For other regulated products, importer must obtain a permit or 
licence from the competent ministry/agency/depa rtment. A  product can be on both the FDA and PPRSD lists . 
For other regulated products, importer/agent must register as an importer with the GSA.  
Step 4: Importer/agent obtains a Tax Clearance Certificate from the GRA, issued in the name of the importer.  
There were plans to merge this document with the tax identification number (TIN), also from the GRA, but to 
date the two documents are required.  
Step 5: Importer/agent submits an electronic application for Bill of Entry and uploads the supporting 
documents in ICUMS.  
Step 6: Shipping company submits the manifest to GRA Customs.  
Step 7: Importer/agent submits the Customs Declaration via ICUMS.  
Step 8:  Importer/agent makes payment of duties and charges to the authorized dealer bank.  
Step 9: Consignment is inspected  by the GSA and the FDA or the PPRSD/Veterinary Service Directorate if 
required, as well as by a Customs Examination Officer and a Customs Chemist Analyst. Since 2020, the GSA 
no longer inspects FDA -regulated products (mainl y food, cosmetics, and pharmaceuticals).  
Step 10: Once all the charges have been paid, the merchandise is cleared by GRA Customs.  
Step 11: Importer/agent pays fees and obtains a vehicle toll pass and a waybill from Ghana Ports and Harbours 
Authority (GPH A).  
Step 12: Terminal clerk cross -checks and confirms that the correct fees have been paid.  
Step 13: Customs Preventive Officers check the documents, and then release the goods.  
Step 14: National Security official checks documentation to ensure that the correct cargo exits port.  
Source:  Information provided by the authorities.  
3.1.1.2   Single window  
3.4.  In 2018, the Ministry of Trade and Industry (MOTI) recruited Ghana Link Network Services Ltd 
(GLNS) and its technical partner, Customs Uni -Pass International  Agency of the Republic of Korea, 
to provide a comprehensive national single window platform to enhance trade facilitation and 
 
1 USAID (2018), Ghana TATFP Customs Risk Management Rapid Assessment . Viewed at: 
https://pdf.usaid.gov/pdf_docs/PA00TJR7.pdf . 
 
 WT/TPR/S/427 • Ghana  
 
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  revenue generation efficiency. The Integrated Customs Management System (ICUMS) is designed 
to become a paperless port clearance system; it replaced the two single window platforms (both in 
use since 2015) – the Pre -Arrival Assessment Reporting System and the Ghana Community Network 
(GCNet). ICUMS became operational at the Takoradi port in February 2020 and at the Tema port in 
June 2020; it has reduced cargo clearance time to 24 hours and to between 24 and 48 hours, 
respectively. Also since June  2020, ICUMS has been deployed at some other 155 entry points, 
including airports, seaports, and land borders.  
3.1.1.3   Destination inspection scheme  
3.5.  Destination inspection by GRA Customs is mandatory for all imports  of USD  3,000 and above 
unless a waiver is granted by MOTI. An inspection fee of 1% of the CIF value is collected on all 
imports that are cleared through the ICUMS. The break -down of the 1% inspection fee is as follows: 
0.30% to GLNS for an external valuation verification; 0.28% to GLNS; 0.17% for "strategic 
mobilisation"; 0.05% to the Ministry of Finance; 0.02% to MOTI; 0.05% to GRA Customs; 0.03% to 
GSA; and 0.10% to a special fund at the M inistry of Finance.2 In addition to this inspection fee, the 
GLNS charges 0.4% of the f.o.b. value of imports as part of its ICUMS usage fee (Table  3.7) and 
charges USD  50 for the GPS tracking device used in transit.  
3.6.  The authorities have explained that th e GLNS has contracted firms in Europe and Asia to 
provide verification of values contained in invoice details sent to them by GRA Customs. These offices 
first check with the firm that issued the invoice where possible or check with firms within the same 
area on the prices of the indicated items and revert to Customs through ICUMS with the results and 
supporting evidence where necessary.  
3.7.  According to the authorities, Ghana has deployed an improved risk management system as 
part of the ICUMS, which has reduce d the number of physical inspections (see also Section 3.3.3). 
However, a robust risk management system should significantly reduce physical inspections and 
face-to-face interactions between officials and traders, as these tend to increase the risk of unof ficial 
fees and corruption.3 Irrespective of the officially established red, yellow, or green channels (for 
physical inspection, scanning, or passing straight through, respectively) to which imports are 
directed, most goods are physically examined at the border to compare the values and quantities 
with the declarations, and Customs orders regularly physical examination of goods arriving through 
the green and yellow channels.4 
3.1.1.4   Customs valuation  
3.8.  Ghana has implemented the WTO  Agreement on Customs Valuation s ince April  2000 (Customs 
Act, 2015 (Act  891)). Under -declaration/under -invoicing by importers or their agents is the main 
challenge, according to Customs.  
3.9.  Tariffs are applied on the c.i.f. value of goods; where the importer provides no insurance or 
freight  invoice, Customs makes the following assumptions: (i)  freight is 10% of the f.o.b. value; and 
(ii) insurance is 1% of the f.o.b. value for air and sea shipments, or 0.875% for land shipments.  
3.1.2   Tariffs  
3.1.2.1   Overview  
3.10.   Ghana relies heavily on international trade taxes (mainly tariffs, excise and petroleum taxes, 
and VAT), although the share of these taxes in government revenue declined over the review period 
(Chart  3.1 and Table  3.2). 
 
2 Bankswitch Ghana Ltd. v. The Republic of Ghana acting as the Government of Ghana , PCA Case 
No. 2011-10, Award Save as to Costs, 11  April 2014. Viewed at: 
https://jusmundi.com/en/document/decision/en -bankswitch -ghana -ltd-v-the-republic -of-ghana -acting -as-the-
government -of-ghana -award -save-as-to-costs-friday -11th-april-2014.  
3 USAID (2018), Ghana TATFP Customs Risk Management Rapid Assessment . Viewed at: 
https://pdf.usaid.gov/pdf_docs/PA00TJR7.pdf . 
4 Global Alliance for Trade Facilitation, Interviews: P aulina Abrokwah . Viewed at: 
https://www.tradefacilitation.org/interview/a -view-from-ghana/ . WT/TPR/S/427 • Ghana  
 
- 32 - 
 
  3.11.   According to the Ghana Shippers' Authority, freight rates an d the value of customs duties 
levied on imports increased strongly between the first quarter of 2020 and 2021. For example, the 
Port Additional Surcharge was introduced by shipping companies in 2021 and has increased the cost 
of importing by USD  60-USD 100 per tonne. Also, the depreciation of the cedi (Section  1.2) 
increased the value of duties and charges levied on imports by 17% between November 2018 and 
March 2021.  
3.12.   In addition to trade taxes, nearly a dozen other taxes and charges are levied on imports ( and 
domestic production) of merchandise, a considerable increase since 2014. This is not only expensive 
and inefficient to administer, but considerably raises the prices of consumer goods and the costs of 
inputs to producers.  
3.13.   The Government's main objectiv e when implementing recent increases in import taxation has 
been to increase budgetary revenues and decrease the public deficit. Targets have been set annually 
for revenue collection and have been met or exceeded in recent years, thanks to a strengthening of 
Ghana's tax administration. According to the GRA, Customs collected nearly a third of all tax revenue 
in 2020 (Chart  3.1), or over 38% if excise taxes are added (imported items being the main source 
of revenue from these excises duties).  
Chart 3.1 Tax revenue by category, 2020  
(% of total tax revenue)  
 
Source:  WTO Secretariat calculations, based on Ministry of Finance, Fiscal Data . Viewed at: 
https://www.mofep.gov.gh/fiscal -data. 
Taxes on income and 
property
53.4%Domestic 
VAT
11.9%Domestic National Health Insurance Levy (NHIL) 2.4%
Domestic Ghana Education Trust Fund (GETFund) 2.4%
Communication Service Tax 1.3%
Tax refund -5.8%
Import duty
12.4%
Excise duty and 
petroleum tax
9.9%
External VAT
8.8%
External NHIL 1.7%
External GETFund Levy
1.7%International trade
34.5%Chart 4. [GHA] Tax revenue, 2020
Total tax revenue : GHS44.4 billion
Source: WTO Secretariat calculations, based on Ministry of Finace, Fiscal data. Viewed at: https://www.mofep.gov.gh/fiscal -data.(% of total tax revenue )WT/TPR/S/427 • Ghana  
 
- 33 - 
 
  Table 3.2 Fiscal revenue, 2014 -20 
(GHS million)   
2014  2015  2016  2017  2018  2019  2020  
Tax revenue  17,855  21,455  24,283  30,424  37,784  42,775  44,448  
Total revenue and grants  23,371  29,355  32,233  39,695  47,637  53,380  55,138  
Taxes on income and property, of 
which:  8,487  8,707  9,107  13,398  18,776  22,683  23,729  
 Personal  3,000  3,310  3,466  4,859  6,270  7,313  7,507  
 Companies, of which:  3,034  3,620  4,052  5,793  8,528  10,567  11,426  
 Company taxes on oil  797 45 42 225 736 926 951 
 Royalties from oil  554 384 176 589 1,213  1,252  1,092  
 Mineral royalties  517 518 578 749 744 1,057  1,376  
Taxes on domestic goods & services  6,434  9,927  12,231  13,345  15,030  17,152  17,792  
Excises  764 2,402  3,643  3,090  3,661  3,919  4,404  
 Excise duty  147 239 297 339 319 387 415 
 Petroleum tax, of which:  617 2,163  3,346  2,751  3,342  3,532  3,989  
 Energy fund levy  n.a. n.a. 25 28 27 39 38 
 Road fund levy  n.a. n.a. 1,002  1,058  1,012 1,541  1,780  
VAT 4,672  6,254  7,130  8,549  8,893  9,330  9,207 
 Domestic  1,915  2,766  3,022  3,557  3,980  5,209  5,302  
 Imports  2,757  3,489  4,108  4,992  4,912  4,121  3,906  
National Health Insurance Levy (NHIL)  782 1,019  1,119 1,376  1,501  1,745  1,804 
Communication Service Tax  217 252 339 329 420 412 559 
Ghana Education Trust Fund (GETFund) 
Levy n.a. n.a. n.a. n.a. 555 1,745  1,817  
Taxes on international trade  3,091  3,449  4,390  5,485  6,102  5,410  5,514  
Import duty  2,773  3,078  4,122  5,485  6,102  5,410  5,514  
Export duty on cocoa  319 371 n.a. n.a. n.a. n.a. n.a. 
Import exemptions  1,218 2,059 n.a. n.a. n.a. n.a. n.a. 
Tax refund  -157 -627 -1,445  -1,803  -2,125  -2,470  -2,587  
Other revenue         
 Energy sector levies and accounts 
(ESLA)  n.a. n.a. 1,646  1,970  1,817  1,898  2,749  
Memo items  
Excises (% of tax revenue)  4.3% 11.2% 15.0% 10.2% 9.7%  9.2%  9.9%  
VAT (% of tax revenue)  26.2% 29.2% 29.4% 28.1% 23.5%  21.8%  20.7%  
Import duties (% tax revenue)  15.5% 14.3% 17.0% 18.0% 16.1%  12.6%  12.4%  
n.a. Not applicable.  
Source:  WTO Secretariat calculations, based on Ministry of Finance, Fiscal Data . Viewed at: 
https://www.mofep.gov.gh/fiscal -data. 
3.1.2.2   Applied MFN tariffs  
3.14.   Ghana started to implement the ECOWAS Common External Tariff (CET) on 1  January  2016. 
This brought greater stability to its MFN tariff, which befor e then tended to be modified frequently. 
Indeed, in principle, Ghana's import taxes can be changed by Parliament through an Act, generally 
in the context of the annual Budget Law. Tariff Interpretation Orders can be also issued directly by 
Customs, for exa mple to interpret the Budget Law concerning tariffs.  
3.15.   Ghana's 2022 applied MFN tariff (unchanged since 2019) is based on the CET and the HS17 
classification , with some national exceptions as provided for by regional provisions; the exceptions 
are not availa ble to the WTO Secretariat.  In March 2022, the average unweighted applied MFN tariff 
rate was 12.2%, down from 12.8% in 2013 (Table  3.3). Ghana does not administer any tariff quotas , 
according to the authorities.  WT/TPR/S/427 • Ghana  
 
- 34 - 
 
  Table 3.3 Structure of MFN tariffs, 2013 and 2022  
 
MFN applied  
Final  bounda  
2013  2022  
Bound tariff lines (% of all tariff lines)  n.a. n.a. 15.1 
Simple average rate  12.8 12.2 92.0 
 WTO agricultural products  17.3 15.5 96.6 
 WTO non-agricultural products  12.0 11.6 40.4 
 Agriculture, hunting, forestry and fishing (ISIC 1)  15.1 11.8 94.9 
 Mining and quarrying (ISIC 2)  11.2 5.1 unbound  
 Manufacturing (ISIC 3)  12.7 12.3 90.5 
Duty-free tariff lines (% of all tariff lines)  12.2 1.6 0.0 
Simple average rate of dutiable lines only  14.6 12.4 92.0 
Tariff quotas (% of all tariff lines)  0.0 0.0 0.0 
Non-ad valorem  tariffs (% of all tariff lines)  0.0 0.0 0.0 
Domestic tariff "peaks" (% of all tariff lines)b 0.0 0.0 0.0 
International tariff "peaks" (% of all tariff lines)c 43.5 38.4 15.1 
Standard deviation  7.0 7.5 19.8 
Coefficient of variation  0.5 0.6 0.2 
Nuisance applied rates (% of all tariff lines)d 0.0 0.0 0.0 
n.a. Not applicable.  
a Final bound rate is based on the Consolidated Tariff Schedule (CTS) in HS17 nomenclature. 
Calculations are based on total tariff lines (5,402 tariff lines).  
b Domestic tariff peaks are defined as those exceeding three times the overall simple average applied 
rate. 
c Internati onal tariff peaks are defined as those exceeding 15%.  
d Nuisance rates are those greater than zero, but less than or equal to 2%.  
Note:  The 2013 tariff is based on HS12 nomenclature consisting of 6,062 tariff lines (at 10 -digit tariff line 
level). The 2022 tariff is based on HS17 nomenclature consisting of 6,129 tariff lines (at 10 -digit 
tariff line level).  
Source:  WTO Secretariat calculations, based on information provided by the authorities; and WTO Integrated 
Database and CTS database.  
3.16.   The tariff con sists of five  CET bands (all ad valorem ): zero, 5%, 10%, 20%, and 35%. There 
are some noteworthy structural changes from when Ghana based its tariff on the CET (Chart  3.2): 
• The share of duty -free tariff lines decreased to 1.6% in 2022 (down from 12.2% in 2 013), 
because most of the tariff lines that were duty -free in 2013 now carry a 5% rate under 
the CET.  
• About half of the 2013 rates that were at 5% have been increased to 10%. On the other 
hand, a third of the tariff lines that were previously carrying the 20% rate are now subject 
to either 5% or 10%.  
• The 35% tariff results from the implementation of the CET and applies to 131 lines 
previously subject to a 20% rate. About 45% of all tariff lines are subject to tariffs of 20% 
or 35%.  WT/TPR/S/427 • Ghana  
 
- 35 - 
 
  Chart 3.2 Distribution of MFN applied tariff rates, 2013 and 2022  
 
n.a. Not applicable.  
Note:  Figures above the bars denote the share of total lines. 2013 tariff schedule is based on HS12 
nomenclature, and 2022 on HS17.  
Source:  WTO Secretariat calculations, based on data provided by the authorities; and WTO Integrated 
Database.  
3.17.   By sector, MFN tariff rates on agricultural products (WTO definition) have decreased most, to 
an average of 15.5% (Table  3.4). However, Ghana's im plementation of the CET has led to strong 
tariff increases (with a likely upward influence on consumer prices) particularly for meat products, 
fish and fishery products, and sugars and confectionery, which now carry the highest rates. In 
contrast, tariffs have fallen on average on dairy products, beverages, spirits, tobacco, and coffee 
and tea.  
3.18.   Tariffs on non -agricultural products remain lower, at an average of 11.6%. Nonetheless, 
tariffs on transport equipment have increased from 5.5% to 8.8%. In contrast,  strong decreases in 
tariffs on chemicals have been recorded. On cotton, the lowering of import duties to the CET rate of 
5% for the least -processed forms of cotton and 10% for the most traded forms of cotton could help 
lower costs on those fabrics and tex tiles that are dependent on imported cotton inputs.  
Table 3.4 Comparative analysis of Ghana's applied MFN tariff, 2007, 2013, and 2022  
 
Ghana  
2007a Ghana  
2013b Ghana/  
ECOWASc 
2022  
Total  12.7 12.8 12.2 
HS 01-24 17.0 15.9 16.2 
HS 25 -97 12.0 12.2 11.3 
By WTO category     
WTO agricultural products  17.5 17.3 15.5 
Animals and products thereof  19.4 19.0 24.1 
Dairy products  20.0 20.0 16.4 
Fruit, vegetables, and plants  18.9 18.3 17.6 
Coffee and tea  20.0 20.0 14.2 
Cereals and preparations  17.8 16.2 13.6 
Oils seeds, fats, oil and their products  14.6 14.6 11.8 
Sugars and confectionery  11.1 11.0 13.5 
Beverages, spirits, and tobacco  19.8 19.8 17.1 
Cotton  10.0 10.0 5 
Other agricultural products, n.e.s.  14.4 15.1 9.5 
WTO non -agricultural products  12.0 12.0 11.6 
Fish and fishery products  11.1 9.8 15.8 
12.2%
5.8%38.5%43.5%
1.6%36.9%
23.0%36.3%
2.1%
05001,0001,5002,0002,5003,000
Duty free 5% 10% 20% 35%
Note:     Figures above the bars denote the share of total lines.  2013 tariff schedule is based on HS12 nomenclature, and 
2022 on HS17.
Source:  WTO Secretariat calculations, based on data provided by the authorities; and WTO IDB database.Number of tariff linesChart 3.[GHA]   Distribution of MFN applied tariff rates, 2013 and 2022
Tariff rates (%)MFN 2013 (6,062 tariff lines)
MFN 2022 (6,129 tariff lines)
n.a.
n.a. Not applicable.WT/TPR/S/427 • Ghana  
 
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Ghana  
2007a Ghana  
2013b Ghana/  
ECOWASc 
2022  
Minerals and metals  12.2 12.5 11.7 
Chemicals and photographic supplies  11.9 12.1 7.7 
Wood, pulp, paper, and furniture  16.1 16.8 11.5 
Textiles  16.9 16.8 16.3 
Clothing  20.0 20.0 20.0 
Leather, rubber, footwear, and travel goods  14.3 15.0 12.9 
Non-electric machinery  2.8 3.1 7.0 
Electric machinery  10.3 10.6 11.2 
Transport equipment  6.0 5.5 8.8 
Non-agricultural products, n.e.s.  15.6 15.0 14.2 
Petroleum  9.0 4.3 7.9 
By ISIC sectord 
ISIC 1 – Agriculture, hunting and fishing  15.7 15.1 11.8 
ISIC 2 – Mining and quarrying  11.2 11.2 5.1 
ISIC 3 – Manufacturing  12.6 12.7 12.3 
ISIC 4 – Electrical energy    5.0 
By stage of processing     
First stage of processing  14.1 13.3 10.4 
Semi-processed products  13.0 13.3 10.0 
Fully processed products  12.3 12.5 13.8 
a The 2007 tariff is based on HS02 nomenclature consisting of 5,969 tariff lines (at 10 -digit tariff line 
level).  
b The 2013 tariff is based on HS12 nomenclature consisting of 6,062 tariff lines (at 10 -digit tariff line 
level).  
c The ECOWAS tariff schedule is based on HS17 nomenclature consisting of 6,129 tariff lines (at 
10-digit tariff line level).  
d Interna tional Standard Industrial Classification (Rev.2). Electricity, gas and water are excluded 
(1 tariff line).  
Source:  WTO Secretariat calculations, based on data provided by the authorities.  
3.1.2.3   WTO bindings  
3.19.   Ghana 's binding  cover  15.1% of all tariff lines (Table  3.3). In agriculture, most tariffs are 
bound at a ceiling rate of 99%; lower bound rates of 40% and 50% were set on a few agricultural 
products. Products subject to the 40% bound rate include live poultry, milk and cream, wheat, and 
oil cake; the tariff o n tea was bound at 50%. Very few non -agricultural tariffs  – 1% of tariff 
lines – are bound, at ceiling rates of mainly 30% and 40%, but also at 35% and 45%. These bindings 
are mainly on inputs for agricultural production, such as fertilizers, as well as to ols and equipment. 
Ghana's schedule of concessions was transposed into HS12 and more recently into HS17 and these 
changes were certified in October 2017 and in March 2021 in the context of the HS transposition 
exercise conducted by the WTO Secretariat.  
3.20.   Ghana has bound "Other duties and charges" (ODCs) at zero on non -agricultural and most 
agricultural goods, and at 15% on some selected agricultural goods, including milk and cream, eggs, 
tea, wheat, and oil cake. However, Ghana collects numerous duties and  charges on imports in 
addition to the customs tariff (Section  3.1.3).  
3.1.2.4   Duty concessions and exemptions  
3.21.   The previous Review highlighted the country's widespread exemptions and concessions of 
import duties, including tariffs and ODCs, and internal taxes such  as VAT. These imports enter the 
country under letters granting exemptions from the Ministry of Finance, initiated by other ministries. 
A new exemptions bill is pending. It is obvious that the large number of tariff exemptions granted 
by Ghana reflects the  fact that the ECOWAS CET is not fully adapted to the needs of the Ghanaian 
economy.  
3.22.   Part of the annual loss of revenue resulting from duty exemptions is captured by Customs in 
its "tax refund" statistics, also in some cases called "import exemption" compi led as part of the 
budget. In  2020, reported tax refunds amounted to GHS  2.6 billion (approximately 
USD 430 million), i.e. 5.8% of Ghana's total tax revenues (Table  3.2). As suggested by the WT/TPR/S/427 • Ghana  
 
- 37 - 
 
  exemptions granted for the Port of Tema expansion in 20165, the actual revenue forgone is likely to 
be higher than is currently compiled. It also does not include exemptions granted under export 
processing zone, bonded warehouse, or GIPC provisions (Table  3.5). 
3.23.   A large share of imports is cleared into bonded wareho uses. The goods can stay there up to 
12 months. Of the goods that are cleared from bonded warehouses to the domestic market, about 
25% are exempted from import duties. Most vehicles cleared out of bonded warehouses duty -free 
are cleared for governmental ag encies awaiting parliamentary approval (the so -called "clearance on 
permit pending approval" system).  
3.24.   In the context of the previous Review, it was noted that products were imported into 
warehouses under temporary exemption, and subsequently released for r e-export to neighbouring 
countries, but in fact sold in the domestic market without payment of duty or VAT; the application 
of the bonded warehousing provisions therefore deserves to be reviewed with a view to ensuring 
non-discrimination in favour of these  products and increasing revenue. The authorities have noted 
that the deployment of ICUMS has improved the management of customs bonded warehouses.  
Table 3.5 Tariff exemption schemes, 2022  
Description / Legisl ation  Nature of duties 
waived or 
reduced  
Imports under the Ghana Investment Promotion Centre Act  (GIPC Act )  Tariffs, ODCs  
Listed items imported by hotels, restaurants and tourism industry (e.g. refrigerators, TVs)  Tariffs  
Local film producers' imports of sound recording and other listed apparatus  Tariffs  
Imports by manufacturers approved by Customs (under Customs Act  (Act 512))  Tariffs  
Raw materials for the manufacture of agricultural and fishing equipment; phytosanitary products; 
evaporated milk; pharmaceutical products; anti -mosquito products; pipes and tubes of plastics; 
materials for processing of timber and related products; inputs for the production of textile; raw 
materials for the manufacture of corru gated roofing sheets; billets, waste and scrap of iron for the 
manufacture of iron rods; building materials; bicycles and other cycles; and miscellaneous raw 
materials   
"Import e xemptions" for the following bodies:   
The British Council; the Head of State of Ghana; diplomatic missions; technical assistance 
schemes; p ersons with disability; c hurches and religious bodies; trade fairs and exhibitions; the 
Volta Aluminium Company; the Volta River Authority  Tariffs, VAT  
"General exemptions" for the following products:   
Advertising matter; approved aircraft parts and accessories; passengers' personal baggage  Tariffs, VAT  
West African raw foodstuffs and fish caught by Ghanaian -owned vessels  Tariffs  
Educational, cultural, or scientific material  Tariffs  
Fishing floats and gear as approved by the Commissioner  Tariffs, VAT  
Infants' foods  Tariffs  
Approved equipment , spare parts, chemicals and jute bags for agricultural purposes  Tariffs, VAT  
Gifts from recognized donors as approved by the Minister of Finance  Tariffs, VAT  
Agricultural and industrial machinery, solar, wind and thermal generating sets, electric generating 
set of 375 KVA and above, solar cells and panels (HS  85.02)  Tariffs, ODCs, 
VAT 
Ambulances, hearses   Tariffs, ODCs, 
VAT 
Mosquito nets falling within Heading No.  5608.19.00.10  Tariffs, ODCs, 
VAT 
Tools, implements, cutlery, knives, spoons and forks, of base metal (HS  82) Tariffs, ODCs, 
VAT 
Nuclear reactors, boilers, machinery and parts thereof (HS  84 except 84.71)  Tariffs, ODCs, 
VAT 
Automatic data processing machines and units thereof (HS  84.71)  Tariffs, ODCs  
Electrical machinery and equipment, sound recorders and reproducers, television image and sound 
recorders and reproducers and parts thereof (HS  85 except 85.02)  Tariffs, ODCs, 
VAT 
Musical instruments; parts and accessories of such articles (HS  92) Tariffs, ODCs, 
VAT 
Air-conditioners; carpets, bedding, and fixtures; fans and radio sets; refrigerators/deep freezers; 
television sets; public address systems; and crockery (HS  98.07, 98.08)  Tariffs, ODCs, 
VAT 
Sawn, chipped, sliced or peeled wood (HS  44.07) Tariffs, ODCs  
Aluminium ingots (HS  76.01)  Tariffs, ODCs  
 
5 According to Public Services International (PSI), the Government of Ghana in 2016 reportedly grant ed 
import duty exemptions totalling USD  834 million to Meridian Port Services, a consortium of international firms, 
which is undertaking an expansion of the Port of Tema. PSI (2020), Tackling Tax Incentives, Ghana . Viewed at:  
https://publicservices.international/resources/publications/tackling -tax-incentives -ghana?id=10560&lang=en . WT/TPR/S/427 • Ghana  
 
- 38 - 
 
  Description / Legisl ation  Nature of duties 
waived or 
reduced  
Floats, float cords, lead weights, other inputs for manufacture of fishing nets (HS  45.03, 58.08, 
70.20, 78.06, 98.02)  Tariffs, ODCs  
Recording instruments for the music industry (HS 98.10)  Tariffs, ODCs  
Imports under Bonded Warehousing provisions/Customs Law, 1993  Tariffs, ODCs, 
VAT 
Imports under Free Trade Zones provisions  Tariffs, ODCs, 
VAT 
Metals, chemicals, equipment, machinery listed under the Mining List (252 items)  Tariffs  
Source:  WTO Secretariat based on information provided by the authorities.  
3.1.3   Other taxes and charges affecting imports  
3.1.3.1   VAT 
3.25.   Ghana's standard VAT rate has been 12.5% since 2017.6 VAT is levied on the c.i.f. value of 
imports plus tariff and other border taxes, and on the ex -factory price of locally produced goods.7 
The zero rate applies to goods and services for export. The following goods and services are exempt 
from VAT: agricultural inputs, electricity, transportation, construction, pharmaceuticals, bicycles, 
books, and machinery and equipment. About 40% of VAT r evenues are collected on imports 
(Table  3.2). VAT on financial services (17.5%) was abolished in 2022. Transportation services are 
exempt from VAT.  
3.26.   Ghana introduced a VAT Flat Rate Scheme (VFRS) in 2017 that provides for a reduced flat 
rate of 3% in lieu o f VAT (and NHIL and GETFund) . Nevertheless, wholesalers and importers will 
continue to pay VAT/NHIL/GETFund at importation at the standard cumulated rate of 17% on their 
purchases. As a result, the new VFRS constitutes a sales tax rather than a VAT (Box  3.2).8 This 
means that wholesalers pay 17.5% tax on their purchases and collect 3% tax on the sales. The VFRS 
covers all products except power, heat, refrigeration, or ventilation.  
Box 3.2 Computing VAT payable u nder the VFRS  
(a) Example: Cost (taxation base) of the item = GHS  100 
(b) VAT paid on item (17.5%*100) = GHS  17.50 (sum of VAT at 12.5%, NHIL at 2.5%, and GETFund 2.5%)  
(c) Hypothesis of a profit and other overhead margin of 10% (10%*117.50) = GHS  11.75  
(d) Taxable value (a+b+c) = GHS  129.25  
(e) VFRS (3%*129.25) = 3.88  
(f) Tax inclusive cost to consumer (d+e) = GHS  133.13  
Source:  Government of Ghana.  
3.1.3.2   Excise duties  
3.27.   Excise duties are imposed on selected (imported and locally produced) products (Table  3.6). 
The taxation base is the ex -factory price for locally produced goods and the duty -inclusive c.i.f. price 
for imported goods. The excise duty payable on malt drinks,  beer, and stout, other than indigenous 
beer, is determined by the percentage of local raw materials used: the higher the local content, the 
lower the excise tax.  
 
6 Value Added Tax Act, 2013 (Act  870). Viewed at: http://www.gra.gov.gh/index.php?option=com_ 
content&view=article&id=162:implementatio n-of-the-value -added -tax-act-2013-act-870&catid=11:latest -
news&Itemid=26 ; and Value Added Tax (Amendment) Act, 2017 (Act  954). Viewed at: 
https://www.bcp.gov.gh/new/reg_details.php?id=Mjk4#:~:text=AN%20ACT%20to%20amend%20the,to%20p
rovide%20for%20related%20matters . 
7 The National Health Insurance Levy (NHIL, 2.5%) and the Ghana Education Fund Levy (GETFund, 
2.5%) are generally collected with VAT and on the same basis as VAT.  
8 GRA (2017), Practice Note on the Application of VAT Flat Rate Scheme under the Value Added T ax Act, 
2013 (Act  870). Viewed at: https://gra.gov.gh/wp -content/uploads/2020/09/Practice -Note-on-VAT-Flat-Rate-
Scheme.pdf . WT/TPR/S/427 • Ghana  
 
- 39 - 
 
  Table 3.6 Excise duties, 2022  
Heading or  
subchapter  Product description  Rate of duty  
2201 Waters, including mineral water of all description  
Distilled, bottle water  
Sachet water  17.5%  
17.5%  
0% 
220290  Malt drink, made with:  
Less than 50% of local raw material  
50%-70% of local raw material  
Above 70% of local raw material   
17.5%  
10% 
7.5%  
220390  Beer stout other than indigenous beer, made with:  
Less than 50% of local raw material  
50%-70% of local raw material  
Above 70% of local raw material   
47.5%  
32.5%  
10% 
2204 Wines, including sparkling wine  22.5%  
2206001000  Cider beer  17.5%  
2208 Spirits:  
(a) Distilled or rectified, blended or compounded  
(b) For use solely in laboratories or in the compounding of drugs  
(c) Denatured to the satisfaction of the Commissioner -General  
(d) "Akpeteshie"   
25% 
0% 
10% 
20% 
2402 Tobacco products  
(a) Cigarettes  
(b) Cigars  
(c) Negrohead  
(d) Snuff and other tobacco   
175%  
175%  
GHS 12/kg  
170%  
3919, 3920  Plastic plates, sheets, film, foil, tape, strip and other shapes  10% 
3923, 6305  Sacks and bags, bottles and other articles for the packing of goods, of 
plastic  10% 
Source : 2016 Tariff Interpretation Order, and information provided by the authorities.  
3.1.3.3   Other taxes and levies  
3.28.   Ghana's legislative instruments provide for numerous levies and other charges on imports, 
and their number has increased considerably since the previous Review in 2014 (Table 3.7). Newly 
introduced levies include the African Union Levy (2017), Ghana Education Fund  Levy (2018), 
COVID‑19 Health Recovery Levy (2021), National Health Insurance Levy (2021), Ghana EXIM Bank 
Levy (2016), Sanitation and Pollution Levy (2021), Petroleum Tax (2021), as well as three energy 
sector levies (2021). The Special Import Levy (1% -2%) was abolished in 2017.  
3.29.   The Ghana Shippers' Authority levies from shipping lines a service charge of 2% of gross 
freight value of all freight entering or leaving Ghana by any means of maritime transport, and remits 
to the Ghana Maritime Authority 50% of t his amount.9 
3.30.   In total, these border levies add several percentage points to the ECOWAS tariff, depending 
on the product. Several levies and charges, currently levied on imports, may run counter to 
Articles  6.1 and 6.2 of the TFA. To address these issues, MOTI has formed a Technical Working 
Group on Fees and Charges made up of the principal government entities involved in border 
management and some of the major trade associations. The recommendations made by this group 
have yet to be published.  
Table 3.7 Taxes, levies, and charges applied to imported goods  
Name (date introduced)  Rate  Taxation base  Regulation  
Taxes and levies  
VAT (2017)  12.5%  Value of taxable supplies  VAT Tax Act, 2013 (Act 870) as 
amended by VAT (Amendment) Act, 
2017 (Act  948) 
Excise tax (2016)  0-175%  Value of domestic production 
and c.i.f. value of imported 
goods  
 Excise Duty Regulations, 2016 
(L.I. 2242)  
 
9 Ghana Shippers' Authority Regulations, 2012 (L.I.  2190). Viewed at: 
https://www.bcp.gov.gh/acc/registry/docs/GHANA%20SHIPPERS%27%20AUTHORITY%20REGULATI ONS,%20
2012%20(L.I.%202190).pdf . WT/TPR/S/427 • Ghana  
 
- 40 - 
 
  Name (date introduced)  Rate  Taxation base  Regulation  
ECOWAS Levy (2003)  0.5%  c.i.f. value excluding duties, 
on imports from outside 
ECOWAS    
Ghana EXIM Bank Levy (2016)  0.75%  c.i.f. value excluding duties, 
all except petroleum 
products  Ghana Export -Import Bank Act, 
2016 (Act  911) 
Environmental tax (2013)  10% c.i.f. value excluding duties, 
plastic items of 
HS Chapter  39 Environmental Tax Act, 2013 
(Act 863) 
African Union Levy (2017)  0.2%  c.i.f. value excluding duties, 
on all imports from outside 
the African Union  African Union Import Levy Act, 
2017 (Act  952) 
National Health Insurance Levy 
(2021)  3.5%  Domestic products and 
services; c.i.f. value of 
imported goods including 
customs duties; imports of 
services  Value Added Tax Act,  
2021 Budget Statement  
COVID‑19 Health Recovery Levy 
(2021) 1% c.i.f. value excluding duties  COVID‑19 Health Recovery Act, 
2021 
Ghana Education Fund Levy 
(2018)  2.5%  c.i.f. value excluding duties  Ghana Education Trust Fund 
(Amendment) Act, 2018 (Act  972) 
Sanitation and Pollution Levy 
(2021) GHS 0.10  
per litre  Sales of petrol and diesel   Energy Sector Levies (Amendment) 
Act, 2021 (Act  1064)  
Energy Sector Recovery Levy 
(2021) GHS 0.20  
per litre  
GHS 0.18  
per litre  Sales of petrol, diesel  
 
Sales of LPG  Energy Sector Levies (Amendment) 
Act, 2021 (Act  1064)  
Energy Debt Recovery Levy 
(2021)  GHS 0.49  
per litre 
GHS 0.41  
per litre  
GHS 0.03  
per litre  Sales of petrol, diesel, and 
naphtha  
Sales of LPG  
 
Sales of marine gasoil (local)  Energy Sector Levies (Amendment) 
Act, 2021 (Act  1064)  
Energy Fund Levy (2021)  GHS 0.01  
per litre  Sales of petrol, kerosene, 
diesel, and naphtha  Energy Sector Levies (Amendment) 
Act, 2021 (Act  1064)  
Special Petroleum Tax (2021)  GHS 0.46  
per litre  
GHS 0.39  
per litre  
GHS 0.48  
per litre  Sales of petrol, diesel, 
naphtha  
 
Sales of kerosene  
 
Sales of LPG  Energy Sector Levies (Amendment) 
Act, 2021 (Act  1064)  
Penalty on imported vehicles 
over 10 years  2.5% -50% c.i.f. value of used vehicles  Customs Overage Penalties Act, 
2002 
Fees and charges  
Processing Fee (2002)  
 1% c.i.f. value of duty-free 
items and zero -rated goods 
(except imports for 
educational, health and 
agricultural purposes).  Customs and Excise (Duties and 
Other Taxes) (Amendment) Act, 
2002 (Act  615) 
Destination Inspection fee  1% c.i.f. value excluding duties, 
on all imports 
(Section  3.1.1.3)  Export and Import Act, 1995 
(Act 503) 
ICUMS charge (2020)  0.4%  f.o.b. value of goods, all 
imports   
Examination fee on imported 
used vehicles  1% f.o.b. value of used vehicles   
State Warehouse Rent  .. .. Customs Regulation, 2016 
(L.I. 2248)  
Ghana Shippers Authority 
service charge  2% of gross 
freight value  Maritime imports and 
exports  Ghana Shippers Authority 
Regulations (L.I. 2190)  
.. Not applicable.  
Source:  Information provided by the authorities.  
3.1.4   Preferential tariffs and rules of origin  
3.31.   The authorities notified the WTO in 2004 that Ghana did not apply non -preferential rules of 
origin.10 However, several of the new trade agreements recently signed by Ghana refer to 
non-preferential rules of origin, notably those with the European  Union and the United  Kingdom. 
After it notified the ECOWAS preferential rules of origin in 2004, Ghana notified its new rules of 
origin on trade both with the European  Union and with the United Kingdom, as part of their 
respective economic partnership agreements (EPAs) (Table  2.1). Ghana offers preferential tariff 
 
10 WTO document G/RO/N/44, 6  May 2004.  WT/TPR/S/427 • Ghana  
 
- 41 - 
 
  treatment (duty -free or reduced tariffs) to products deemed to originate from the parties to these 
agreements; Ghana has yet to communicate its preferential tariffs  to the WTO Integrated Database.  
3.1.4.1   Rules of origin under ECOWAS and the African Continental Free Trade Area 
(AfCFTA)  
3.32.   Ghana implements the ECOWAS Trade Liberalization Scheme (ETLS) of 1993 enabling all 
qualifying goods sourced from approved producers in the o ther ECOWAS Member States to be 
imported into Ghana duty -free. In particular, the authorities declared that Ghana, under the ETLS, 
allows unprocessed goods from the ECOWAS region to enter Ghana duty -free. For all transformed 
products, ECOWAS protocol A/P1/ 1/03 of 31  January  2003 defines the concept of originating 
products and origin criteria applicable for the free circulation of industrial goods. The latter are 
considered as originating in the Member State where they have been wholly produced or sufficient ly 
transformed. Sufficient transformation is either a change in tariff subheading at the HS  6-digit level, 
or at least 30% local content.  
3.33.   These provisions have not been followed by important increases in Ghana's intra -regional 
trade in recent years (Chart  3.3). The registration of products to benefit from intra -ECOWAS 
duty-free treatment continues to be particularly cumbersome, affecting both imports to and exports 
from Ghana. The registration consists of  a two -stage approval process and the filling of appl ication 
forms for each tariff item by the applicant, in a format approved by ECOWAS.  
3.34.   Then, to enjoy duty -free treatment under the ETLS, a qualified product must be accompanied 
by a certificate of origin, issued by the Ghana National Chamber of Commerce and  Industry (GNCCI). 
The procedure involves, inter alia, an application to the National Approvals Committee.  Completed 
forms are submitted to the ECOWAS National Unit for consideration by the ETLS Committee in the 
Member State of the applicant. The list of enterprises and products approved for ETLS eligibility by 
the Committee is remitted with supporting documents to the ECOWAS Commission for further review 
and final approval. The approval process takes four to six  months. Many private sector operators 
consider this process cumbersome, which explains why few products from Ghana have been 
registered since 1988.11 
3.35.   Ghana ratified the Agreement Establishing the AfCFTA in May  2018, but it has yet to be 
notified to the WTO. The rules of origin to be applied for trade within the African Union also have yet 
to be finalized.12 However, the basic origin criteria for products are contained in Annex 2 to the 
AfCFTA Agreement: the product must be wholly obtained or substantially transformed in a party to 
the Agreement. As indicated in Article  6 of Annex 2, substantial transformation is determined using 
value added, the quantity of non -originating materials, a change in tariff heading, or a specific 
process.13 The rules that are still under negotiation concern mainly thos e sensitive products that will 
be excluded from tariff liberalization. To date, Ghana has no preferential trade under the AfCFTA 
Agreement.  
3.36.   According to UNCTAD, the establishment of the AfCFTA could significantly boost intra -African 
trade if simple and tra nsparent rules of origin are enforced.14 In this context, the AfCFTA rules appear 
to bring a number of simplifications relative to the ECOWAS rules, a factor that will be key to the 
AfCFTA's success, according to UNCTAD. First, products and companies do no t have to be registered 
a priori : instead, a certificate of origin is filled in by the exporter and stamped by a designated 
competent authority, confirming that a particular product complies with the origin criteria. The 
supplier must also fill in a suppli er's declaration concerning the originating status of goods regarding 
the specific preferential rules of origin.  
 
11 GNCCI (2018), Accelerating the Implementation of the ECOWAS Trade Liberalization Scheme . Viewed 
at: https: //ghanachamber.org/biat18/images/pdfs/etls_300618.pdf . 
12 African Union, AfCFTA: Appendix IV to Annex 2 on Rules of Origin . Viewed at: 
https://afcfta.au.int/en/afcfta -rules-origin . 
13 Viljoen, W. ( 2019), "Rules of Origin, Tariffs and the AfCFTA", Tralac , 17 May. Viewed at: 
https://www.tralac.org/blog/article/14063 -rules-of-origin -tariffs -and-the-afcfta.html . 
14 UNCTAD (2019), Economic Development in Africa – Report 2019 . Viewed at: 
https:/ /unctad.org/system/files/official -document/aldcafrica2019_en.pdf . WT/TPR/S/427 • Ghana  
 
- 42 - 
 
  Chart 3.3 Ghana's trade with ECOWAS members, 2014 -19 
(USD billion)  
 
Source:  WTO Secretariat ca lculations, based on UN Comtrade.  
Chart 3.4 ECOWAS Trade Liberalization Scheme – Approved products in 1988 -2021 
 
Note:  Products are based on the HS  10-digit tariff line level.  
Source:  ETLS, Community Goods an d Enterprise . Viewed at: https://etls.ecowas.int/approved -enterprises -
and-products/ . 
6.0%
5.4%
2.6%3.3%3.8%4.2%
0%1%2%3%4%5%6%7%
024681012141618
 2014  2015  2016  2017  2018  2019  2020
World ECOWAS Share of total (%)9.5%10.3%12.6%
7.5%
4.5%5.6%
0%2%4%6%8%10%12%14%
024681012141618
 2014  2015  2016  2017  2018  2019  2020
U(USD billion)
ExportsImportsChart 3.[GHA]   Trade with ECOWAS
Source: WTO Secretariat calculations, based on UN Comtrade.
127
9
2911
31475918897
79
2472
65
313450
3870
57
24367782
31141
78
49
40
020406080100120140160Chart 3.[GHA] Number of approved items by year 
(No.) 
Source: ECOWAS Trade Liberalization Scheme (ETLS), Community goods and enterprise. 
Viewed at: Community goods and enterprise –ETLS (ecowas.int) .Based on the 10 -digit tariff line level. Note:WT/TPR/S/427 • Ghana  
 
- 43 - 
 
  3.1.4.2   Rules of origin under the agreements with the European  Union and the 
United  Kingdom  
3.37.   The EU -Ghana Stepping Stone EPA with the European  Union entered into force in 
December  2016 and was notified to the WTO in 2017 (Table  2.1).15 Ghana effectively implemented 
the first tariff cuts vis-à-vis the European  Union in July 2021 (Sec tion 2.3.4). Under the Agreement, 
the European  Union provides duty -free, quota -free access for all of Ghana's exports of originating 
products to the European  Union from the first day of application. The rules of origin are contained 
in a separate protocol.16 Ghana enjoys a three -year transition period to adopt self -certification.  
3.38.   Ghana's Interim Trade Partnership Agreement (TPA) with the United Kingdom, which entered 
into force in March 2021, replicates the EU -Ghana Agreement. Ghana started implementing tar iff 
cuts in October 2021. The rules of origin are in Annex A (Protocol  1) to the TPA, but they were not 
yet in force in October  2021.17 The TPA provides for origin cumulation with materials from and 
processing by the European  Union, and vice versa. The TPA  also enables cumulation to occur with 
other third countries where certain conditions are met (for example, where the United Kingdom has 
a preferential trade arrangement with a Member State of the Organisation of African, Caribbean and 
Pacific States (OACP S, formerly the ACP Group of States), replicating the mechanism provided for 
in the EU -Ghana Stepping Stone EPA. The cumulation arrangements are set out in detail in Title II 
(Definition of the concept of "originating products") of the Rules of Origin Prot ocol. 
3.1.5   Import prohibitions, restrictions, and licensing  
3.1.5.1   Import prohibitions  
3.39.   Import prohibitions are maintained by Ghana on, inter alia, health, security, technical, 
sanitary or phytosanitary, and environmental grounds. Ghana also controls or restricts trade under 
treaties and international conventions to which it is a signatory, such as the Convention on 
International Trade in Endangered  Species (CITES), the Montreal Protocol, and the Basel Convention 
on Hazardous Waste. These prohibitions are listed in the tariff schedule. Ghana is a member of the 
Kimberley Process and applies import prohibitions, according to origin, on rough diamonds. Trade 
and economic sanctions may also result in import prohibitions, in accordance with United Nations 
Security Council resolutions.  
3.40.   The Imports and Exports (Prohibited Goods) Regulations of 1994 prohibit commercial imports 
of the following items when used  or second -hand: handkerchiefs; underpants; mattresses; and 
sanitary ware. Importation of used liquified petroleum gas (LPG) cylinders, toxic waste, turkey tails, 
foreign soil, and medical soap containing mercuric iodine is also prohibited.  
3.41.   In addition, a list of pharmaceuticals is reserved for local production, and imports are banned 
accordingly (E.I. 181, 2016) (Section  4.4.2). Use and importation of codeine -based syrup are 
banned as well (E.I. 167, 2018).  
3.1.5.2   Import licensing  
3.42.   In 2004, the authorities notifie d the WTO that Ghana does not operate any import licensing 
system; and it confirmed this in 2009.18 However, there appear to be a number of exceptions 
whereby imports are in practice subject to quantitative restrictions. For example, a ceiling on cement 
 
15 Official Journal of the European  Union  (2016), Stepping Stone Economic Partnership Agreement, 
L 287/3, 21  October. Viewed at: https://eur -lex.europa.eu/legal -
content/EN/TXT/PDF/?uri=CELEX:22016A1021(01)&from=EN . 
16 Official Journal of the European  Union  (2019), Council Decision (EU) 2019/2208 regarding Protocol 
No. 1 Concerning the Definition  of the Concept of Originating Products, L  332/19, 23  December. Viewed at: 
https://eur -lex.europa.eu/legal -content/EN/TXT/PDF/?uri=CELEX:32019D2208&from=EN . 
17 Interim Trade Partnership Agreement between the United Kingdom of Great Britain and Northern 
Ireland, of the One Part, and the Republic of Ghana, of the other Part. Viewed at: 
https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/978684/C
S_Ghana_1.2021_UK_Ghana_Interim_Trade_Partnershi p_Agreement.pdf . 
18 WTO documents G/LIC/N/3/GHA/3, 21  April 2004; and G/LIC/N/3/GHA/4, 26  September  2009.  WT/TPR/S/427 • Ghana  
 
- 44 - 
 
  imports was enforced as at 2017 so as to bolster production and domestic value addition.19 Ghana 
also continues to apply import permit requirements for poultry products, as a means of protecting 
domestic production (Section 4.1.1.1).  
3.1.6   Contingency measures  
3.43.   Ghana has never taken any anti -dumping20, countervailing21, or safeguard measures and, 
until 2016, did not have any national legislation on such contingency measures. In 2016, the Ghana 
International Trade Commission Act (Act  926) established the Ghana Intern ational Trade 
Commission (GITC).22 The Commission commenced operations in April 2018 when its five -member 
Governing Board was inaugurated. The Commission has a Secretariat headed by an Executive 
Secretary who serves as the Secretary to the Governing Board,  whose members are referred to as 
Commissioners. Ghana has adopted four trade remedy regulations:  
a. GITC (Anti -Dumping) Regulations, 2019 (L.I.  2380);  
b. GITC (Customs Valuation) (Dispute Settlement) Regulations, 2019 (L.I.  2382);  
c. GITC (Subsidy and Countervaili ng Measures) Regulations, 2020 (L.I.  2425); and  
d. GITC (Safeguard Measures) Regulations, 2020.  
3.44.   The Commission enquires into and determines complaints in relation to: (i)  safeguard 
measures; (ii)  the subsidization of imported products by foreign governments; (iii) dumping of 
imported products into the domestic market; (iv)  tariff adjustments; and (v)  any other measure that 
affects fair trade determined by the Minister responsible for trade.23 The Commission settles disputes 
between importers and GRA Customs in  respect of the classification, valuation, or origin of imported 
products.  
3.45.   During the 2018 -20 period, the GITC received petitions from six local producers and 
manufacturers, and completed investigation on one anti -dumping petition. In 2021, the GITC made 
a definitive determination that recommended an anti -dumping duty of 35.77% to be imposed on 
aluminium coils and circles originating in or imported from China over a period of five years. The 
implementation of this determination of the GITC was still discuss ed between Customs officials and 
other relevant bodies as at February 2022. Other ongoing investigations relate to iron and steel 
products, biscuits, poultry products, and ceramic tiles, and they are at various stages of the 
investigation process. No actio ns have been taken by the Commission relating to countervailing and 
safeguard measures (December 2021).  
3.46.   Ghana made several notifications regarding its new trade remedies legislation to the WTO, 
which were reviewed in 2020 (Table  2.1). 
 
19 Export and Import Restrictions on Portland Cement, Regulations, 2016 (L.I.  2240). Viewed at: 
https://bcp.gov.gh/acc/registry/docs/EXPORT%20AND%20IMPORT%20(RESTRICTIONS%20ON%20IMPORTATI
ON%20OF%20PORTLAND%20CEMENT)%20REGULATIONS ,%202016%20(L.I.%202240).pdf .  
20 WTO document G/ADP/N/193/GHA, 8  April 2011.  
21 WTO document G/SCM/N/202/GHA, 21  April 2011.  
22 Ghana International Trade Commission Act, 2016 (Act  926). Viewed at: 
https://bcp.gov.gh/acc/registry/docs/Ghana%20International%20Trade%20Commission%20Act,%202016%20
(ACT%20926)%20.pdf . 
23 The Commi ssion is also mandated to review tariff matters as well as analyse the competitiveness of 
Ghana's tariff structure. The Commission is required to monitor and review the pattern of Ghana's international 
trade and advise the Minister on matters affecting tra de and industry; study, identify, and recommend to the 
Minister tariff levels for specific sectors of the economy with due regard to the effective rate of protection; and 
conduct studies and publish reports on the competitiveness of Ghana's tariff structur e and the impact of the 
tariff structure on domestic industry, market access opportunities, and challenges in relation to exports from 
Ghana.  WT/TPR/S/427 • Ghana  
 
- 45 - 
 
  3.2  Measures Directly Aff ecting Exports  
3.2.1   Export procedures  
3.47.   The Ghana Export Promotion Authority (GEPA) operates a gateway for merchandise exporters, 
which are required to follow a complicated procedure (Table  3.8).24 
Table 3.8 Ghana's Export Procedures, 2022  
Agency  Procedures  
Registrar General  Exporters must register their business.  
GEPA  Exporters must register as an exporting company.  
GSA and PIA  Exporters contact the GSA and other Permit Issuing Agencies (PIA, see below) where 
necessary for inspection of premises and production facilities as, according to the 
authorities, there are differences in requirements for the domestic and export markets.  
GSA The GSA submits an inspection report and recommendations to GEPA and the exporter.  
GEPA  GEPA completes the registration process, and a certificate is issued to the exporter with 
a copy sent to GRA Customs.  
GSA GSA arranges inspection of each consign ment to be exported and samples for testing in 
collaboration with the PIA for the product.  
Registered bank  Exporter must generate a Letter of Commitment (LOC) in the ICUMS portal for each 
shipment.  
Exporter  Exporter gets a certificate of origin from the GNCCI.  
Customs  Exporter presents all relevant documents to Customs at exit point, which shall ensure 
that the exporter has all relevant documents before processing products for export: 
certificate of origin from the GNCCI, export permits from the GSA and the FDA for 
processed products; and from the Plant Protection and Regulatory Services Directorate 
for raw/unprocessed agricultural products.  
Banks, BoG  Export proceeds must be repatriated to Ghana within 60 days.   
Source:  GEPA.  
3.2.2   Repatriation of export proceeds  
3.48.   All exporters (including free zone enterprises, and traditional and non -traditional exporters) 
must repatriate export proceeds to a registered bank in Ghana within 60 days after shipment. The 
exchange control form was replac ed in 2020 by a Letter of Commitment, which is generated by the 
ICUMS single window for each shipment.  
3.49.   For traditional exports, Ghana in addition retains a surrender requirement to the local banks 
(March  2022). Traditional exports include, inter alia, coco a beans, timber, minerals, unprocessed 
gold, and electricity.  
3.50.   For non -traditional exports, exporters are permitted to maintain Foreign Exchange Accounts 
with registered banks and use the proceeds of their exports freely: an Export Proceeds Retention 
Scheme  allows exporters to exchange their foreign exchange proceeds from non -traditional exports 
into cedis at rates freely negotiated with their banks, or to keep the entire proceeds in foreign 
currency accounts in those local banks.25 Additionally, exporters o f non -traditional goods and 
services are allowed to quote their export prices in cedis, with the option of receiving payment in 
foreign currency from non -residents at a freely negotiated exchange rate. Pursuant to Act  723, banks 
are required to submit quar terly reports on all export receipts to the Bank of Ghana (BoG). These 
reports can reportedly  be accessed in real time on the ICUMS platform.  
3.2.3   Rules of origin  
3.51.   Ghana is a party to various agreements that provide for duty -free or preferential tariffs in 
expor t markets, which Ghanaian exporters can exploit by proof of a certificate of origin. The GNCCI 
issues several types of origin certificates: the EUR  and UK certificates of origin; the Generalized 
System of Preferences certificate for countries such as the U nited States, Japan, Canada, and 
Switzerland; and the ECOWAS origin certificate.26 The authorities have indicated that Ghanaian 
exporters experience frequent delays at the borders due to verification processes by Customs 
 
24 GEPA. Viewed at: https://www.gepaghana.org/about -us/about -gepa/ . 
25 Foreign Exchange Act, 2006 (Act  723), paras.  14-16; and BoG Public Notice issued on 31  May 2016.  
26 GNCCI. Viewed at: https://www.ghanachamber.org . WT/TPR/S/427 • Ghana  
 
- 46 - 
 
  authorities of other ECOWAS importi ng countries. In addition to the certificate of origin, companies 
seeking to benefit from the ETLS must have fulfilled the registration requirements (Section  3.1.4).27 
3.2.4   Export taxes and charges  
3.52.   Export taxes are currently applied on certain wood products (Se ction 4.1.4) and certain 
hydrocarbons sold to airlines. Export taxes on marine gas oil were removed in 2018. According to 
the authorities, Ghana does not at present apply statutory export taxes on cocoa beans. However, 
Ghana implements, through the state -owned Ghana Cocoa Board (COCOBOD), a mark -up on cocoa 
bean exports, the so -called living income differential (LID) (Section  4.1.2). 
3.2.5   Export prohibitions, restrictions, and licensing  
3.53.   Some products are subject to special export permits (Table  3.9). 
Table 3.9 Export permits  
Product  Export Permit Issuing Agency  
Antiques  Ghana Museums and Monuments Board  
Cocoa   Ghana Cocoa Board (COCOBOD)  
Timber & wood products  Forestry Commission (Forest Products Inspection Division)  
Charcoal  Energy Commission  
Rock & rock samples  Geological Survey Department  
Wildlife   Department of Game and Wildlife  
Chemicals  Environmental Protection Agency  
Scrap metals  Ministry of Trade and Industry   
Soyabean  Ministry of Trade and Industry   
Pharmaceuticals  Ministry of Health and the FDA  
Source: GEPA. Viewed at: https://www.gepaghana.org/import/faq/ . 
3.54.   The followin g exports are prohibited: narcotics; parrots; bank notes or coins of more than 
GHS 5,000; round logs (12 species including Rosewood, Section  4.1.3); rattan canes and bamboo, 
which may be exported only in processed form such as rattan furniture or baskets; obscene or 
pornographic materials; ferrous scrap metal (Section  4.3); and goods prohibited by any other laws 
or conventions, such as the CITES.28 
3.2.6   Export incentives  
3.2.6.1   Export promotion  
3.55.   GEPA, an autonomous body set  up in 1969, has the mandate to develop and pro mote 
exports.29 GEPA has a staff of 150 people; its activities are funded by 10% of the proceeds from the 
0.75% GEXIM import levy on non -petroleum products (Table  3.7). Key GEPA programmes include 
market access facilitation, technical advisory services for  the support of product and market 
development, and trade information dissemination and communication, as well as human resource 
capacity strengthening through the Ghana export school.30 GEPA coordinates its actions with the 
large panoply of other entities also intervening in the export process.31 
3.2.6.2   Duty drawback  
3.56.   Ghana maintains a Duty Drawback Scheme, enabling exporting companies to obtain a refund 
of the customs tariffs  paid on imported m aterials provided such companies can provide proof that 
 
27 ECOWAS Trade Information System (ECOTIS). Vi ewed at: https://ecotis.projects.ecowas.int/policy -
development/common -market -and-custom -union/ . 
28 GRA, Export Restrictions and Prohibitions . Viewed at: https://gra.gov.gh/customs/export -restrictions -
and-prohibitions/ . 
29 GEPA, About GEPA . Viewed at: https://www.gepaghana.org/about -us/about -gepa/ . 
30 GEPA, Strategic Partners . Viewed at: https://www.gepaghana.org/about -us/strategic -partners/ . 
31 GEPA, Summary List of Institutions/Agencies Involved in Export Development and Promotion in 
Ghana. Viewed at: https://www .gepaghana.org/cms/wp -content/uploads/2017/04/GEPA -institutional -partners -
download.pdf . WT/TPR/S/427 • Ghana  
 
- 47 - 
 
  the goods have duly been re -exported (with or without technical transformation).32 According to a 
study conducted by the GNCCI in 2016, the administration of the duty drawback continues to face 
challenges with only a third of companies that applied for the facility receiving their funds, and 
almost 70% of the applicants having their fun ds locked up with the Government.33 According to this 
source, the complex nature of procedures also poses challenges to the duty drawback process. 
According to GRA Customs, cash refunds are made payable by cheque written in the name of the 
importer and pai d directly into their bank accounts. An upfront duty exemption, which operates 
alongside the duty drawback system, apparently enables exporters to enjoy a 100% duty exemption 
on imports intended for use in the production for export (Customs (Amendment) Act , 2015 
(Act 891)). 
3.2.6.3   Export subsidies  
3.57.   The WTO Committee on Agriculture has not received any export subsidy notifications from 
Ghana since 2001, and the WTO Committee on Subsidies and Countervailing Measures has not 
received any subsidies notifications from G hana since 2004. The authorities indicate that MOTI and 
the Ministry of Food and Agriculture (MOFA) intend to work with the WTO Secretariat to meet these 
requirements.  
3.58.   A rebate of between 40% and 75% of the normal corporate tax liability is granted to elig ible 
companies engaged in exporting part or all production of non -traditional products (horticultural 
products, agricultural products other than cocoa beans, wood products other than timber, 
handicrafts, and locally manufactured goods).34 
3.2.6.4   Export finance, i nsurance, and guarantees  
3.59.   With the passing of the Ghana Export -Import Bank Act, 2016 (Act  911), the Export, Trade, 
Agricultural and Industrial Development Fund was transformed into the Ghana Export -Import Bank 
(GEXIM).35 The main objectives of GEXIM include  the support and development, directly or indirectly, 
of trade between Ghana and other countries through the provision of export financing and 
capacity -building in the international marketplace. The main source of funding is the 0.75% GEXIM 
levy on the dut iable value of all non -petroleum imports, together with fees and other revenue earned 
by the Bank in the performance of its functions. GEXIM collected close to USD  35 million in 2020 
from the levy, and USD  47.5 million in 2021.36 
3.60.   GEXIM provides both pre -shipment and post -shipment credit facilities to registered Ghanaian 
companies. Products under the pre -shipment credit facilities include short -term loans, bridge 
finance, import finance, and warehouse financing, whereas the post -shipment credit facilities ar e 
available for, inter alia, export finance, buyer's credit, and bills discounting.37 GEXIM also provides 
export development finance, as well as research and advisory services. The incentive components 
include lower interest terms and repayment terms up to  eight years.  
3.61.   GEXIM has also been the principal financier of the Government's One District One Factory 
(1D1F) Programme, under which it has partially financed nearly 81 projects that are at various 
stages of completion. Under the programme, GEXIM had disbu rsed nearly GHS  515 million 
(approximately USD  86 million) to 59 applicants as part of the 81 projects the Government has 
committed to supporting (February 2020). There was a funding gap of GHS  823 million 
(USD  137 million) to honour and support the financ ing of the 81 projects. To resolve this financial 
 
32 Customs Excise and Preventive Management Act, 1993 (PNDCL  330); and Customs Regulation, 1976 
(L.I. 1060). Viewed at: http://www.gra.gov.gh . 
33 Shipping Review  (2016), Vol.  18, No.  3, July -September. Viewed at: https://shippers.org.gh/wp -
content/uploads/2016/08/SR -J_S.pdf . 
34 Income Tax Act, 2015 (Act 896) as amended, First Schedule, para.  3. 
35 Ghana Export -Import Bank Act, 2016 (Act  911). Viewed at: 
https://bcp.gov.gh/ac c/registry/docs/GHANA%20EXPORT -
IMPORT%20BANK%20ACT,%202016%C2%A0Act%C2%A0%20(ACT%20911).pdf . 
36 Report of the Ghana Parliament Finance Committee, February 2020. Viewed at: 
http://ir.parliament.gh/bitstream/handle/123456789/1627/2020_02_26_13_03_41.pdf?sequence=1&isAllowed
=y. 
37 GEXIM Bank, Pre-Shipment Credit Facility . Viewed at: https://www.eximbankghana.com/pre -
shipment -credit -facility . WT/TPR/S/427 • Ghana  
 
- 48 - 
 
  challenge, GEXIM secured a five -year USD  100 million loan to finance export -related projects that 
had already been approved.  
3.2.6.5   Free zones  
3.62.   The Ghana Free Zones Authority (GFZA) has the mandate to grant licence s for the 
establishment of free zones (FZs) in Ghana, and to regulate activities in FZs. Its board is composed 
of nine members, including four from the private sector; it is chaired by the Minister of Trade and 
Industry.38 Its annual reports have not been published since 2015. Licence fees range from 
USD 3,000 for manufacturing enterprises to USD  10,000 for commercial companies.  
3.63.   Ghana currently has four designated FZs: one is next to the seaport at Tema, two are close 
to the Takoradi seaport, and one is the  Boankra Inland Port project near Kumasi, which started in 
2001 but has yet to be completed.  However, investors can also obtain FZ status at any point located 
anywhere in Ghana, and be declared as a Single Factory Enterprise (free point) as provided in the  
Free Zone Act, 1995 (Act  504) and the Free Zone Regulations (L.I.  1618); indeed, these allow any 
part of Ghana to be declared as an FZ and any company as a free point if conditions are met.39 As 
at February 2022, there were 186 active FZs employing close to 30,000 persons.  
3.64.   An FZ enterprise/free point must export at least 70% of its production; it may accordingly 
sell 30% of the annual production of goods and services on the national market, subject to the 
payment of applicable taxes and duties. There are n o restrictions on foreign ownership in an FZ 
enterprise/free point.  
3.65.   FZ enterprises/free points have the right to produce any type of good or service for export; 
they benefit from various incentives including:  
• 100% exemption from payment of all direct and i ndirect taxes and levies (Table  3.7) on 
all imports for production and exports, granted upfront. Under the ECOWAS protocol, 
exports by FZ enterprises to other ECOWAS countries are not eligible for preferential 
treatment and are thus subject to customs duti es. 
• 100% exemption from corporate tax on profits for 10 years; thereafter, this tax shall not 
exceed 15% (raised from 8% in 2015) instead of the normal rate of 25%.  
• Total exemption of withholding taxes on dividends arising out of FZ investments (the 
normal rate of withholding taxes is 3% for the supply of goods, 5% for works, and 7.5% 
for services).  
• Minimal customs formalities: Containers are not inspected at the port but on the premises 
of the company. Every FZ enterprise has a dedicated resident cus toms officer who carries 
out customs procedures to ensure that the imports or exports are not delayed at the port.  
• There are no restrictions on repatriation of dividends or net profits; payments for foreign 
loan servicing; payments of fees and charges for technology transfer agreements and 
remittance of proceeds from sale of any interest in an FZ investment.40 
• There are no restrictions on obtaining work and residence permits for foreign managerial 
and technical staff. In general, the recruitment procedure i s considerably less complex 
than in the rest of the economy.  
3.66.   As described above, substantial tax exemptions are granted to FZ companies, and amounted 
to an estimated USD  474 million in 2017, compared to their exports of approximately 
 
38 GFZA, GFZA Profile . Viewed at:  https://gfzb.gov.gh/index.php/gfza -profile/ . 
39 Free Zone Act, 1995 (Act  504). Viewed at: https://gfzb.gov.gh/wp -content/uploads/2018/05/Free -
Zone-Act-1995.pdf ; and Free Zone Regulations, 1996 (L.I.  1618). Viewed at: 
https://bcp.gov.gh/acc/registry/docs/FREE%20ZONE%20REGULATIONS,%201996%20(LI%201618).pdf . 
40 GFZA, Incentives . Viewed at: https://gfzb.gov .gh/index.php/incentives/ . WT/TPR/S/427 • Ghana  
 
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  USD 1.34 billion. Desp ite these benefits, FZ activities have not shown dynamic growth over the 
period under review (Chart  3.5). 
3.67.   According to certain reports, monitoring has been weak, partly because of the large number 
of companies operating as free points throughout the countr y.41 However, according to the GFZA, 
there is an effective monitoring mechanism, including dedicated resident Custom Officials and a 
department within the Authority that ensures monitoring and compliance, as well as submission of 
quarterly reports to track  performance.  
Chart 3.5 Export s under the Free Zones Scheme  
(USD billion)  
 
Note:  Figures in parentheses denote the number of free zone enterprises (FZEs). Provisional data for the 
total export in 2020 (based on balance of payments data).  
Source:  Ghana Free Zones Authority; BoG; and UN Comtrade.  
3.68.   To further develop the FZ concept, Ghana has signed a Framework Agreement with the 
Government of Mauritius to establish and manage a new FZ project, inviting loc al and international 
firms to set up operations. The Agreements were signed by the Ministry of Communications and a 
private developer, and not the GFZA directly. The Framework Agreement was ratified in May 2018 
by the Ghanaian Parliament. Agreed projects i nclude:  
• the development of a Technology and Innovation Hub on the campus of the University of 
Ghana in Central Accra;  
• a Memorandum of Understanding between Ghana and Mauritius in June 2015 for the 
setting up of an ICT Park in Tema; and  
• the development of a  Business and Technology Park (20 hectares) within the Smart City 
of Dawa. A special purpose vehicle under the name of Ghana Smart City Ltd in Ghana is 
jointly owned by Mauritius (60%) and LMI Holdings, a private developer (40%), for 
implementation of the project. Ghana Smart City Ltd was in December 2021 awaiting the 
allocation of the land from the University of Ghana.  
 
41 PSI (2020), Tackling Tax Incentives , Ghana . Viewed at: 
https://publicservices.international/resources/publications/tackling -tax-incentives -ghana?id=10560&lang=en . 
2.301.56 1.71 1.34 1.49 1.70 1.5415.5
13.8
10.714.417.1 16.8
14.5
178193242
184181173
114
050100150200250300
024681012141618
2014 (133) 2015 (145) 2016 (157) 2017 (159) 2018 (179) 2019 (198) 2020 (181)
Exports including service and commercial activities under the Free Zones Scheme
Total exports
Capital invested (right scale)Chart 4. [GHA] Overview of developments under the Free Zones Scheme 
(USD billion)
Note: Figures in parentheses denote the number of free zone enterprises (FZEs) .  Provisional data for the total export in 2020 (based on BoP). 
Source: Ghana Free Zones Authority; Bank of Ghana; and UN Comtrade.WT/TPR/S/427 • Ghana  
 
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  3.3  Measures Affecting Production and Trade  
3.3.1   Incentives  
3.69.   Ghana's most recent subsidies notification to the WTO dates from 2004.42 The GIPC has 
compiled an Incentives Directory (2020) for Ghana. Most of the listed incentives take the form of: 
(i) reductions of the general corporate income tax rate (25%) to attract investment in specific 
industries and activities (Table  3.10); (ii)  import duty, VAT, or excise duty exemptions or reductions 
(Section  3.1); or (iii)  export -conditional tax exemptions (Section  3.2). 
Table 3.10 Selected tax incentives, 2022  
Activity  Incentive  
Companies using coc oa by -product as inputs  1% income tax rate for the first five years  
Tree crops enterprises  1% income tax rate for the first five years  
Livestock (other than cattle) and cash -crop production 
(cassava, maize, pineapple, rice, and yam)  1% income tax rate for the first five years  
Agro-processing  1% income tax rate for the first five years  
Real estate and construction activities for low -cost housing  1% income tax rate for the first five years  
Venture capital financing  1% income tax rate on interest or dividend paid to 
investors for the first 10 years; and losses from 
disposal of shares or any investment made during 
the tax -exempt period may be carried forward to 
the post exempt period up to 5 years  
Rural banking businesses  1% income  tax rate for the first 10 years  
Waste processing and recycling  1% income tax rate for the first seven years  
Manufacturing companies based on location  75% of the regular rate of income tax for firms 
located in regional capitals and 50% of the regular 
rate of income tax for firms located elsewhere   
Hotels  20% corporate tax rate  
Income derived from loans to farming enterprises and leasing 
companies by a  financial institution  20% corporate tax rate  
Income from exports for companies engaged in 
non-traditional exports (i.e. horticultural products, processed 
and raw agricultural products grown in Ghana)  8% corporate tax rate   
Note:  The general corporate t ax rate is 25%.  
Source:  World Bank (2017); GIPC, "Ghana Incentives Directory" ; and information provided by the 
authorities.  
3.70.   Section  22 of the Internal Revenue Act, 2000 (Act  592) allows investors in most activities, 
except financial services, to carry over  losses. Enterprises engaged in farming, agro -processing, 
mining, manufacturing, information and communication technology, and tourism can deduct, for a 
period of five years, losses of the previous five periods.  
3.3.2   Local content requirements  
3.71.   The Government re sorts to local content measures in several sectors to foster value addition 
and industrialization and employment. No notification of such measures has been received by the 
WTO Committee on Trade -Related Investment Measures.  
3.72.   A local content policy has also been in place since 2013 in the upstream petroleum subsector. 
And in the downstream petroleum subsector, local content provisions are contained in the applicable 
company licensing requirements; in 2021, these were reinforced by a new Ghanaian content and 
Ghanaian participation policy in the downstream petroleum subsector (Section  4.1.6).  
3.73.   In the pharmaceutical industry, support measures include a 15% price preference for local 
manufacturers in government procurement, lower corporate taxes, and full dedu ction of research 
and development expenditures from corporate taxes (Section  4.3.2).  
3.3.3   Standards and other technical  requirements  
3.74.   The institutional and legal framework governing standards development in Ghana has 
remained unchanged since the previous Review.  The GSA operates under the oversight of MOTI and 
 
42 WTO document G/SCM/N/95/G HA, 20  April 2004.  WT/TPR/S/427 • Ghana  
 
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  functions as the technical barriers to trade ( TBT) notification and enquiry point under the 
WTO Agreement on Technical Barriers to Trade. One specific trade concern was raised in the TBT 
Committee regarding  Ghana's measures (see below).  
3.75.   The GSA is responsible for the management and coordination of standards development, 
conformity assessment,  and metrology in Ghana, in accordance with the Standards Authority Act, 
1973. In addition to standards development and dissemination, the GSA certifies products under its 
product certification scheme (see below). It maintains an electronic catalogue of al l national 
standards on its website.43 The GSA is mainly government -funded, but also collects fees from its 
quality assurance and testing activities.  
3.76.   The GSA represents Ghana in, inter alia, the International Organization for Standardization 
(ISO), and the  African Regional Organization for Standardization (ARSO). It is the contact point for 
FAO/WHO Codex Alimentarius issues and is a member of the African Electrotechnical Standardization 
Commission (AFSEC) and an associate member of the International Electro technical Commission 
(IEC).  
3.77.   The GSA is involved in standards harmonization within the framework of the ECOWAS 
Standard Harmonization  process (ECOSHAM).  The regional harmonization procedures are governed 
by, inter alia, ECOWAS Regulation C/REG.14/12/12 on " Adopting ECOWAS Standards Harmonization 
Model and Procedures". Ghana has adopted 29 ECOWAS standards.  
3.78.   According to the authorities, Ghana primarily adopts international standards as national 
standards, especially ISO, Codex, or IEC norms. International sta ndards are generally applied unless 
found unsuitable. Where no international norms exist, standards from other countries are usually 
used (e.g. from the American Society for Testing and Materials, American Concrete Institute, 
American Society of Mechanical  Engineers or European Regional Standards). Ghana also develops 
its own standards for indigenous products, such as cassava chips or shea butter. Ghana has 
3,356  national standards (December  2021).  
3.79.   The initiative for the adoption of a standard is usually ta ken by industry groups, academics, 
consumers, or the wider public. A technical committee, composed of stakeholders including 
academia, researchers, consumer representatives, industry, and the Government, first consults 
existing international norms for adop tion or modification as a Ghana Standard. Once a draft standard 
has been elaborated, comments by the public can be provided over a period of 60 days. Standards 
enter into force after their publication in the Government Gazette.  
3.80.   Standards are made mandatory  upon a declaration by the competent Minister. According to 
the authorities, there are still lapses in the regulatory process. Some regulatory agencies promulgate 
technical regulations without reference to standards published by the GSA. The approval and 
implementation of a National Quality Policy would streamline the activities of the key stakeholders.  
3.81.   Since the previous Review in 2014, Ghana submitted 13 notifications to the WTO TBT 
Committee. These concern mainly cocoa, motor vehicle safety, energy effic iency, electrical wiring, 
and Ghana's conformity assessment and certification programme (Table  2.2). A specific trade 
concern was raised by Canada and the United  States regarding Ghana's decision to base its 
automotive safety standards exclusively on UN Ec onomic Commission for Europe (UNECE) standards 
without consideration of other international standards.44 According to the authorities, provision has 
been made in all mandatory standards to allow for equivalent standards.  
3.82.   Ghana no longer has a mandatory con formity assessment programme (G -CAP), as notified to 
the WTO.45 The inspection requirements for high -risk goods on health, safety, and security grounds 
are based on the Export and Import Act, 1995, as amended, and the GSA Guidelines on Destination 
Inspecti on of High -Risk Goods (Destination Inspection Scheme) (Section  3.1.1.3).  
 
43 GSA, Standards . Viewed at : https://www.gsa.gov.gh/standards/ . 
44 The concerns relate to the Administrative Process for Homologation of Model of Motor Vehicle and its 
Variants (WTO document G/TBT/N/GHA/11, 16  July 2019), as raised in WTO document G/TBT/M/79, 
30 January  2020.  
45 WTO document G/TBT/N/GHA/1/Rev.1, 4  September 2014.  WT/TPR/S/427 • Ghana  
 
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  3.83.   The GSA has inspectors at major customs offices to ensure that imported high -risk goods 
comply with mandatory Ghanaian standards. Under the Destination Inspection Scheme, imported 
high-risk goods must either be accompanied by a certificate of conformity issued by an 
internationally recognized laboratory accredited in the home country, or they will be inspected by 
the GSA. According to the GSA, foreign certificates of conformity and cer tificates of analysis from 
laboratories accredited by internationally recognized accreditation bodies are generally accepted. 
The GSA does not maintain a list of acceptable foreign laboratories but participates in the IECEE -CB 
Scheme46; test reports are al so verified with reference to the International Laboratory Accreditation 
Cooperation (ILAC).  
3.84.   The Customs classification of high -risk goods dates from the early 1990s (Table  3.11). The 
classification of high -risk goods has been reviewed in recent times and stakeholders now use a risk 
management engine/approach to determine what constitute high -risk products. There is currently a 
risk management team comprising all major stakeholders at the port/border, which is responsible 
for the risk management of imported  goods. Inspection reports are used by the team to review 
high-risk goods. The GSA only registers importers, and it does not regulate human and animal foods, 
cosmetics, drinks, pharmaceuticals, medical devices, and household chemicals. HS codes for these 
items are referred to the FDA for examination in ICUMS and not to the GSA. The use of a risk 
management engine and the single window has streamlined the duplication of inspection.  
3.85.   Domestic goods are certified through the GSA's procedure for product certific ation. In this 
process, producers conforming to relevant standards are given permission to use the mark of 
conformity on their products. The production facility is inspected, and the necessary documentation 
is verified. Products are sampled for the relevan t tests to be carried out. A Certification Mark 
Committee set purposely for product certification meets and reviews all inspection reports, 
laboratory test reports, and associated product labelling rules and takes a decision on the products. 
Permission to use the mark of conformity is valid for one year, and a surveillance is also conducted 
every six months.  
Table 3.11 Imports subject to prior authorization or conformity assessment procedures  
Products  Permit is suing body  
"High risk" goods   
Food products, cosmetics, drugs  FDA 
Alcoholic and non -alcoholic beverages   FDA 
Pharmaceuticals  FDA  
Electrical appliances and products (bulbs, switches, sockets, 
electrical cables, electronic products), LPG cylinders and 
accessories, toys  GSA 
Chemical and allied products  GSA and Environmental Protection Agency  
Building materials, used goods, petroleum products, motor 
vehicle batteries, African textile prints  GSA and Energy Commission  
Pyrotechnic products  GSA, Minister of Interior  
Machetes  GSA and MOFA  
Vehicle spare parts  GSA and MOTI  
Industrial machinery  MOTI/GIPC  
Other products   
Fresh agricultural products and plants  Plant Protection and Regulatory Services 
Division (MOFA)  
Timber & wood products  Forestry Commission  
Charcoal  Energy Commission  
Rock and rock samples  Geological Survey Department  
Petroleum products  National Petroleum Authority  
Wildlife, e.g. reptiles  Department of Game and Wildlife  
Other animals and pets including snails  Veterinary Services (MOFA)  
Animal feed ingredients, livestock production inputs and 
livestock/poultry equipment  Animal Production Directorate (MOFA)  
Communication equipment  National Communication Authority, GSA  
Cinematography films  Customs  
Goods imitating money; gambling machines; gold coins  Minister of Finance  
 
46 IECEE, CB Scheme . Viewed at:  https://www.iecee.org/about/cb -scheme/ . WT/TPR/S/427 • Ghana  
 
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  Products  Permit is suing body  
Rough or uncut diamonds  
Arms, ammunition, h andcuffs, machines for duplicating keys  Minister of Interior  
Nets and traps for animals  MOFA  
Mercury  MOTI/Inspector of Mines  
All products ( ad hoc  compliance checks)  Presidential Task Forces, National Security 
Personnel, Port Health Authority  
Source:  WTO Secretariat based on information prov ided by the authorities.  
3.3.4   Sanitary and phytosanitary measures  
3.86.   The WTO SPS enquiry point is located at the Plant Protection and Regulatory Services 
Directorate (PPRSD) of MOFA, while MOTI is the SPS notification authority. Since the previous 
Review, Ghana ha s submitted nine SPS notifications (including addenda). No specific trade concerns 
regarding Ghana's SPS measures were raised in the SPS Committee.  
3.87.   Ghana is a member of the FAO/WHO Codex Alimentarius Commission, the International Plant 
Protection Convention (IPPC), and the World Organisation for Animal Health (OIE). At the regional 
level, Ghana cooperates with other members of ECOWAS and the African Union to arrive at a 
common policy on SPS measures. According to the authorities, Ghana is implement ing ECOWAS 
Regulation C/REG.21/11/10 related to the structural and operational rules for plant health, animal 
health, and food safety in the ECOWAS region.  
3.88.   The African Union has developed an SPS Policy Framework for the period 2019 -24, on the 
basis of whic h a number of capacity -building activities were carried out in Ghana. A 2018 USAID 
study identified some issues with respect to the Ghanaian SPS regime, including many fees that 
contribute to high costs of doing business.47 
3.89.   Ghana adopted a National Food Sa fety Policy in April 2015 to establish an integrated farm -to-
fork food safety system that ensures consumer health and public safety for all plant and animal food 
products.48 
3.90.   The FDA has the mandate, pursuant to the Public Health Act, 2012 (Act  851), to reg ulate 
certain food products, tobacco products, pharmaceuticals, cosmetics and household chemicals, and 
medical devices. Its regulatory functions include product registration, facility licensing, market 
surveillance, import and export control, product testi ng, and safety monitoring. All food products, 
medicines, and all other regulated products must be registered by the FDA before they are imported 
or placed on the market. Registration involves, inter alia, the submission of a certificate of analysis 
for food products. Raw materials imported for further processing or manufacturing of food products 
are exempt from FDA registration.  
3.91.   The FDA may conduct laboratory analyses, irrespective of whether the consignment is covered 
by foreign laboratory tests. The FD A's lab is ISO 17025:2017 accredited. Import permits are required 
for all FDA -regulated products. All regulated products are subject to inspection, although some 
compliant importers are exempt from inspection through the National Risk Management System. 
Examples of products subject to testing (lab analysis) include tomato products, sugar, and chicken 
products.  
3.92.   A new FDA fee schedule was introduced in January 2020, whereby fees are based on the value 
of imports.49 The inspection fee for FDA -regulated food pr oducts is 0.8% of the c.i.f. value (Box 3.1). 
According to the authorities, the initial cost of registration prior to importation has been reduced by 
up to 90% to encourage all importers to register; the remaining costs have been passed on to the 
 
47 USAID (2018), Ghana: Sanitary and Phytosanitary (SPS) Capacity Building Needs Assessment . 
Viewed at: 
https://www.agrilinks.org/sites/default/files/resources/ghana_sps_capacity_building_needs_assessment_2018.
pdf. 
48 WTO document G/SPS/N/GHA/1, 29  April 2014.  
49 FDA 2019 Annual Report, p. 27.  WT/TPR/S/427 • Ghana  
 
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  inspectio n fee. This was decided at stakeholder meetings with importers and approved by 
Parliament.  
3.93.   With regard to veterinary measures, the MOFA's Veterinary Services Directorate (VSD) uses 
the Codex Alimentarius and OIE legislation as regulatory guidelines for SPS  measures, according to 
the authorities. A draft Meat Inspection Bill was notified to the SPS Committee in 2016.50 The Bill 
has been passed by Parliament and is currently implemented as the Meat Inspection Regulation, 
2020 (L.I.  2405). Other rules for vete rinary measures include the Animals (Control of Importation) 
Act, 1956 (Act  36); Diseases of Animals Act, 1961 (Act  83); and the Veterinary Surgeons Act, 1992 
(PNDCL, 305C). The Ministry of Fisheries and Aquaculture Development is responsible for fish and 
fish products' safety.51 
3.94.   Imports of l ive animals and products of animal origin , as well as veterinary vaccines, drugs, 
and equipment require a permit issued by the VSD and must be covered by a veterinary health 
certificate from the exporting country. The a pplication for a veterinary import permit requires 
approval by the Minister of the MOFA; the approval letter must then be submitted online through 
ICUMS to the VSD for evaluation and verification of compliance with veterinary requirements. The 
VSD in colla boration with the FDA inspects and licenses cold storage facilities for frozen animal 
products as a prerequisite for an import permit.  
3.95.   Ghana ratified the ECOWAS protocol that mandates the VSD to check the importation, 
exportation, and transit of animals an d products of animal origin and veterinary pharmaceuticals 
(e.g. vaccines, drugs, and biologicals).  
3.96.   Phytosanitary measures (on plants, seeds, and some processed foods), including plant pest 
and disease management, pesticide regulation and control, and insp ection and certification, are 
primarily the responsibility of the PPRSD. The PPRSD is also responsible for inspecting and licensing 
of Agro Produce Packhouses as a prerequisite for issuing phytosanitary certificates for exports.  
3.97.   Ghana's phytosanitary regim e is based on primarily the Plants and Fertilizer Act, 2010 
(Part One of Act  803) and the Plant Protection Regulations, 2012 (L.I.  2193), which according to the 
authorities are in conformity with the IPPC for import licensing and controls, including prior approval 
and special import programmes. According to the authorities, import measures for SPS reasons are 
based on IPPC standards, notably International Standards for Phytosanitary Measures (ISPM) 
Nos. 1-45. 
3.98.   Since the previous Review, Ghana has developed a  number of national standards: (i)  Standard 
Operating Procedure for Export Inspection and Phytosanitary Certification of Vegetables, Fruits, and 
Plants for Planting; (ii)  Guidance on Performing Plant Health Checks of Specific Commodities for 
Specific Pests ; and (iii)  Guidelines for Export – Import and Release of Biological Control Agents and 
other Beneficial Organisms. Ghana has also revised the Weed List, the Insect Pests and Mites List, 
and the Plant Diseases and Nematodes List.  
3.99.   Other relevant phytosanita ry legislation includes the Decree on the Prevention of Damage by 
Pests, 1968; the Prevention and Control of Pests and Diseases of Plants (Cassava Plant and Plant 
Products (Prohibition of Importation) Regulation), 1974 (L.I.  882); the Pesticides Control an d 
Management Act, 1996 (Act  528); the Plant Fertilizer Regulations, 2012 (L.I.  2194); and the Fees 
and Charges (Amendment) Instrument, 2012 (L.I.  2191).  
3.100.   Imports of plants and plant products require a phytosanitary certificate from an authorized 
body of the  exporting country and an import permit issued by the  PPRSD. The PPRSD conducts a 
physical inspection of imports of plants, seeds, and fertilizers at the land border points, but not at 
the harbours and ports of entry (Tema and Takoradi). The PPRSD charges a fee per SPS certificate, 
which is a report on phytosanitary inspection that gives clearance to Customs to continue the import 
procedures. Importer registration can be done online for all plants and plant products for a fee of 
GHS 500. 
 
50 WTO documents G/SPS/N/GHA /3, 25  February  2016; and G/SPS/N/GHA/3/Add.1, 21  March  2016.  
51 See also WTO document G/SPS/N/GHA/4, 11  July 2018.   WT/TPR/S/427 • Ghana  
 
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  3.101.   The Environmental P rotection Agency regulates, inter alia, imports, exports, manufacture, 
distribution, sale, and use of pesticides. An Invasive Alien Species Secretariat (IAS -MOFA) was 
established and comprises experts from the PPRSD, the Ministry of Environment, Science, 
Technology & Innovation , the Environmental Protection Agency, and other entities.52 
3.102.   Ghana's National Biosafety Act (Act  831) entered into force in 2011. The Law aims to 
regulate biotech activities including use, releases into the environment, and placement in the 
market, as well as exports, imports, and transit of genetically modified organisms. The National 
Biosafety Authority functions as a coordinating agency, while monitoring and enforcement are done 
by other regulatory agencies.53 The WTO SPS Committee was notified of the draft Biosafety 
(Management of Biotechnology) Regulations under Act  831, which were adopted in 2019 
(L.I. 2383) .54 According to industry reports, t here are currently no restrictions on imports of 
genetically modif ied products or products containing GM material.55 
3.103.   Ghana's regulations on labelling, packaging, and marking of specified products are contained 
mainly in the Public Health Act, 2012 and the General Labelling Rule, 1992 (L.I. 1541).  Under GSA 
rules, importe d and domestic food and drugs must be labelled in English, identifying attributes such 
as the type of product, the country of origin, the ingredients or components, net weight, instructions 
on use, and the expiration date for perishable foods. Similar labe lling is required on a range of other 
specified products, including electrical goods, e.g. televisions , air-conditioners, batteries, lamps and 
household appliances; cement; paints; pesticides; poultry feed; toiletries; and cosmetics.  
3.3.5   Competition policy  
3.104.   The Protection Against Unfair Competition Act, 2000 (Act  589) contains provisions on unfair 
competition, in particular about misleading information on characteristics of a product or service 
offered, or confusing use of trademarks.56 Any entity that deems itself injured by an act of unfair 
competition may bring an action for an injunction to prevent the act and for an award of damages. 
There are no implementing regulations because there are no administering institutions. 
Infringements of rights under the Ac t are remedied by the courts of law. The Act does not cover 
competition infringements like abuse of dominant position, price fixing, or market sharing. 
Sector -specific competition rules apply in telecommunications and banking.  
3.3.6   State -owned enterprises, stat e trading, and privatization  
3.105.   Ghana notified the WTO in 2004 the absence of state trading enterprises under GATT 
Article  XVII.57 However, the State continues to have a significant stake in the economy, and 
state-owned companies continue to play key roles in  the trade in specified products and services. 
For instance, Ghana Cocoa Board still exercises export monopoly as described in Section  4.1.3.  
3.106.   Many state -owned enterprises have continued to have losses over the years and could be 
closed or privatized. Facto rs of inefficiency identified in the previous Review include over -staffing 
and excessive bureaucracy; a lack of technical expertise; the absence of commitment and 
entrepreneurial direction; and inadequate working capital and investment in new plant and 
machinery, resulting in low capacity -utilization. Nevertheless, few state -owned companies were 
privatized or closed during 2014 -22. 
3.107.    The newly created State Interests and Governance Authority (SIGA) is establishing a 
Register of the 158 entities included in t he state ownership portfolio (2021), including 
56 state-owned enterprises (SOEs), 42 joint  venture companies (JVCs), and 60 other state entities 
(Table 3.12). The staff of these entities totals nearly 60,000 employees. Regarding privatization, 
SIGA has the  mandate to acquire, receive, maintain, hold and monitor, recapitalize, or divest shares 
 
52 See also WTO document G/SPS/N/GHA/2, 25  February 2016.  
53 FDA, GSA, EPA, Customs, PPRSD, Veterinary Services Directorate, and Local Gover nment.  
54 WTO document G/SPS/N/GHA/5, 27  November 2018.  
55 USDA (2021), Agricultural Biotechnology Annual: Ghana . Viewed at: 
https://apps.fas.usda.gov/newgainapi/api/Report/DownloadReportByFileName?fileName=Agricultural%20Biote
chnology%20Annual_Accra_Ghana_10 -20-2021. 
56 WIPO, Protection Against Unfair Competition Act, 2000 (Act  589). Viewed at: 
https://wipolex.wipo.int/en/text/157035 . The Act was also viewed at: https://www.bcp.gov.gh . 
57 WTO document G/STR/N/10/GHA, 19  April 2004.  WT/TPR/S/427 • Ghana  
 
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  in SOEs and JVCs. Recommendations with regards to the privatization of any SOEs were pending in 
December  2021.  
3.108.   A recent review provided by SIGA of the financial result s of 47 SOEs indicates a net deficit 
of GHS  1.8 billion in 2019 (approximately USD  350 million) (Table  3.19), considerably more than in 
2017. Notable among the loss makers were the Ghana Water Company and the Electricity Company 
of Ghana, the Tema Oil Refi nery, the Volta Aluminium Company, the Northern Electricity Distribution 
Company, and the Ghana Airports Company.  
Table 3.12 Selected SOEs, statutory corporations, and agencies, 2019  
Company  
 
 Equity  share 
held by the 
State (%)  Revenue 
2019  2019  
profit (+) 
loss ( -) 
  (USD milliona) 
1. Energy/utilities sector     
 Electricity Company of Ghana Ltd.  100 1,520  -465 
 Northern Electricity Distribution Company (NEDCo)  100 114 -45 
 Ghana Grid Company, Ltd.  100 160 6 
 Bulk Oil Storage and Transportation Company  100 99 -17 
 Ghana National Gas Company Limited  100 160 21 
 Tema Oil Refinery Limited (TOR)  100 52 -105 
 Volta River Authority (VRA)  100 796 232 
 Ghana National Petroleum Corporation  100 669 48 
 Ghana Water Company Ltd. (GWCL)  100 179 -194 
 Bui Power Authority (BPA)  100 114 40 
2. Communications/media sector     
 Ghana Post Company Ltd.  100 14 0 
 Ghana Publishing Company Ltd.  100 3 0 
 Ghana Broadcasting Corporation (GBC)  100 14 0 
 News Times Corporation  100 2 0 
 Graphic Communications Group Limited  100 14 0 
 Ghana News Agency (GNA)  100 1 0 
3. Agriculture sector     
 COCOBOD   100 1,869  53 
 PBC Ltd.  37 215 -29 
 Cocoa Processing Company  58 32 -3 
 Ghana Irrigation Development Authority  100 12 0 
 National Food Buffer Stock Company (NAFCO)  100 85 1 
 Irrigation Company of the Upper Regions  100 0 0 
 Grains and Legumes Development Board  100 0 0 
4 Financial sector     
 Consolidated Bank Ghana  100 203 13 
 Venture Capital Trust Fund  100 0 0 
 SIC Life Company Limited  80 n.a.  n.a. 
 ESLA 100 215 3 
 Ghana Amalgamated Trust (GAT)  100 5 -1 
 Ghana EXIM Bank  100 32 10 
  Ghana RE  100 57 8 
  National Housing and Mortgage Fund  100 8 8 
 Integrated Rural Development Project -Social Investment Fund  100 6 1 
5. Infrastructure sector     
 Metro Mass Transit Limited  25 22 -6 
 National Theatre of Ghana  100 1 0 
 TDC Development Company Limited  100 15 5 
 Ghana Civil Aviation Authority  100 50 1 
 Ghana Ports and Harbours Authority (GPHA)  100 261 -8 
 Architectural and Engineering Services Ltd.  100 2 -1 
 Ghana Airports Company Ltd. (GACL)  100 150 -37 
 PSC Tema Shipyard (PSCTS)  100 5 -2 
 Volta Lake Transport Company Limited  100 2 -2 
 Community Water and Sanitation Agency (CWSA)  100 38 23 
 Intercity STC Coaches Ltd.  20 13 -3 
 Ghana Highway Authority  100 337 -1 
 State Housing Company Ltd. (SHCL)  100 7 2 
 Ghana Housing Authority (GSA)  100 337 -1 
 Ghana Railway Company Limited  100 0 0 
6. Manufacturing sector     
 Ghana Supply Company Limited (GSCL)  100 0 0 
 Ghana Trade Fair Company Ltd (GTFC)  100 1 0 
 GIHOC Distilleries Company Limited  100 13 0 
 Precious Minerals Marketing Company (PMMC)  100 5 1 
 Volta Aluminium Company Ltd. (VALCO)  100 90 -46 
 GIADEC  100 5 2 
 Ghana Cylinder Manufacturing Company (GCMC)  100 1 -1 
 Ghana Heavy Equipment Ltd.  100 n.a.  n.a.  
 GNPA Ltd.  100  n.a. n.a. WT/TPR/S/427 • Ghana  
 
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  Company  
 
 Equity  share 
held by the 
State (%)  Revenue 
2019  2019  
profit (+) 
loss ( -) 
 Ghana National Procurement Authority (GNPA)  100 0 -1 
 Ghana Commodity Exchange (GCX)  100 0 -1 
Total  n.a. 5,538  -346 
n.a. Not applicable.  
a  Estimates using an exchange rate for 2019 of GHS  5.2 per USD  dollar (see Table  1.1). 
Source:  WTO Secretariat, based on information provided by SIGA.  
3.3.7   Government procurement  
3.109.   Ghana is neither a signatory nor an observer to the WTO plurilateral Agreement on 
Government Procurement. Ghana's Electronic Procurement System (GHANEPS) was launched in 
April 2019.58 The country's public purchases increased substantially over the 2014 -19 period 
(Table  3.13), in line with its efforts to modernize and develop its infrastructure.  
Table 3.13 Government procurement by type of procurement method, 2011 -19 
(GHS million and %)  
 2011  2012  2013  2014  2015  2016  2017  2018  2019  
Total government 
procurementa 1,308.5  926.3  996.8  2,451.7  4,779.7  2,029.5  800.4  2,356.6  3,472.0  
International 
competitive tender  3.0 10.3 0.3 0.9 0.1 0.0 0.0 0.5 1.0 
Restricted 
tendering  31.4 47.6 19.6 31.1 9.2 46.1 27.5 30.3 51.6 
Single source  6.1 4.4 40 19.9 10.4 6.5 3.8 19.6 8.1 
National 
competitive tender  51.2 30.1 34.4 45.5 67.2 39.0 61.6 34.1 31.5 
Price quotation  8.2 7.5 5.6 2.3 11.8 8.1 6.4 15.2 3.3 
Low/minor value 
procurement  0.0 0.1 0.1 0.3 0.1 0.4 0.7 0.4 4.5 
Total 100 100 100 100 100 100 100 100 100 
a Procurement by 567 high - and medium -spending procuring entities.  
Source:  Data provided by the Public Procurement Authority.  
3.110.   The Public Procurement Act, 2003 (Act  663), as amended by Act  914 in 2016, governs all 
procurement of goods, works, and services by ministries and other government agencies, public 
institutions, and SOEs to the  extent that they use public funds. Public procurement itself is 
decentralized in Ghana, with over 1,000 to 1,200 procuring entities; each ministry or public 
institution must establish a procurement unit responsible for preparing procurement plans and 
carrying out procurement activities.  
3.111.   The Public Procurement Authority (PPA) is the central body for policy formulation, and the 
oversight authority.59 The Authority ensures that public procurement is carried out in a fair, 
transparent, and non -discriminatory m anner to secure the judicious and efficient use of state 
resources. It has 10 members, appointed by the President, of which three must be from the private 
sector. The Authority has developed manuals and training modules and standard tender documents. 
All invitations to tender must be published in the Procurement Bulletin  on the Authority's website, 
which contains all current and applicable rules and procedures .60 
3.112.   One of the driving forces for the formulation of policies on government procurement is the 
Annual Procurement Assessment conducted by the PPA. The Assessment Report reveals challenges 
faced by procurement entities. Some of the recent measures implemented t o curb anomalies include 
national policies on low or minor value procurement methods, sustainable public procurement, 
capacity -building measures to improve skills, benchmarking of non -performing entities with 
 
58 Ghana Electronic Procurement System. Viewed at: https://www.ghaneps.gov.gh/epps/home.do . 
59 PPA, Public Procurement Act. Viewed at: https://ppa.gov.gh/online -documents/public -procurement -
act/. 
60 PPA. Viewed at: https://ppa.gov.gh/ . WT/TPR/S/427 • Ghana  
 
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  excellent performing ones, and focused monitori ng to ensure compliance with assessment 
recommendations.  
3.113.   The disclosure of information on general procurement awarded by procuring entities has 
been partial. However, existing legislation requires that this information should be published on the 
PPA website and made available to the general public. To address these concerns, the PPA is 
currently conducting the 2020 Annual Procurement Assessment and the report will address the 
procurement activities for 2020 including those pertaining to COVID -19. 
3.114.   The Public Procurement Act provides for various procurement methods: international 
competitive tendering, national competitive tendering, restricted tendering, single source 
procurement, request for price quotation, and low or minor value procurement.61 In 201 9, restrictive 
tendering was the preferred procurement method (Table  3.13). International competitive tendering, 
which accounted for 1% of the total, must be used for the procurement of works above 
GHS 15 billion, services above GHS  20 billion, and technic al services above GHS  2 billion. It must 
also be used when effective competition can only be obtained through the participation of foreign 
firms. There are no value thresholds for the other types of tendering methods such as restricted 
tendering and single  source tendering, or technical and consultancy services; however, their use is 
subject to approval by the PPA.  
3.115.   The Framework Agreement (FWA), also known as "blanket purchase agreement", was 
introduced in 2016 to include revisions made to the UNCITRAL Mode l Law on Procurement of Goods, 
Construction and Services.62 It establishes the general terms governing contracts to be awarded 
during a given period, in particular regarding prices and, where applicable, quantity.63 The first stage 
involves establishment o f the FWA through the normal tendering process; in the second stage, 
purchases of the quantities required are made according to the FWA, in a way that must maximize 
value for money outcomes for the Government, and ensure that there is transparency, 
account ability, and fairness. It should not prevent, restrict, or distort competition.  
3.116.   A procurement entity may grant a margin of preference for certain suppliers. While the 
nationality of the supplier is irrelevant, a minimum percentage of local content, specifi ed in the 
regulations and varying with the type of good, can attract a margin of preference of up to 20%. The 
margin must be approved by the PPA.  
3.117.   Sustainable Public Procurement has been a government priority since 2014, in line with the 
amendment of Act  663 by Act  914, Section  2 of the Act, which broadens the object of the PPA to 
include the environment and social sustainability. The Government intends to use public 
procurement as a technique for tackling social disadvantage and exclusion, in ways that indi rectly 
tackle inequality based on gender and physical challenges.  
3.118.   A supplier or contractor that claims to have suffered a loss or injury may complain in writing 
to the head of the procuring entity or the PPA, or pursue an action in a court of law. Cases de alt with 
by the Authority in 2018 -20 are presented in Box 3.3.  
 
61 The Minister of Finance may decide that it is in the national interest to use a different procedure, and 
define and publish in the National Gazette  another metho d of procurement to be followed.  
62 UNCITRAL Model Law on Procurement of Goods, Construction and Services (1994). Viewed at: 
https://uncitral.un.org . 
63 FWA Guidelines. Viewed at: https://ppa.gov.gh/wp -content/uploads/2020/10/FWA -Guidelines.pdf . WT/TPR/S/427 • Ghana  
 
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  Box 3.3 Appeals and complaints cases, 2018 -20 
2018  
Neopor System Ghana Limited vs. Tema Oil Refinery  – Tender for the development of residential ho using 
units at community 25, Tema  
2019  
AS-Tesco Investment vs. Ministry of Health – Tender for the supply of anti -snake venom  
IT Consortium vs. National Insurance Commission  – Tender for consultancy service for the development 
and implementation of a motor insurance database for the insurance industry in Ghana  
China Railway vs. Ghana Highway Authority  – Tender for finance, design and construction of three bridges 
in the Northern Region  
Prolux Investments Limited and Cozy Living Furniture Ghana Limited vs. Ghana Revenue Authority 
(GRA) – Supply of operational vest for GRA staff and furniture for GRA tr aining academy, Kpetoe  
African Rail vs. Ministry of Railway Development  – Construction of eastern railway line from Accra to 
Kumasi on a build, operate and transfer basis  
Diversified Water Blasting Ghana Limited vs. Ghana Airport Company – Tender for de -rubberization of 
runway at Kotoka International Airport  
Dawuro Communications vs. Social Security and National Insurance Trust (SSNIT)  – Implementation 
of CCTV infrastructure in all SSNIT offices nationwide  
Prolux Home Appliances Comp. vs. GRA  – Construc tion of office block and 18 units bedroom 
accommodation at Oseikojokrom  
A5 Security Limited vs. Volta River Authority  – Tender for the provision of security services  
Architectural Design Partnership vs . SSNIT – Consultancy for rehabilitation of SSNIT off ice complex at 
Koforidua  
HM Shuttle vs. University of Cape Coast – Tender for provision of student shuttle services  
H. K. Konstruct vs. Ketu South Municipal Assembly  – Tender for the construction of District Court House 
at Viefe -Tokor and supply of 300 N o. Dual Desk and 200 Mono Desks for schools in the municipality  
Wenasel Ventures vs. North Tongu District Assembly  – Tender for the construction of a classroom block 
at Avedzi, a district court at Battor and supply of employable items for people with disability  
2020  
Maripoma Enterprise Limited vs. Bank of Ghana (BoG)  – Construction of 50 -bed guest house at Tamale  
African Rail Ghana vs. Ministry of Railways Development – Application  for review  
Petitions by AS -TESCO Investment. and Kinapharma – Protest against cancellation of procurement 
proceedings for anti -snake venom (West Africa Polyvalent Serum) tender   
Thames Engineering vs. Ministry of Transport (MOT)  – Construction of Boankra Inland Port Project  
Zoomlion vs. Central Tender Review Committee – petition against decision of the Central Tender Review 
Committee of December 2019  
Stockbridge Co. vs. MOT  – Construction of Boankra Inland Port Project  
Ufilas Enterprise Limited vs. Afadzato South District Assembly – Tender for construction classroom 
block with ancillary facilities and furniture  
Straatgroup Investment Limited vs. Ghana Railway Company  – Supply o f furnishing items for Railway 
Training Institute  
Quainoo -Arthur vs. Bulk Oil Storage and Transportation (BOST) – Installation and commissioning of 
high-performance standby batteries and accessories  
Delta Equipment Limited vs. Kpone -Katamanso Municipal Assembly  – Tender for supply of generators  
SICPA vs. GRA  – Supply of Tax Stamp solutions  
Viva Solutions Limited vs. Ghana Statistical Service (GSS)  – Tender for supply of an asset risk insurance 
cover for electronic tablets and power banks for 2020 population and housing census  
Source:  Information provided by the PPA.  WT/TPR/S/427 • Ghana  
 
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  3.3.8   Intellectual property rights  
3.3.8.1   Legal and institutional framework  
3.119.   The Government continues to modernize and strengthen the country's intellectual property 
rights (IP R) regime. In 2016, Ghana launched its National Intellectual Property Policy and Strategy 
(NIPPS) , which guides the development of the intellectual property regime. The following laws have 
been adopted:  
a. Trademarks, 2003 (Act  664) as amended, 2014 (Act  876); 
b. Industrial Designs Act, 2013 (Act  660) as amended, 2020 (Act  1033);  
c. Patent Act, 2003 (Act  657) as amended, 2020 (Act  1060); and  
d. Plant Variety Protection Act, 2020 (Act  1050).  
3.120.   Ghana is a member of the World Intellectual Property Organization (WIPO) and th e African 
Regional Industrial Property Organization (ARIPO). Since the last Review, it has acceded to several 
WIPO treaties and the UPOV Convention (Table  3.14).    
Table 3.14 Membership in IPR treaties, 2022  
Treaty  Entry into force  
Berne Convention (Literary and Artistic Works)  11/10/1991  
Paris Convention (Industrial Property)  28/09/1976  
Patent Cooperation Treaty (PCT)  26/02/1997  
WIPO Convention  12/06/1976  
Protocol Relating to the Madrid Agreement Concerning the International 
Registration of Marks (Madrid Protocol)  16/09/2008  
WIPO Copyright Treaty  18/11/2006  
The Hague Agreement on the Deposit of International Designs  16/06/2008  
Lusaka Agreement on the Creation of the African Regional Intellectual Property 
Organization (ARIPO)  15/02/1978  
Harare Protocol on Patents and Industrial Designs within the Framework of the 
African Regional Intellectual Property Organization  25/04/1984  
Convention for the Protection of Producers of Phonograms Against Unauthorized 
Duplication of Their Phonograms (Phonograms Convention)  10/02/2017  
Marrakesh Treaty to Facilitate Access to Published Works for Persons Who Are 
Blind, Visually Impaired or Othe rwise Print Disabled (Marrakesh Agreement)  11/08/2018  
UPOV Convention on the Protection of Plant Variety  03/12/2021  
Geneva Act of the Lisbon Agreement on Appellations of Origin and Geographical 
Indications  03/02/2022  
Source:  WTO Secretariat, based on information provided by the authorities.  
3.121.   On 30  May 2019, Ghana ratified the Agreement Establishing the AfCFTA64 (AfCFTA)65, which, 
pursuant to its Article  6, covers IPRs. Ghana participates in ongoing negotiations on an IP protocol 
to be annexed to the AfCFTA.  
 
64 Treaty text available in the African Union Treaties database . Viewed at: 
https://au.int/en/treaties/agreement -establishing -african -continental -free-trade -area. 
65 African Union, Status List of the Agreement Establishing the Africa n Continental Free Trade Area. 
Viewed at: https://au.int/en/treaties/agreement -establishing -african -continental -free-trade -area. WT/TPR/S/427 • Ghana  
 
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  3.122.   Ghana has also signed the Statute of the Pan -African Intellectual Property Organization 
(PAIPO)66 on 4 July 2017.67 But it has not yet ratified the treaty. Ghana, as a founding member of 
ARIPO, is in further consultati ons with member States in respect of its status and future relationship 
with PAIPO to rationalize the existence of intellectual property organizations in Africa and their 
relationship with WIPO. According to Article  3 of the Statute of PAIPO, the Organizat ion "shall be 
responsible for intellectual property and other emerging issues related to intellectual property in 
Africa and shall promote effective use of the intellectual property system as a tool for economic, 
cultural, social and technological developm ent of the continent".  
3.123.   Ghana in 2002 notified its main legislation on IPRs to the WTO TRIPS Council, which reviewed 
it.68 Patents, copyrights and related rights, trademarks, industrial designs, geographical indications, 
layout designs of integrated circuits, and undisclosed information are all legally recognized and 
protected in Ghana. The Plant Variety Protection Act, 2020 (Act 1050) has yet to be notified to the 
WTO. The Trademarks Act, Industrial Designs Act, and Patent Act were amended during the period 
under review.  
3.124.   Applications for copyright protection are filed at the Ghana Copyright Office under the 
Ministry of Justic e.69 The Registrar General is the notified IPR contact point for matters regarding 
patents, layout designs of integrated circuits, geographical indications, industrial designs, and 
trademarks. The legal administration and registration of the Plant Variety Protection Act is to be 
implemented by the Registrar General's Department, while the technical tests will be conducted by 
the MOFA in collaboration with other testing institutions.  
3.3.8.2   Main areas of intellectual property rights  
3.125.   Ghana's main IPR laws and their coverage are represented in Table  3.15. 
Sections  13 and 14 of the Patent Act contain provisions on compulsory licences, but none have been 
granted since 2005. Where required in the public interest or where the manner of exploitation of a 
patent is determin ed to be anti -competitive by a judicial or administrative body, the responsible 
Minister may designate a third person or a government agency to exploit the invention. Public 
interest reasons include national security, nutrition, and health, as well as the development of vital 
sectors of the economy. Upon request, courts may also grant compulsory licences in the case of 
non-exploitation of a patent for at least three years. In 2005, one compulsory licence had been 
granted to a Ghanaian company to produce HIV  drugs; no such action occurred in respect of 
COVID -19 vaccines.  
 
66 African Union, Statute of the Pan African Intellectual Property Organization (PAIPO) . Viewed at: 
https://au.int/en/node/32549 . 
67 List of countries viewed at: https://au.int/sites/default/files/treaties/32549 -sl-
STATUTE%20OF%20THE%20PAN%20AFRICAN%20INTELLECTUAL%20PROPERTY%20ORGANIZATION%20%28
PAIPO%29%20%281%29.pdf . 
68 WTO document IP/N/1/GHA/1, 22  April 2002. Ghana replied to questions posed by Australia, Canada, 
the European  Communities, Japan, Switzerland, and the United  States, thereby also referring to its new 
legislation (WTO documents IP/Q/GHA/1, IP/Q2/GHA/1, IP/ Q3/GHA/1, and IP/Q4/GHA/1, 9  February 2004).  
69 Ghana Copyright Office. Viewed at: http://www.copyright.gov.gh/ . WT/TPR/S/427 • Ghana  
 
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  Table 3.15 Overview of IPR protection, 2022  
Coverage  Duration  Selected exclusions and limitations  
Patent Act, 2003 (Act  657): http://www.wipo.int/wipolex/en/text.jsp?file_id=223077  
Patents  
Any product or process that is new, 
involves an inventive step, and is 
susceptible to industrial application  
Utility models  
Product or process that is new and 
susceptible to industrial application  20 years from the 
date of application  
Seven years for 
utility models  No patent can be granted for: "(a) discoveries, 
scientific theories and math ematical methods; 
(b) schemes, rules or methods for doing 
business, performing purely mental acts or 
playing games; (c)  methods for treatment of 
the human or animal body by surgery or 
therapy, as well as diagnostic methods 
practiced on the human or animal body" 
(except for products used in any of these 
methods); (d)  inventions contrary to public 
order or morality; "(e)  plants and animals 
other than micro -organisms; (f) biological 
processes for the protection of plants or 
animals other than non -biological an d micro -
biological processes; and (g) plant varieties".  
Industrial Designs Act, 2003 (Act  660): http://www.wipo.int/wipolex/fr/text.jsp?file_id=223028  
Industrial Designs (Amendment) Ac t, 2020 (Act  1033)  
Any composition of lines or colours or any 
three-dimensional form, material, or textile 
design where the composition, form, or 
handicraft gives a special appearance to a 
product of industry or handicraft and can 
serve as a pattern for a product of industry 
or handicraft  Five years from the 
date of application, 
renewable for up to 
four consecutive 
periods of 
five years  Anything in an industrial design serving solely 
to obtain technical result  
Copyright Act, 2005 (Act  690): http://www.parliament.gh/  
Copyright (Amendment) Act, 2009 (Act  788)  
Copyright and neighbouring rights  
Literary, artistic, musical, audiovisual, 
choreographic, and derivative works; sound 
recordings; computer software or programs  Moral rights: in 
perpetuity;  
Economic rights: 
the author's life 
plus 70  years  Ideas, concepts, procedures, methods, or 
other things of similar nature.  
Permitted use of work protected by copyright 
includes reproduction, transl ation, or 
adaptation for exclusive personal use.  
Trade Marks Act, 2004: http://www.wipo.int/wipolex/en/text.jsp?file_id=218529  
Trademarks (Amendment) Act, 2014 (Act  876): https://wipolex.wipo.int/en/legislation/details/17315  
Any sign or combination of signs capable of 
distinguishing goods or services from 
others  10 years, 
renewable 
indefinitely  No trademark protection can be granted to 
descriptive or misleading names and names 
contrary to public order and morals.  
Geographic al Indications Act, 2003 (Act  659): http://www.wipo.int/wipolex/en/text.jsp?file_id=223004  
Any indication that identifies a good as 
originating in the territory of a country, 
region, or locality  Indefinite  Indications that are contrary to public order or 
morality  
Indications that are not protected in their 
country of origin  
Layout -Designs (Top ographies) of Integrated Circuits Act, 2004 
(Act 667): http://www.wipo.int/wipolex/fr/text.jsp?file_id=223034   
 10 years   
Protection Against Unfair Competition Act, 2000 (Act  589): 
http://www.wipo.int/wipolex/en/text.jsp?file_id=223053  
Undisclosed information  
Business secrets of commercial value, 
undisclosed data and tests  No specific term   
Plant Variety Protection Act, 2020 (Act  1050): 
https://www.upov.int/edocs/mdocs/upov/en/c_55/law_of_ghana.pdf . 
 25 years for trees 
and vines  
20 years for other 
crops  Acts done privately for non -commercial 
purposes or for experimental and research 
purposes  
Source:  WTO Secretariat based on information provided by the authorities.  
3.126.   The most important changes brought by the Trademarks (Amendment) Act, 2014 are the 
expansion of the scope of trademark protection to include non -traditional marks such as shape and 
sound marks, the incorporation of a definition for counterfeiting and provi sions prohibiting such acts, 
the clarification of the definition for certification and collective marks, and the incorporation of the 
Madrid Protocol rules and regulations into the national law. According to the authorities, all 
applications for designatio ns have been processed; however, as the new Act is not retroactive the WT/TPR/S/427 • Ghana  
 
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  status of registrations filed before 25  July 2014 is open to doubt.70 The implementing regulations 
have yet to be promulgated (March 2022).  
3.127.   The Economic Contribution of Copyright Industries in Ghana , a 2018 study by the Ghana 
Copyright Office, highlighted that Ghana trades in many copyright products such as books, music, 
films, paintings, and other crafts.71 The study estimated that imports of copyright -protected goods 
reached close to GHS  3 billion in 2016; exports of copyright products in 2013 -16 were estimated at 
about GHS  276 million. Jewellery contributes significantly to the exports of copyright -related goods.  
3.128.   Under Article  27 of the Copyright Act, imported blank video and audio cassettes are subject 
to a levy of 20% collected by Customs. Income derived from the levy is earmarked for activities of 
the Ghana Copyright Of fice. The Copyright Regulations, 2010 (L.I.  1962) set out the devices on 
which the levy is imposed and the procedure for the distribution of the proceeds of the levy to 
rightsholders. Currently, the levy constitutes the largest source of income for the thr ee collective 
management organizations in Ghana:  
a. Ghana Music Rights Organization (GHAMRO), for music: its principal roles are to manage 
the rights of music owners and issue licences to music users. The membership of GHAMRO 
is made up of authors/composers a nd publishers. The organization's membership in 2015 
was 3,277 and grew to nearly 6,000 in 2019.  
b. CopyGhana is mandated under the Copyright Act, 2005 (Act  690) and the Copyright 
Regulations to serve as the Collective Management Organization and to license 
photocopying and some digital copying in the country, and protect the interests of 
members in Ghana and abroad. The current member associations of CopyGhana are the 
Ghana Association of Writers; the Ghana Book Publishers Association; the Ghana Journalist 
Association; the Ghana Association of Visual Artists; and the Ghana Union of Professional 
Photographers.  
c. The operations of the Audiovisual Rights Society of Ghana (ARSOG), for audiovisual works, 
are enforced under the Copyright Act and Copyright Regulations.  ARSOG's membership 
consists of producers, authors, and performers of the creative and performing arts 
industry. The organization had 1,368 members in 2022, up from 216 in 2015.  
3.3.8.3   Enforcement  
3.129.   The IPR regime provides for civil and criminal remedies in case of  owners' rights 
infringements by third parties. In principle, IPR is a private right and owners are required to enforce 
their rights. Under the IPR regimes, Customs can also be notified by rights owners at the borders to 
enforce IPRs when infringing produc ts are sighted or suspected by rights owners. The police also 
assist rights owners who have procured court orders to enforce their rights. The copyrights office 
also conducts raids with rights owners and the police enforces rights and confiscates pirated 
works/goods.  
3.130.   Consumers continue to be constantly threatened by the illegal sale of fake products, 
particularly (mostly imported) potentially dangerous counterfeit pharmaceuticals products, raising 
important issues of IPR enforcement at the border. For examp le, after an Interpol -led operation in 
seven West African countries, more than 420  tonnes of illicit pharmaceutical products were seized 
in 2017.72 Some 30% -50% of all drugs sold on the Ghanaian market are reportedly substandard or 
counterfeit. To deal wit h the issue of fake medicines, a Ghanaian company has been successful in 
identifying them.73 
 
70 LYSAGHT (2014), "Ghana – Trademark (Amendment) Act, 876 of 2014", 19  December. Viewed at: 
http://www.lysaght.co.uk/news/ip -developments/ghana -trademarks -amendment -act-876-2014. 
71 WIPO (2020), The Economic Contribution of Copyright Industries in Ghana . Viewed at: 
https://www.wipo.int/export/sites/www/copyright/en/performance/pdf/econ_contribution_cr_gh.pdf . 
72 Mwai, P. (2020), "Fake Drugs: How B ad Is Africa's Counterfeit Medicine Problem", BBC, 17 January. 
Viewed at: https://www.bbc.com/news/world -africa -51122898 . 
73 Le Cam, M. (2020), "Ghanaian Company to Abolish the Reign of Fake Med icines", Geneva Solutions , 
31 August. Viewed at: https://genevasolutions.news/explorations/11 -africa n-solutions -for-the-future -
world/ghanaian -company -to-abolish -the-reign-of-fake-medicines . WT/TPR/S/427 • Ghana  
 
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  4  TRADE POLICIES BY SECTOR  
4.1  Main Features  
4.1.  The agriculture sector (including forestry and fishing) contributed 20.5% to GDP in 2020 
(Table  1.1) and provided formal and informal employment for over 40% of the workforce. 
Subsistence agriculture, a few cash crops , and fish are the main source of livelihood for the majority 
of the population. About 90% of the farms are smallholdings  of less than 2  hectares (ha), which are 
often net buyers of food and sensitive to food price inflation. Following the announcement of a partial 
lockdown in March 2020, Ghana experienced a spike in food price inflation, which lasted for about 
six months.  
4.2.  Ghana's total land area of about 23.9  million  ha includes about 14  million  ha of agricultural 
land, of which 6.7 million is under cultiv ation. According to the authorities, Ghana has a large 
potential, especially in the semi -arid northern savannah, for extensions of the cultivated area. 
Ghanaian agriculture is at risk from drought as most crop production is rainfed. Pests, like an 
outbreak  of the Fall Army Worm  disease in 2017, nearly caused widespread disaster in crop 
production (maize and cocoa), which was averted through a government spraying campaign.  
4.3.  In the past, output growth in Ghanaian agriculture was driven more by an expansion of the 
cultivated area rather than by yield improvements. The improved performance in recent years, 
notably in the crop subsector, was in part also due to a new agricultural policy strategy aimed at 
improving yields, underpinned by input subsidies.  
4.4.  The growth  performance of the agriculture sector was modest in 2014 -16, particularly in the 
crop subsector. The performance has since improved significantly, averaging 6.7% annually between 
2017 and 2020 (Table  1.1). As shown in Table  4.1, the growth in crop product ion came mostly from 
cassava, yams, and plantains. These are the main staples, together with rice, maize, and other 
cereals (sorghum and millets). Maize and rice production also expanded strongly. Cocoa production, 
Ghana's main agricultural export commodit y, was slightly lower in 2019 than in 2014. The livestock 
sector grew by over 5% annually in 2014 -20 (Table  1.1). Growth was sluggish in the forestry sector 
and fluctuating in the fisheries sector (Table  1.1). 
4.5.  Ghana is a net  food importer with a rising tre nd due to population growth, urbanization, and 
rising per capita income, fuelled by the oil sector that has boosted demand. The country is 
self-sufficient in the main staples, except rice and maize. The main cash crops are cocoa, palm oil, 
pineapple, mango , cassava, tomatoes, bananas, citrus, cashew nuts, and vegetables. Exports of 
agricultural products accounted for 23% of merchandise exports in 2019; cocoa alone contributed 
about 16% to export revenues (Table  A1.1).  
4.6.  Most agricultural land is "stool land" owned by communal or customary authorities, which are 
responsible for the allocation and management of these lands. Land tenure tends to be complex. 
The Ministry of Lands and Natural Resources (MLNR) has overall responsibility for land issues, as 
well as f or mines and forestry. There are plans to establish a Ghana Land Information Bank as a new 
information platform to improve access to land for commercial farming.1 
4.1.1   Agricultural policy  
4.7.  The Ministry of Food and Agriculture (MOFA) is responsible for agricultu ral policy and oversees 
the following state -owned enterprises (SOEs) and agencies: Ghana Cocoa Board (COCOBOD), Grains 
and Legumes Development Board (GLDB), Ghana Veterinary Council (GVC), Ghana Irrigation 
Development Authority (GIDA), Irrigation Company o f Upper Region (ICOUR), Cotton Development 
Authority (CDA), and National Food Buffer Stock Company (NAFCO).  
 
1 Foreign investment projects in agriculture include investment in sugar production and processing 
(Dangote Group) and rice production (4,000  ha purchased by Indo -Ghana Company and lease of 5,600  ha by 
the Ghana -Iran Partnership).  WT/TPR/S/427 • Ghana  
 
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  Table 4.1 Production of the main agricultural crops, 2014 -20 
('000 tonnes, value in USD  million, and %)   
Production ('000 tonnes, unless otherwise indicated)  Gross 
production 
value  2014  
2015  
2016  
2017  
2018  
2019  
2020  
Average  
2014 -19 
Share of 
world,  
2014 -19 (%)  
USD million, 
2014 -16 
constant 
prices  
Growth rate 
p.a. 2014 -19 
Cassava  17,798  17,213  17,798  19,009  20,846  22,448  24,369  19,185  6.6 2,477.2  4.8 
Yams  7,119  7,296  7,440  7,857  7,858  8,288  8,946  7,643  10.6 2,210.1  3.1 
Plantains 
and others  3,786  3,952  4,000  4,279  4,688  4,872  5,882  4,263  10.5  883.0  5.2 
Oil palm 
fruit 2,443  2,443  2,443  2,476  2,647  2,655  2,472  2,518  0.7  156.1  1.7 
Maize  1,762  1,692  1,722  2,011  2,306  2,760  3,071  2,042  0.2  550.0  9.4 
Taro 
(cocoyam)  1,299  1,301  1,301  1,387  1,461  1,518  1,596  1,378  13.2  441.0  3.2 
Cocoa 
beans  859 859 859 969 905 812 .. 877 17.2  753.7  -1.1 
Paddy rice  604 641 688 722 769 925 973 725 0.1  173.0  8.9 
Oranges  690 690 690 702 757 776 698 718 1.0  114.9  2.4 
Pineapples  662 662 662 670 764 743 669 694 2.6  110.8  2.4 
Groundnuts  426 417 426 434 521 536 566 460 1.0  399.0  4.7 
Coconuts  380 380 380 384 395 404 142 387 0.6  25.6 1.2 
Tomatoes  367 367 367 370 392 396 369 376 0.2  343.6  1.5 
Beer of 
barley  275 270 280 285 285 .. .. 279 0.1  .. .. 
Sorghum  259 263 230 230 316 345 356 274 0.4  81.3 5.9 
Oil, palm  121 237 237 239 313 .. .. 229 0.4  .. .. 
Cow peas  201 203 206 211 215 203 257 207 2.6  .. .. 
Beans  201 201 143 170 177 190 194 181 0.6  137.9  -1.1 
Millets  155 157 159 163 182 190 236 168 0.6  60.6 4.2 
Soybeans  141 142 143 170 196 167 209 160 0.0  .. .. 
Sugar 
cane 149 150 152 152 153 154 154 152 0.0  1.8 0.6 
Onions  144 144 144 145 157 155 .. 148 0.2  111.4  1.5 
Sweet 
potatoes  138 142 144 148 151 154 1,394  146 0.2  9.7 2.2 
Palm 
kernels  118 120 123 128 130 .. .. 124 0.8  .. .. 
Poultry 
meat 54.8 57.3 57.3 57.1 61.7 66.0 .. 59.0 0.1 57.1 3.8  
Cow milk  41.4 42.7 44.1 45.5 45.9 46.3 .. 44.3 0.0 3.4 2.2  
Bovine 
meat 22.8 23.8 23.8 32.6 28.6 28.9 .. 26.8 0.0 18.5 4.9  
Goat meat  23.6 24.8 24.8 25.8 27.9 29.2 .. 26.0 0.4 18.0 4.4  
Pig meat  22.9 24.5 24.5 26.2 26.5 25.7 .. 25.0 0.0 19.4 2.3  
Sheep 
meat 19.5 20.3 20.3 21.1 23.1 23.9 .. 0.2 14.8 4.1  19.5 
.. Not available.  
a Major item according to the simple average during the period 2014 -19. 
Source:  WTO Secretariat calculations, based on FAO Stat. Viewed at: http://www.fao.org/faostat/en/#data . 
4.8.  Agricultural policy is based on a national agricultural investment plan called Investing for Food 
and Jobs: An Agenda for Transforming Ghana's Agriculture (2018 -2021)2, which is aligned with the 
Government's Medium -Term National Development Policy Framework "Agenda for Jobs: Creating 
Prosperity and Equal Opportunity for All (2018 -2021)". The agricultural investment plan attempts to 
bring Ghana's agricultural policy in line with commitments made at the regional level (the 
 
2 MOFA, National Agricultu re Investment Plan (IJF) . Viewed at: 
http://www.mofa.gov.gh/site/publications/policies -plans/316 -national -agriculture -investment -plan-ifj. WT/TPR/S/427 • Ghana  
 
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  Comprehensive African Agriculture Development Programme/Malabo declar ation, and the Economic 
Community of West Africa Agricultural Policy (ECOWAP)). The objective of these initiatives is to 
support and transform the agricultural sector through government investing in agriculture of at least 
10% of the national budget, with a corresponding sector growth rate of at least 6%.  
4.9.  Based on the above, a new agricultural programme/campaign called Planting for Food and Jobs 
was launched in April 2017. It rests on five pillars (modules), each with supporting instruments: 
crops ("Food Cr ops"); livestock ("Rearing for Food and Jobs"); export and rural development 
("Planting for Export and Rural Development"); horticulture ("Greenhouse Villages"); and 
agricultural mechanization services. Other interventions include irrigation and water mana gement, 
agricultural marketing, and post -harvest management.  
4.1.1.1   Market access  
4.10.   The customs tariff based on the common external tariff (CET) is the main import policy 
instrument in the agriculture sector. The average applied MFN tariff on agriculture products ( WTO 
definition) was 15.5% in 2022; tariff protection was highest for live animals and meat at 24.1%, an 
increase of 5 percentage points over 2013 following the introduction of the Economic Community of 
West African States (ECOWAS) tariff (Table  3.4). This is an additional burden for consumers, as 
most of the meat consumption is imported. Poultry production and imports averaged about 
62,000  tonnes and 170,000 tonnes, respectively, in 2017 -19 (Table 4.1). MFN tariffs on poultry 
meat are set at 35% and imports  are subject to import licensing (import permit) requirements to 
protect domestic production.  
4.11.   The Government's priority staples include maize, rice, millets, sorghum, and yam, all of which 
the MOFA is promoting to enable the country to meet its food securi ty needs, while hoping to reduce 
imports – particularly of rice. The adoption of the ECOWAS tariff in 2015 led to a decrease in milled 
rice and broken rice tariffs (from 20% to 10%), and an increase for paddy (from duty -free to 5%). 
Ghana spent on average GHS 1.5 billion annually to import 960,993  MT of rice between 2017 -19.3 
Most locally produced rice is grown by smallholder farmers, with limited access to improved seeds 
and inputs, and productivity tends to be low. Additionally, the rice mills available to the typical 
farmer produce a large percentage of broken grains. These factors make it difficult for small farmers 
to compete with high -quality imports from the Americas and Asia. Recently, the quality of rice has 
improved due to the use of improved vari eties and the establishment of large mills, fitted with 
destoners that produce high -quality rice comparable to any imported rice.  
4.1.1.2   Domestic support  
4.12.   Ghana has not submitted any notification to the WTO Committee on Agriculture since 2001. 
Ghana provides mainl y Green Box support in the form of research and extensions services, pest and 
disease control, and infrastructural services, as well as input subsidies to smallholders.  
4.13.   GIDA is in charge of providing the irrigation infrastructure and other water management  
techniques. The total area under irrigation is estimated at about 221,000  ha, out of which 11,775  ha 
(2016) fall under 56 public irrigation schemes. Ghana is in the process of implementing the Pwalugu 
multi-purpose dam and irrigation project (24,000  ha), the largest public investment project in 
agriculture since independence.  
4.14.   Ghana introduced a national fertilizer subsidy programme in 2008 in the wake of the global 
food crisis. However, fertilizer use in Ghana remains low, even by regional standards.4 
4.15.   Under the Planting for Food and Jobs (PFJ) programme, the scope of the fertilizer and seed 
subsidies has been significantly enhanced in recent years, in terms of deliveries, crop coverage, and 
beneficiaries (Table  4.2). MOFA provides subsidized inputs, mainly  fertilizers, improved seeds, 
seedlings, breeding stock, and mechanization services. Eligible farmers have 5 acres or less and 
 
3 Budget Statement and Economic Policy of the Government of Ghana for the 2021 Financial Year . 
Viewed at: https://mofep.gov.gh/sites/default/files/budge t-statements/2021 -Budget -Statement_v3.pdf . 
4 World Bank (2017), "Ghana: Agriculture Sector Policy Note – Transforming Agriculture for Economic 
Growth, Job Creation and Food Security". Viewed at: 
https://documents1.worldbank.org/curated/en/336541505459269020/pdf/119753 -PN-P133833 -PUBLIC -
Ghana -Policy -Note-Ag-Sector -Review.pdf . WT/TPR/S/427 • Ghana  
 
- 67 - 
 
  must register with MOFA for the purpose of the PFJ.5 Overall, PFJ crop yields have improved 
considerably in recent years (Table  4.2). Fertilizer use in the PFJ programme increased from about 
8 kg/ha in 2016 to 20  kg/ha in 2021.  
4.16.   Fertilizer companies are reimbursed for the difference between the purchasing price (as 
stipulated in the contract with the Government), and the price at wh ich the companies' agents (or 
district offices of MOFA where there are no agents present) sell the fertilizer to farmers (which is 
also part of the contract). According to the authorities, the average subsidy was GHS  78.33 in 2019 
(52% of the retail price)  and 50% of the retail price in 2020.  
4.17.   Ghana has experienced problems with smuggling of subsidized inputs. In response, the 
Government has taken measures, such as branding of fertilizer bags with the PFJ logo, reducing the 
size from the usual 50  kg bags to 25 kg bags, delegating the administration of fertilizer distribution 
to regional ministers, engaging security agencies, and limiting the number of participating retailers 
and distributors in four border regions.  
Table 4.2 Deliveries of subsidized fertilizers and seeds, 2016 -20 
(Tonnes)  
 2016  2017  2018  2019  2020  
Fertilizers  134,000  167,000  247,000  331,000  424,000  
Improved seeds  2,000  4,400  6,800  18,333  29,000  
PFJ beneficiaries  120,000  202,000  677,000  1,183,000  1,400,000  
PFJ maize  yields /hectare  1.7a 3.5 3.5 3.8 2.8 
PFJ rice  yields /hectare  2.7 4.0 4.0 4.3 4.5 
a National average.  
Source:  Information provided by the authorities.  
4.18.   The agricultural mechanization programme is aimed at promoting smallholders' access to 
small hand -held machinery and equipment at subsidized prices, and at strengthening and expanding 
the Agricultural Mechanization and Services Centres. The target is to open at least one Mechanization 
Centre for each distric t. 
4.19.   The Ghana Agricultural Insurance Programme was launched in 2011 to encourage the 
development of a market for agriculture insurance. Several agricultural insurance products were 
developed (weather, yield, and traditional indemnities). Nineteen Ghanaian i nsurance companies 
form the Ghana Agricultural Insurance Pool, which offers insurance to smallholders; premiums were 
subsidized at 50% in 2020 and 2021 by the Alliance for a Green Revolution in Africa.  
4.20.   Ghana has plans to support cassava (manioc) production  for the manufacture of high -quality 
cassava flour as a substitute for wheat imports, and for the processing into ethanol and starch to 
address the supply deficit in the pharmaceutical and brewery industries.6 
4.21.   The NAFCO is responsible for purchasing maize , paddy rice, soya beans, millets, beans, and 
peanuts from smallholders at minimum guaranteed prices (Table  4.3). The minimum prices are set 
at 10% above cost of production, as determined by the National Postharvest Committee (for price 
support provided to  cocoa, Section  4.1.3). The NAFCO is also responsible for the national food 
reserve. The sales from the reserve are made to government institutions at prices approved by the 
Public Procurement Authority. The NAFCO is also in charge of the Emergency Food Pr ogramme, 
which is currently inactive due to lack of funds. There are currently no NAFCO buffer stocks, 
according to the authorities.  
 
5 Cocoa farmers receive inputs through  COCOBOD.  
6 Budget Statement and Economic Policy of the Government of Ghana for the 2021 Financial Year . 
Viewed at: https://mofep.gov.gh/sites/default/f iles/budget -statements/2021 -Budget -Statement_v3.pdf . WT/TPR/S/427 • Ghana  
 
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  Table 4.3 Market interventions by the National Food and Buffer Stock Company , 2019 -20 
 Market in terventions  
2019/20 season  (tonnes)  Minimum prices  
(Unit price per 50  kg, in GHS)  
2019  2020  
Rice 32,000  200  200  
Maize  24,368  72.5  73.0  
Soya beans  0 150  150  
Millets   4,000 140  140 
Beans  12,000  250   250  
Peanut s 6,400  210  255  
Total  78,768    
Source:  Information provided by the authorities.  
4.22.   The livestock support programme (Rearing for Food and Jobs) was launched in June 2019. 
The instruments used include distribution of improved breeds to livestock farmers (sheep, goats, 
pigs, cockerels, and guinea fowls); distribution of improved breeding stock to livestock breeding 
stations; improvements in infrastructure; support to animal health (e.g.  production and procurement 
of vaccines, disease control, const ruction of veterinary clinics and laboratories, and rehabilitation of 
quarantine stations).  
4.23.   The Greenhouse Villages module is aimed at promoting horticulture and encouraging 
non-traditional exports. It consists mainly of three training centres with attache d commercial plots, 
where private investors are encouraged to invest.  
4.24.   In 2019, Ghana passed the Tree Crops Development Authority Act, 2019 (Act 1010) in an 
effort to increase export earning of cashews, shea, mango, coconut, rubber, and oil palms. In 2020, 
a total of 11.7  million seedlings were to be distributed free of charge for the establishment of about 
89 ha of new plantations in 212  project districts.7 
4.1.1.3   Export subsidies  
4.25.   Ghana does not provide any export subsidies for agricultural products, according to  the 
authorities.  
4.1.2   Cocoa  
4.26.   Cocoa is by far Ghana's most important crop in terms of its contribution to GDP. Production 
peaked in 2010/11 at about 1  million tonnes and has since stabilized at around 
800,000 -900,000  tonnes (Table  4.1). Ghana is the second -most important producer and exporter 
after Côte  d'Ivoire, accounting for about 17% of world supplies in 2014 -19 (Table  4.1). Ghana's 
cocoa beans trade at a premium on world markets. This quality premium is achieved through a 
combination of on -farm and downstrea m interventions. Improved agronomic practices and spraying 
campaigns have been key factors in boosting cocoa production. However, yields are  low by 
international comparison.8 Fluctuations in cocoa production have mainly been caused by irregular 
rainfall and, in some cases, plant diseases, such as an outbreak of Cocoa Swollen Shoot Virus Disease 
in 2018 -19. Also, cocoa has been one of the main crops driving the deforestation in the high forest 
zone and the loss in soil fertility when virgin forests are cultivated ("forest rent approach" to cocoa 
farming).  
4.27.   Cocoa marketing and pricing are regulated by the state -owned COCOBOD. Since 1984, 
COCOBOD has the mandate  to: (i)  purchase, ma rket, and export all cocoa produced in Ghana; and 
(ii) establish or encourage the establishment of industrial facilities for the processing of cocoa and 
 
7 Budget Statement and Economic Policy of the Government of Ghana for the 2020 Financial Year . 
Viewed at: https://mofep.gov.gh/sites/default/files/budget -statements/2020 -Budget -Statement -and-
Economic -Policy_v3.pdf . 
8 World Bank (2017), "Ghana: Agriculture Sector Policy Note – Transforming Agriculture for Economic 
Growth, Job Creation and Food Security".  WT/TPR/S/427 • Ghana  
 
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  cocoa waste into marketable cocoa products .9 COCOBOD has not yet been notified to the WTO as a 
state t rading enterprise under Article  XVII of the GATT  1994.  
4.28.   COCOBOD is a semi -autonomous institution under the MOFA with some 8,000  staff; it 
consistently recorded an annual financial loss during the review period. Located in Accra with an 
office in London, the  Cocoa Marketing Company (CMC) is a wholly owned subsidiary of COCOBOD 
with the sole responsibility to market cocoa beans to both local and foreign buyers. The CMC has 
monopoly rights over the export of all cocoa beans from Ghana. Cocoa exports revenue mus t be 
repatriated to Ghana (Section  3.2.2). There is no statutory tax on exports of cocoa beans.  
4.29.   The CMC generally sells the country's cocoa production forward on world markets. The 
minimum producer price of cocoa is set in Ghana cedis by the Producer Price  Review Committee 
(PPRC) in October of each year and, in principle, for the entire season. Membership of the PPRC 
includes representatives of cocoa farmers, Licensed Buying Companies (LBCs), the CMC, COCOBOD, 
the BoG, the Ministry of Trade and Industry (MO TI), MOFA, and the Ministry of Finance. The minimum 
farmgate price is mandatory for buyers (LBCs) and applies to all cocoa farmers.  If the prices are 
lower than expected, and the Government revenues are below expectations, the Government takes 
the loss. Ac cording to the authorities, the current arrangements for determining producer prices 
ensure in principle that cocoa farmers receive at least 70% of the net f.o.b. price as determined by 
the PPRC. The remaining 30% is spent on support services to farmers or  on general budgetary 
expenditure.  
4.30.   Cocoa prices may contain an element of government support, as has been the case in recent 
years. It is government policy "to reward farmers with remunerative producer prices to ensure that 
farmlands are not diverted from cocoa".10 In the 2017/18 crop year, world market prices for cocoa 
beans dropped by about 30% and producer prices would have fallen accordingly without government 
intervention. The Government decided to maintain the farmgate price unchanged at GHS  7,600 per 
tonne fo r the season (Table  4.4) and to provide support of GHS  1,627  million 
(about  USD 360 million)  to compensate for the reduction in cocoa revenues.11 In the 2019/20 
season, the farmgate price was fixed by the PPRC at GHS  10,560 per tonne (Table  4.4). 
4.31.   In the 20 20/21 crop season, the two leading cocoa producers Ghana and Côte  d'Ivoire jointly 
introduced the so -called living income differential (LID). The LID is a premium of USD  400 per tonne 
charged to buyers on top of the (terminal) market price of cocoa beans; it applies to all cocoa 
contracts irrespective of the (terminal) market price. According to the authorities, the rationale of 
the LID is to close the gap between the global value of cocoa received by the chocolate industry and 
what is received by cocoa far mers; and to increase the income of cocoa farmers, contributing to 
improved living standards of cocoa farmers and their households. The authorities have stated that 
the full amount of the LID is paid directly to farmers. The implementation of the LID is to  help Ghana 
and Côte  d'Ivoire achieve a minimum fob price of USD  2,600 per tonne which reflects farmers' 
average cost of production. In 2020/21, COCOBOD realized a fob price of USD  2,589 per tonne, and 
Ghana's farmgate price was 71% of that fob price, or G HS 10,560 per tonne (an increase of 28% 
compared with 2018/19, Table 4.4). The LID mechanism includes the establishment of a stabilization 
fund, to which contributions will be paid when fob prices exceed USD  2,900 per tonne. The 
stabilization fund will be drawn to augment producer price when the terminal price achieved is below 
the critical level of USD  2,200 per tonne.12 
 
9 Ghana Cocoa Board Act, Section  4, Purchase of Cocoa. "(1) A person shall not purchase cocoa except 
(a) the Board t hrough its wholly -owned subsidiary buying company, or (b) a person or an organisation 
authorized in writing by the Board to purchase cocoa for sale to the Board. … (6) A person shall not market or 
export cocoa unless (a) the cocoa is the property of the Bo ard, or (b) the cocoa has been graded and sealed, 
the export of which has been authorised in writing by the certifying authority of the Board". Ghana Cocoa 
Board Act, 1984 (PNDCL  81). Viewed at: 
https://bcp.gov.gh/acc/registry/docs/GHANA%20COCOA%20BOARD%20ACT,%201984%20P.N.D.C.L.%2081.
pdf.  
10 COCOBOD (2019), 50th Annual Reports and Consolidated Financial Statements , p. XIII. 
11 COCOBOD (2018), 49th Annual Report and Financial Statements , p. 23.  
12 See also Boysen, O., et  al. (2021), "Impacts of the Cocoa Living Income Differential Policy in Ghana 
and Côte  d'Ivoire", European Commission JRC Science for Policy Report . Viewed at: 
https://op.europa.eu/en/publication -detail/ -/publication/bd4ad048 -0ebc-11ec-b771-01aa75ed71a1/language -
en. WT/TPR/S/427 • Ghana  
 
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  Table 4.4 Production and exports of cocoa beans, 2014 -21 
(Tonnes, unless otherwise specifi ed) 
 Production  Exports  Farmgate 
price 
(GHS)  Farmgate 
price in % of 
average 
sales price  Average 
sales 
price 
(USD)  F.o.b. export 
value  
(USD '000) 
2014/15  740,254  644,000  5,600   63.4  2,760  1,777,440  
2015/16  778,043  625,000  6,800   61.7  2,900  1,812,500  
2016/17  969,511  721,000  7,600   71.8  2,678  1,930,838  
2017/18  904,740  829,771  7,600   80.3  2,152  1,785,667  
2018/19  811,747  678,957  8,240   72.8  2,265  1,537,838  
2019/20  770,694  668,647  10,560   78.9  2,445  1,634,842  
2020/21  1,047,385  738,803  10,560   71.0  2,589  1,912,761  
Source:  Information provided by COCOBOD.  
4.32.   COCOBOD licenses private companies to engage in domestic trade. The licences are renewed 
annually and are subject to a nominal fee. There were 45 active LBCs in 2021-22. They purchase 
cocoa directly from farmers on behalf of COCOBOD and bag it for delivery at designated take -over 
centres, by private hauliers, on a commission basis. The CMC takes over the cocoa for export or 
further processing.  
4.33.   Processing companies  (10 at present) are required to purchase their cocoa beans from 
COCOBOD, at a negotiated price based on the market price.  The share of domestic processing of 
cocoa production is currently about 31% (with a three -year average of about 38%). The negotiated 
prices of cocoa beans include the LID and are paid by the buyers.  The processing companies, 
including the state -owned Cocoa Processing Company Limited (CPC), process cocoa beans for both 
export and the national market. Cocoa is processed into butter, liquo r, cake, and powder. Most 
processing companies are located in the free zones or under free zone provisions (Section  3.2.6.5). 
The Government's medium -term objective is to process 50% of the cocoa output locally. The 
European  Union is the leading destinatio n for Ghana's exports of cocoa products.  
4.34.   Ghana imposes import tariffs ranging from 5% (cocoa beans) and 10% (cocoa paste, cocoa 
butter) to 35% (cocoa powder, chocolate, and other confectionery). Because of concerns over 
smuggling, COCOBOD only permits the import of beans  by ship. There are nevertheless unrecorded 
flows of cocoa traded across Ghana's borders, mainly between Ghana and Côte  d'Ivoire.  
4.35.   Support and benefits provided by COCOBOD include the following:  
• Provision of inputs (fertilizer, pesticides, and seedlings) free of charge  to cocoa 
farmers  – their cost is reflected as "industry costs" in the farmgate price determined 
by the PPRC.  
• Productivity  Enhancement Programmes (PEPs) involving mass pruning , hand 
pollination, and pilot irrigation. COCOBOD also launched two rehabilitation 
programmes , namely for the control of Cocoa Swollen Shoot Virus Disease and for 
moribund cocoa farms. This latter involves uprooting and replanting overaged cocoa 
farms and replant ing with high -yielding, disease -resistant, and drought -tolerant 
varieties.  
• A cocoa farmers' pension  scheme has been launched and implementation modalities 
are under preparation.  
4.36.   In 2017, COCOBOD entered into a service concession  agreement with the Ministry  of Roads  
and Highways to construct and/or rehabilitate certain roads in cocoa -growing communities in Ghana 
(cocoa roads).  WT/TPR/S/427 • Ghana  
 
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  4.1.3   Forestry  
4.37.   The forestry (and logging) sector contributed 1.1% to GDP in 2020 (Table  1.1). Exports have 
been on the decline and consist mainly of secondary wood products (lumber, boules, plywood, and 
veneer), followed by primary products (billets and poles) and tertiary (processed) wood products 
(Table  4.5).13 The top export destinations in 2019 were India, China, Germany, the United  States, 
and Qatar, with the top five exported products being lumber (air -dried and kiln -dried), billet, 
plywood, and rotary veneer.  
4.38.   Ghana had a forest cover of about 6  million  ha to 8 million  ha in 2020 (approximately 
one quarter of the land area), composed of naturally regenerating forests (96%) and plantation 
forests (4%). Ghana has two predominant ecological zones: the high forest zone mainly in the 
southwestern part of the count ry and the savannah zone occupying the other areas. The country 
has experienced high levels of deforestation, among the highest in the world, mostly attributed to 
forest clearing for cocoa farming.14 
Table 4.5 Timber production and trade, 2014 -20 
 
Log 
production  
('000  m³) Exports 
('000  m³) Primary  
(%) Secondary  
(%) Tertiary  
(%) Export value  
(USD)  
2014 1,442  356.0  16.7 80.1 3.3 168,623,054  
2015 1,860  367.0  15.1 80.8 4.0 206,387,107  
2016 1,590  397.0  8.9 88.8 2.3 236,206,127  
2017 1,640  339.2  10.1 86.7 3.2 224,072,912  
2018 863 333.0  8.8 88.7 2.5 214,170,940  
2019 1,100  300.4  8.2 88.6 3.2 167,201,136  
2020 1,095  226.1  11.4 83.9 4.6 137,057,366  
Source:  Information provided by authorities.  
4.39.   Pursuant to the 1992 Constitution, the Government claims state ownership of all naturally 
occurring trees, including land privately held under customary title. Most of the forest land in Ghana 
is vested in local communities and open to traditional activities, includin g the collection of non -timber 
forest products, hunting, and fuel wood collection, which partly explains the deforestation problem. 
The ownership of planted trees is, however, distinct from that of naturally occurring trees. Tree 
tenure rights in Ghana are  complex, and reforms are planned. However, changing the current tree 
tenure regime requires revisions at many levels, including the Constitution.  
4.40.   The forestry sector is overseen by the MLNR, and the Forestry Commission of Ghana is 
responsible for its regu lation.15 The Ghana Forest  and Wildlife Policy 201216 is the main policy 
document guiding the sector, supplemented by the Ghana Forestry Development Master Plan, 
2016-203617, and the Ghana Forest Plantation Strategy.18 The main forestry legislation include s the 
Timber Resource Management Act, 199719, as amended by the Timber Resource Management Act, 
 
13 Ghana Forestry Commission (2019), Report on Export of Timber and Wood Products, 
September  2019. Viewed at: https://www.oldwebsite.fcghana.org/userfiles/files/September%202019(1).pdf . 
14 Asiedu , K.G. (2019), "Ghana Is Losing its Rainforest Faster than any Other Country in the World", 
10 May, World Economic Forum . Viewed at: https://www.weforum.org/agenda/2019/05/ghana -is-losing -its-
rainforest -faster -than-any-other -country -in-the-world/ . 
15 Forestry Commission. Viewed at: https://fcghana.org/ . 
16 MLNR (2012), Ghana Forest and Wildlife Policy . Viewed at: 
http://extwprlegs1.fao.org/docs/pdf/gha144198.pdf . 
17 MLNR (2016), Forestry Development Master Plan (2016 -2036) . Viewed at: 
https://www.oldwebsite.fcghana.org/userfiles/files/MLNR/FDMP Final (2).pdf .  
18 United Nations Forum on Forests (2018), Development of a System for Monitoring Progr ess Toward 
Sustainable Forest Management , January. Viewed at: https://www.un.org/esa/forests/wp -
content/uploads/2020/08/MAR -Ghana -Project -Report.pdf . 
19 Forestry Commission, Forest Laws & Regulations: Timber Resource Management Act, 1997 – Act 547. 
Viewed at: 
https://www.oldwebsite.fcghana.org/library_info.php?doc=45&publication:Timber%20Resource%20Manageme
nt%20Act,%201997%20 -%20Act%20%20547&id=15 . WT/TPR/S/427 • Ghana  
 
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  2002 (Act  617); the Trees and Timber Act, 1994 (Act  493)20; and the Forest Protection 
(Amendment) Act, 2002 (Act 624).21 Under Act 617, private enterprises, inc luding foreign 
companies, may enter into a contract with the Government to utilize and manage timber resources. 
In addition, the Minister may for the purpose of promoting strategic or major investments in the 
forestry sector negotiate specific incentives i n addition to those provided under Act 617.  
4.41.   In 2017, Ghana adopted the new Timber Resource Management and Legality Licensing 
Regulations, 2017.22 The regulations clarify the granting of special permits and require companies 
to negotiate social responsibili ty agreements with local communities. Large -scale timber rights are 
allocated through a competitive bidding process organized by the Forestry Commission according to 
the 2017 regulations . Small -scale timber rights are allocated through a competitive proces s where 
firms that qualify are selected through a single process without bidding.  
4.42.   In 2019, Ghana signed an Emission Reductions Payment Agreement with the World Bank 
under the "REDD+ process".23 Performance -based payments of up to USD  50 million are provided 
for reductions of 10 million tonnes of CO 2 emissions from the forest and land -use sectors.24 The 
country currently has two large subnational REDD+ programmes.  
4.43.   All buyers and exporters of timb er and wood products are required to register with the 
Forestry Commission and renew their buyers and exporters registration certificates annually. Ghana 
has developed an online portal linked to the Forestry Commission's electronic wood tracking system, 
to make information on forest sector management publicly available.25 
4.44.   In 2009, Ghana became the first country to sign a Forest Law Enforcement, Governance and 
Trade (FLEGT) Voluntary Partnership Agreement (VPA) with the European  Union. Under the VPA, 
Ghana a nd the European  Union committed to trading only legal timber and timber products. To 
achieve this, Ghana committed to develop a legality assurance system to track timber along the 
supply chain, verify compliance with a stakeholder -agreed legality definitio n, and issue FLEGT 
licences to verified legal products exported to the European  Union. Ghana also committed to applying 
the same legality standards to all timber harvested, regardless of whether the timber is exported to 
a non -EU destination. Ghana expects  to start issuing the FLEGT licences by the second quarter of 
2022. Implementation challenges include the acquisition and deployment of technology and the 
operating network, and training of staff.  
4.45.   In 2017, following the addition of African rosewood to the harvesting restrictions under the 
Convention on International Trade in Endangered Species (CITES), Ghana restricted that species 
under the 2017 Regulations. In 2017, following concerns raised about rosewood being harvested in 
large volumes in northern Ghan a, the Minister of Lands and Natural Resources met civil society 
 
20 Forestry Commission, Forest Laws & Regulations: The Trees & Timber (Amendment) Act, 1994 . 
Viewed at: 
https://www.oldwebsite.fcghana.org/library_info.php?doc=49&publication:The%20Trees%20&%20Timber%20
(Amendment)%20Ac t,%201994&id=15 . 
21 Forestry Commission, Forest Laws & Regulations: Timber Resources Management Act  617 
(Amendment) Act , 2002. Viewed at: 
https://www.oldwebsite.fcghana.org/library_info.php?doc=52&publication:Timber%20Resources%20Managem
ent%20Act%20617%20(Amendment)%20Act,%202002&id=15 . 
22 Timber Resource Management and Legality Licensing Regulati ons, 2017 (L.I. 2254). Viewed at: 
https://www.bcp.gov.gh/acc/registry/docs/TIMBER%20RESOURCE%20MA NAGEMENT%20AND%20LEGALITY%
20LICENSING%20REGULATIONS,%202017%20(L.I.%202254).pdf . See also: Ghana and the European  Union 
(n.d.), Progress Report 2013 -2017: Implementing the Ghana -EU FLEGT Voluntary Partnership Agreement . 
Viewed at: 
https://www.euflegt.efi.int/documents/10180/438736/Ghana+Progress+Report+2013+%e2%80%93+2017.p
df/96b75d78 -7eb8-0761-85c2-3daa07e7df e6. 
23 Reducing emissions from deforestation and forest degradation and the role of conservation, 
sustainable management of forests, and enhancement of forest carbon stocks in developing countries 
(REDD+).  
24 World Bank (2019), "Ghana Signs Landmark Deal with World Bank to Cut Carbon Emissions and 
Reduce Deforestation", 9  July. Viewed at: https://www.worldbank.org/en/news/press -
release/2019/07/09/ghana -signs-landmark -deal-with-world -bank-to-cut-carbon -emissions -and-reduce -
deforestation .  
25 Forestry Commission, Timber Industry Development Division ( TIDD) . Viewed at: 
https://www.oldwebsite.fcghana.org/page.php?page=46&section=22&typ=1&subs=253 . WT/TPR/S/427 • Ghana  
 
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  groups and committed to further dialogue with them on strengthening regulation of rosewood. A 
rosewood harvesting and export ban was put in place in 2018 and remains in force.  
4.46.   Ghana's timber regime is intended to promote value -addition in the domestic timber industry. 
Exports of round logs are generally prohibited to encourage domestic downstream processing as per 
Act 493. Exports of timber, wood products, and sawn lumber require a permit issu ed by the Forestry 
Commission. All timber exports are liable to an export levy of 1.5%. In addition, processed 
(air-dried) timber exports of nine selected species as per Act 493 are liable to an export levy of 
15%-30%.26 Also, a 10% export levy is imposed on the f.o.b. value of teak log exports to promote 
forest plantation development.  
4.1.4   Fisheries  
4.47.   The fisheries sector contributed approximately 1% to GDP in 2020, a decline over the review 
period (Table  1.1). The sector is vital for livelihoods and food securit y, and employs about 10% of 
the population. As fish consumption exceeds local production, there is a need for an accelerated 
pace in the aquaculture development; and further efforts are needed to address overfishing. Ghana 
is represented in the WTO Fisheri es Subsidies negotiations by the African, Caribbean, and Pacific 
(ACP) and Africa groups.  
4.48.   Ghana is endowed with both marine and freshwater fisheries resources. The country has a 
coastline of 550  km and an Exclusive Economic Zone (EEZ) of 225,000 km2. In ad dition, the Volta, 
South -Western, and Coastal River systems, as well as Lake Volta (8,442 km2) and Lake Bosumtwi, 
form part of its freshwater resources.27 Aquaculture plays an increasing role, contributing about 14% 
towards fish production in 2020, whereas  marine and inland production contributed 69% and 17%, 
respectively.28 The main farmed fish species are Nile tilapia and African catfish.  
4.49.   Although fish production has increased since 2014, Ghana is a net importer of fish (Chart  4.1). 
Fish and fish products  are Ghana's most important "non -traditional" export, but export revenues 
have been volatile. Industrial fish processing mainly consists of canned tuna and fresh and chilled 
tuna. Other fish species such as frozen or fresh lobsters, cuttle fish, squids, an d smoked/dried/salted 
fishes are also exported. Some of the largest companies are local -foreign joint ventures that are 
major suppliers of processed seafood products to the European markets. Fish imports are high during 
the lean period from November to May . Frozen fish, mainly horse mackerel, chub mackerel, yellowfin 
tuna, and sardinella, are imported to complement domestic fish production. Imports are brought in 
through Tema and Takoradi ports.  
4.50.   The Ministry of Fisheries and Aquaculture Development (MoFAD) is responsible for fisheries 
and aquaculture policies and supervises its agencies (the Fisheries Commission and the National 
Premix Secretariat). The main policy in the sector are the Fisheries and Aquaculture Policy (2008) 
and its successor Draft Fisherie s and Aquaculture Policy (2021). Policy priorities are to: (i)  improve 
fisheries governance; (ii)  modernize the fishing fleet to meet SPS requirements in export markets; 
(iii) develop harbours and landing sites to improve fishing handling; (iv)  reduce post -harvest losses; 
(v) improve hygiene and sanitation at landing sites; and (vi)  promote value addition for fishery 
exports.  
4.51.   The main legislation is the Fisheries Act, 2002 (Act 625) as amended by the Fisheries 
(Amendment) Act, 2014 (Act 880), under review in 2022, and the Fisheries Regulations, 2010 as 
amended by the Fisheries (Amendment) Regulations, 2015. The amendments seek to give effect to 
international conservation and management obligations to combat IUU fishing. The Fisheries 
 
26 Forestry Commission . Viewed at:  
https://www.oldwebsite.fcghana.org/library_info.php?doc=49&publication:The%20Trees%20&%20Timber%20
(Amendment)%20Act,%201994&id=15 . 
27 Ghana Ma ritime Authority (n.d.), Profile of Major Rivers in Ghana . Viewed at: 
https://www.ghanamaritime.org/uploads/39536 -profile -of-major -rivers -in-ghana.pdf . 
28 MoFAD , Fish Production . Viewed at: https://www.mofad.gov.gh/publications/statistics -and-
reports/fish -production/ . WT/TPR/S/427 • Ghana  
 
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  Management Plan 2015 -19 (currently under review) was developed in response to depletion of fish 
stocks.29 
4.52.   Ghana is party to several international a greements for fisheries management, including the 
International Commission for the Conservation of Atlantic Tuna (ICCAT), the FAO Code of Conduct 
for Responsible Fisheries, the FAO Compliance Agreement on Flag States, the FAO Guidelines on 
Flag State Perfo rmance for Responsible Fisheries, and the UN Fish Stock s Agreement and the 
Agreement on Port State Measures (ratified in 2016).30 
Chart 4.1 Production and trade of fish and fishery products, 2014 -20 
 
Note:  Production data from 2014 -17 are from MoFAD, and data from 2018 -19 are from the FAO. For trade 
statistics, fish and fishery products are based on HS 03, HS 0508, HS 0511191, HS 150410, 
HS 150420, HS 1603 -05, and HS 230120.  
Source:  WTO Secretariat based on MoFAD, Fish Production . Viewed at: 
https://www.mofad.gov.gh/publications/statistics -and-reports/fish -production/ ; FAO , Fisheries and 
Aquaculture : Statistics . Viewed at: https://www.fao.org/fishery/en/statistics ; and UN Comtrade.  
4.53.   Ghana's waters have been affected by a gradual decrease in fish stocks due to increasing 
fishing effort, weak enforcement, and non -compliance with fisheries management measures.31 The 
authorities recognize that the monitoring, control, and surveillance of the EEZ and the enforcement 
of the fisheries' legislation are inadequate. Parliamentary approval has been granted for the 
procureme nt of four patrol boats to increase enforcement presence at sea. Furthermore, Ghana is 
 
29 MoFAD (2015), Fisheries Management Plan of Ghana . Viewed at: 
https://www.crc.uri.edu/download/GH2014_POL005_FC_FisheriesMgtPlan2016.pdf . 
30 Norwegian Institute of International Affairs (2018), The Fisheries Sector in Ghana . Viewed at: 
https://munin.uit.no/bitstream/handle/10037/14303/article.pdf?sequence=2&isAllowed=y . 
31 See also Environmental Justice Foundation, Securing Sustainable Fisheries . Viewed at: 
https://ejfoundati on.org/what -we-do/ocean/ghana . 
050100150200250300350400
2014 2015 2016 2017 2018 2019 2020Aquaculture production Inland production Marine production
-500-400-300-200-1000100200300400500600700
2014 2015 2016 2017 2018 2019Fish (fresh, chilled or frozen) Crustaceans, molluscs
Other fish and fishery products Other
Trade balance(USD million)
ImportsExportsChart 4. [GHA] Production and trade of fish and fishery products, 2014 -20 
('000 tonne)
Note: Production data from 2014 -17 are from Ghana's Mnistry of Fisheries and Aquaculture Development 
and data from 2018 -19 are from the FAO. 
For trade statitics, fish and fishery products are based on HS 03, HS 0508, HS 0511191, HS 150410, HS 150420, HS 
1603-05, and HS 230120.
Source: WTO Secretariat calculations, based on Ministry of Fisheries and Aquaculture Development. Viewed at: Fish Production –
Ministry of Fisheries and Aquaculture Development (mofad.gov.gh) ; FAO Statistics. Viewed at: FAO Fisheries & Aquaculture -Statistics -
Introduction ; and UN Comtrade. WT/TPR/S/427 • Ghana  
 
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  involved in the subregional enforcement activities through the Fisheries Committee for the West 
Central Gulf of Guinea (FCWC).  
4.54.   Industrial trawlers are controlled by Ghan a under Hire Purchase Agreements as provided for 
in the Fisheries Act, 2002 (Act 625). According to the authorities, all Hire Purchase Agreements have 
been reviewed to ensure full compliance. The MoFAD has implemented directives to curb illegal 
fishing inc luding saiko, a term referring to the transfer or transhipment of fish (mainly small pelagic) 
at sea from industrial trawlers to local canoe operators. These are, inter alia, sensitization, 
procurement of vessels for patrol, enforcement of fisheries laws a nd prosecution of offenders, gear 
audit, implementation of catch certification scheme (Table  4.6). 
Table 4.6 Ghana's fishing fleet, 2014 -20 
Vessel type  2014  2015  2016  2017  2018  2019  2020  
Tuna 35 26 27 29 29 28 29 
Trawlers  103 93 98 94 82 74 76 
Source:  Information provided by the authorities.  
4.55.   According to the Fisheries Act, 2002, ownership of artisanal, semi -industrial, or industrial 
fishing operations is restricted to Ghanaian citizens, but foreigners may own up to 50% of Ghanaian 
vessels engaged in tuna fishing. All operations must be licensed by the Ministry. Additionally, the 
amended Fisheries Act, 2014 provides that at least 10% of tuna landings be sold in Ghana.  
4.56.   Ghana does not have any b ilateral fisheries agreements. It has, however, entered into private 
agreements whereby access is granted by the MoFAD to privately owned foreign -flag tuna vessels 
mainly from France, Spain, Cabo Verde, and Belize.  
4.57.   Imports and exports of fish require a per mit from the MoFAD. Imports of frozen tilapia fish 
are prohibited in order to encourage local production.  
4.58.   Fishing inputs were previously exempt from tax (customs tariffs and VAT). However, after the 
revision of the schedule in 2017, all exemptions related to fisheries and aquaculture inputs including 
fish feed, construction, and other fishing inputs were removed from the list of exemptions.32 
4.59.   Fisheries subsidies include the provision of extension services to aquaculture operators, and 
subsidized fishing inp uts such as outboard motors and premix fuel for artisanal fishers. The National 
Premix Committee oversees the administration and distribution of premix fuel but has no authority 
to prosecute individuals who divert the fuel for industrial use.33 
4.60.   The Ministry provides exemptions from tax (customs tariffs and VAT) on fishing inputs. 
Fisheries subsidies include the provision of extension services to aquaculture operators, and 
subsidized fishing inputs such as outboard motors and premix fuel for artisanal  fishers. The National 
Premix Committee oversees the administration and distribution of premix fuel but has no authority 
to prosecute individuals who divert the fuel for industrial use.34 
4.2  Energy  
4.61.   The electricity sector and the oil and gas sectors contribute d about 1.3% and 3.8%, 
respectively, towards GDP in 2020 (Table  1.1). 
4.62.   Ghana has been producing and exporting crude oil since December 2010, thereby 
considerably boosting economic growth. The country also increased its electricity exports and 
commenced natu ral gas production during the review period. Private and foreign operators and their 
 
32 Fisheries Committee for the West Central Gulf of Guinea (2019), "Ghana: Fisheries Ministry Proposes 
Tax Exemptions for Fish Farming Inputs", 30  October. Viewed at: https://fcwc -fish.org/other -news/ghana -
fisheries -ministry -proposes -tax-exemptions -for-fish-farming -inputs . 
33 Norwegian Institute of International Affairs (2018), The Fisheries Sector in Ghana . Viewed at: 
https://munin.uit.no/bitstream/handle/10037/14303/article.pdf?sequence=2&isAllowed=y . 
34 Norwegian Institute of International Affairs (2018), The Fisheries Sector in Ghana . Viewed at: 
https://munin.uit.no/bitstream/handle/10037/14303/article.pdf?sequence=2&isAllowed=y . WT/TPR/S/427 • Ghana  
 
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  investments are generally welcome in the sector, although Ghana has a local participation and local 
content policy aimed at increasing the presence of local companies in t he energy sector.  
4.63.   Ghana's energy sector has had severe financial problems, mainly due to an excess of both 
electricity generation capacity and contracted gas supplies. The Energy Sector Recovery Programme 
adopted in 2019 seeks to address the oversupply sit uation and remedy the financial problems. Total 
arrears owed by the Electricity Company of Ghana in 2018 stood at close to USD  2.75 billion, of 
which USD  851 million was owed to the private sector fuel suppliers and independent power 
producers (IPPs); in 2 020, Ghana spent over 2% of its GDP to support the sector.35 
4.64.   The Ministry of Energy is responsible for policy formulation in the oil, gas, and electricity 
sectors and has the oversight of their SOEs and regulatory agencies (see below). The Ministry went 
through several organizational changes during the review period.36 Ghana is an Extractive Industries 
Transparency Initiative (EITI) -compliant country.37 
4.2.1   Oil 
4.65.   Crude oil production reached approximately 67  million barrels in 2020, coming from the three 
main commercial fields (Jubilee, TEN, and Sankofa -Gye Nyame (SGN)), which contributed 
respectively 30.4  million, 17.8  million, and 18.7 million barrels. The Saltpond Field was closed in 
2016. Oil production declined by 6.8% in 2020, primarily due to the imp act of the COVID -19 
pandemic on operations.  
4.66.   Exploration and production activities are regulated by the Petroleum Commission (PC). The 
Commission was established by the Petroleum Commission Act, 2011 (Act 821), upon the discovery 
of hydrocarbons in commerci al quantities.  
4.67.   Ghana enacted a new Petroleum (Exploration and Production) Act, 2016 (Act 919), which 
entered into force on 16  August  2016.38 The law allows the state -owned Ghana National Petroleum 
Corporation (GNPC) to operate in the country on its own or,  as is the case in practice, with foreign 
partners on the basis of petroleum agreements (PAs). Act 919 mandates that the State hold a 
minimum stake of 15% in terms of participating and carried interest (Table  4.7). At present, the 
GNPC has PAs with five pa rtners with producing assets (Tullow Ghana Ltd, Kosmos Energy, Petro 
SA, ENI, and VITOL), and 14 PAs in total (production and exploration). The main sources of 
government revenues, all of which are negotiated in each PA, are royalties, participations, surf ace 
rental payments, corporate taxes (at the rate of 35%), and signature bonuses.  
4.68.   The main changes of Act 919 include the introduction of a competitive tendering process for 
the allocation of oil blocks. However, a flexibility under the law also empowers t he Minister of Energy 
to directly enter into negotiations with prospective entities where this happens to be the most 
efficient manner to achieve optimal exploration, development, and production of petroleum 
 
35 IMF (2019), Ghana: Staff Rep ort for the Article  IV Consultation , IMF Country Report No.  19/367. 
Viewed at: https://www.imf.org/en/Publications/CR/Issues/2019/12/18/Ghana -2019-Article -IV-Consultation -
Press -Release -Staff-Report -and-Statement -by-the-Executive -48883 . See also IMF (2021), "IMF Executive 
Board Concludes 2021 Article  IV Consultation with Ghana", 20  July. V iewed at: https://www.imf.org/ -
/media/Files/Publications/CR/2021/English/1GHAEA2021001.ashx . 
36 The Ministry's name was changed from the Ministry of Energy to the Ministry of Energy and Petroleum 
in 2012. Then it was split into Ministries of Petroleum and Power in November 2014. On 27  February  2017, by 
Executive Instrument (E.I. 28), the Ministries of Petroleum and Power were merged to create the current 
Ministr y of Energy.  
37 Ghana Extractive Industries Transparency Initiative (GHEITI). Viewed at: 
http://www.gheiti.gov.gh/site/ .  
38 The Petroleum (Exploration and Production) Act, 2016 (Act 919) repealed the Petroleum (Exploration 
and Production) Act, 1984 (PNDCL 84). Viewed at: 
https://bcp.gov.gh/acc/registry/docs/Petroleum%20(Exploration%20an d%20Production)%20Act,%202016%2
0Act%20919.pdf . WT/TPR/S/427 • Ghana  
 
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  resources in a defined area.39 Furthermore, Act 919 mandates the establishment of a register of PA, 
licences, permits and authorizations. The PC launched its online Petroleum Register in 2018.40 
4.69.   Further regulatory changes during the review period include: (i)  the Petroleum (Exploration 
and Production) ( General) Regulations, 2018 (L.I.  2359) to provide for the procedures and conditions 
for the grant of a PA; (ii)  the Petroleum Exploration and Production Data Management Regulation, 
2017 (L.I.  2257) to strengthen the management of petroleum data; and (iii)  the Petroleum 
(Exploration and Production) (Health, Safety and Environment) Regulations, 2017 (L.I.  2258). 
Additional policies and guidelines for the management of the petroleum sector include: (i)  the energy 
sector strategy and development plan; and (ii)  guidelines for the formation of joint venture 
companies in the upstream petroleum industry of Ghana (March 2016).  
Table 4.7 Royalty regime in the oil and gas sectors, 2022  
(%) 
 Jubilee  TEN SGN 
Royalty on gross oil production  5.0 5.0 7.5 
Royalty on gas production  5.0 3.0 5.0 
Carried and participating interest  13.6 15.0 20.0 
Commercial interest  6.0 6.0 0  
Note:  Participating interest refers to the interest held in petroleum operations by a party to a PA. Carried 
interest refers to any interest held by the State in respect of which the contractor pays for the 
exploration and development costs without any entitlement to reimbursement from the State. 
Commercial interest refers to the GNPC's financial comm itment to exploration and production activities 
from the onset of the operation.  
Source:  Ministry of Finance and GHEITI (2019), Final Report for 2017 & 2018: Oil and Gas Sector . Viewed at: 
https://eiti.org/sites/default/files/attachments/final_2017_and_2018_oil_and_gas_reportcd.pdf . 
4.70.   Under the Petroleum (Local Content and Local Participation) Regulation, 2013 (L.I.  2204), an 
indigenous Ghanaian company (IGC) shall be given first preference in  the grant of a petroleum 
agreement or a licence with respect to petroleum activities. Foreign companies must afford an IGC 
(other than the GNPC) an equity participation in PAs of at least 5% (existing PAs are 
grandfathered).41 According to the authorities , the policy has led to an increase in the level of 
Ghanaian participation in new PAs and existing PAs and ensured that at all times there is Ghanaian 
participation in new PAs and licences awarded. Currently, out of the 14 active PAs, 10 have local 
partici pation. The GNPC, after the passage of the Regulations, established the subsidiary GNPC 
Exploration and Petroleum Company Limited (Explorco), to increase its stake in PAs and broaden 
local participation. Explorco is a party to six PAs. There has also been an acquisition and operatorship 
of a licence area by the wholly owned IGC Springfield.  
4.71.   Foreign companies supplying petroleum -related goods or services must form a joint venture 
with an indigenous Ghanaian participation of least 10% equity. Furthermore, in terms of bidding, an 
IGC that has the capacity to execute a job is not disqualified exclusively on the basis that it is not 
the lowest financial bidder. Pursuant to L.I.  2204, a contractor, subcontractor, licensee, or other 
entity engaged in petroleum acti vities is mandated to employ only Ghanaians in junior - or 
middle -level positions. Additionally, where Ghanaians are not employed due to a lack of expertise, 
the enterprise must ensure to the satisfaction of the Commission that every reasonable effort is 
made to provide training to Ghanaians in that field locally or elsewhere.  
4.72.   Prior to the passage of the Regulations, the participation of Ghanaians was limited to 
low-hanging fruit, while technical scopes were executed outside Ghana due to lack of expertise. 
 
39 If a block is characterized by complex geology and located in ultra -deep water, it may take only 
companies with sophisticated technology, experience in similar environments, and strong financial resources to 
undertake petroleum activities in this area. Th erefore, the Minister of Energy may engage in direct negotiations 
with a company that has all of these characteristics to license such a block. Apart from the above, "[w]here all 
or part of the area offered for tender in a public tender process has not bec ome the subject of a petroleum 
agreement, but the Minister determines that it is in the public interest for that area to be subjected to a 
petroleum agreement, the Minister may initiate direct negotiations with a qualified body corporate for a 
petroleum ag reement" (Act 919, Section  10(5)).  
40 Petroleum Register. Viewed at: https://www.ghanapetroleumregister.com/ . 
41 Petroleum (Local Content and Local Participation) Regulations, 2013 (L.I.  2204). Viewed at: 
https://www.petrocom.gov.g h/wp-content/uploads/2018/12/13 -Local-Content -and-Local-Participation -
Regulations -L_I-2204.pdf . WT/TPR/S/427 • Ghana  
 
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  Contracts were approved by the Joint Management Committee (JMC) with little consideration of local 
content and local participation. The level of local participation was less than 6% of total contracts 
awarded. To ensure effective implementation of the Regul ations, strategic committees were 
established to develop strategies to accelerate local content and broaden local participation that led 
to the unbundling of contracts, shortening of contract durations, minimum local content levels in 
each contract, reserv ation of goods and services for IGCs, succession planning, secondment, and 
training for Ghanaian graduates and professionals. Currently, over 600 IGCs are registered to 
provide various goods and services in the industry. Over USD  2.2 billion worth of contr acts and 
purchase orders were issued to IGCs between 2014 and 2020.  
4.73.   According to the authorities, the local content policy has had some effect but not to the level 
expected. In fact, it is difficult to get IGCs to participate in exploration because of fina ncial 
constraints and the high risk of exploration. The services aspect, however, has high patronage 
because of the quick returns on investment and the lower capital intensity of some of the contracts. 
In terms of employment, the policy may not be strictly  adhered to by the companies especially at 
the managerial levels. In some companies, there may be expatriates occupying positions that 
Ghanaians in the company are qualified to occupy but, for some reason, they are denied the 
opportunity. The policy has im proved "job role localization" (performance of expatriate job roles) by 
readily available local workforce and the transfer of skills through succession planning activities in 
the upstream petroleum sector.  
4.74.   Ghana established two sovereign petroleum wealth f unds, namely the Ghana Stabilization 
Fund (GSF) and the Ghana Heritage Fund (GHF) through the Petroleum Management Revenue Act, 
2011 (Act  815), to ensure the management of petroleum revenues in a responsible, transparent, 
accountable, and sustainable manne r for the benefits of the citizens (Table  4.8). The "benchmark 
revenue" (i.e.  the revenue from petroleum operations expected by the Government for the 
corresponding financial year) is shared between the Government and the two funds, with the 
allocation to the annual budget limited to a maximum of 70% of the benchmark revenue, subject to 
approval by Parliament. Funds for the GHF are for long -term investments. The GSF is designed to 
cushion the impact of public revenue shortfalls in periods of oil price decli nes. A Public Interest and 
Accountability Committee provides an annual audit of the petroleum funds.42 
Table 4.8 Distribution of oil export proceeds, 2018 -21 
 Crude oil 
production  
(million 
barrels)  Export value  
(USD  billion)  Benchmark 
revenue 
(USD  million)  Annual 
public 
budget 
(USD  million)  GSF 
(USD  million)  GHF 
(USD  million)  
2018 62.1 4.6 671.8  235.1 305.7 131.0 
2019 71.4 4.5 664.5  395.5 188.3  80.7 
2020 66.9 3.0 440.0 273.4 116.6 50.0 
2021 55.0 .. 580.3  352.8  159.2  68.2 
.. Not a vailable . 
Source:  Data provided by the authorities.  
4.75.   The National Petroleum Authority (NPA) regulates and licenses the downstream petroleum 
activities including refining, storage, bulk distribution, marketing, and sale of petroleum products.  
4.76.   At present, most of the oil is exported as crude. The Government seeks further integration of 
the sector into the Ghanaian economy through downstream processing. A new Ghanaian content 
and Ghanaian participation p olicy in the downstream petroleum subsector is pending. At present, 
Ghanaian content provisions are already contained in the various licence requirements applicable to 
the downstream petroleum subsectors; the new policy will broaden the scope and give guid ance to 
the implementation of the provisions.  
4.77.   The NPA liberalized petroleum product prices in 2015 and ceased to fix and publish prices for 
petroleum products, with certain exceptions.43 Despite the deregulation policy, the NPA maintains a 
 
42 Public Interest & Accountability Committee. Viewed at: https://www.piacghana.org/portal/ . 
43 Premix fuel, res idual fuel oil, aviation turbine kerosine, marine gasoil (for foreign vessels bunkering at 
Ghanaian ports), gasoil (for mines), and gasoil (for offshore oil rigs) remain subject to regulated prices.  WT/TPR/S/427 • Ghana  
 
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  Uniform Petroleu m Price Fund to eliminate the variances in petroleum prices due to disparities in the 
transportation costs from different locations, through a refund system to oil marketing companies.44 
4.78.   Ghana provides subsidies on, inter alia,  premix fuel (fisheries secto r) and residual fuel oil.45 
The supply of premix fuel to the various landing beaches is administered by the National Premix 
Secretariat, while the subsidies for premix fuel and residual oil fuel are administered by the NPA. 
The Government generates revenue to finance the subsidies v ia the Price Stabilization and Recovery 
Levy, which is imposed on petrol, diesel, and liqu ified petroleum gas (LPG). In 2020, Ghana budgeted 
approximately GHS  229 million (approximately USD  41 million) as subsidies on petroleum products 
(up from GHS  180 mi llion in 2019).46 
4.79.   The state -owned Tema Oil Refinery Ltd is the major refinery in the country with an operating 
capacity of 45,000 barrels per day, representing 55% of total national demand. It procures, refines, 
and sells crude oil to Bulk Distribution Companies (BDCs) for onward distribution to oil marketing 
companies. The Ghana Chamber of Bulk Oil Distributors represents the interests of the BDCs.47 
4.80.   Some of the BDCs have their own storage facilities. Those without storage facilities either  use 
the facilities of other BDCs or use those of the state -owned Bulk Oil Storage and Transportation 
Company (BOST). Besides the state -owned Tema Oil Refinery Ltd, there are two other refineries 
with capacities of 1,700 barrels per day and 4,000 barrels p er day, respectively. Crude oil for 
refineries is predominantly sourced from Nigeria, Angola, Cameroon, Gabon, and Equatorial Guinea.  
4.81.   The Government holds strategic fuel reserves at the BOST to meet a minimum of six weeks 
of domestic consumption. In 2019, the total domestic storage capacity for crude oil and refined 
petroleum products stood at close to 1  million tonnes for liquid products, 18,000  tonnes for LPG, 
and 350,000 tonnes for crude oil.  
4.2.2   Natural gas  
4.82.   Domestic production of natural gas for commercial utilization started in 2015 in the Jubilee 
field and has grown significantly (Table  4.9). As of 2022, domestic gas is sourced from three oil - 
and gas -producing fields (Jubilee, TEN, and Offshore Cape Three Points). The state -owned Ghana 
National Gas Compan y (GNGC) owns and operates the infrastructure for the production and 
transmission (where the GNGC has a statutory monopoly), whereas Local Distribution Companies 
(LDCs) licensed by the Energy Commission (EC) participate in the infrastructure for gas distri bution.  
Table 4.9 Natural gas production and imports, 2014 -20 
(Trillion BTUs)  
Year Production  Imports  
2014 0 22.5 
2015 26.4 20.6 
2016 23.5 4.0 
2017 33.7 11.7 
2018 39.1 26.0 
2019 55.3 23.8 
2020 95.2 24.4 
Source:  EC (2021), National Energy Statistics, 2020 Edition . Viewed at: 
http://energycom.gov.gh/files/National%20Energy%20Statistics%202021.pdf . 
4.83.   The natural gas s ector is regulated by the EC, which grants operating licences for the 
transmission, wholesale, supply, distribution, and sale of natural gas, and electricity.48 The Public 
Utilities Regulatory Commission ( PURC ) regulates the provision of utility services in the electricity 
 
44 Ghana Chamber of Bulk Oil Distributors (2020), 2019 Gha na Petroleum Industry Report . Viewed at: 
https://cbodghana.com/download/2019 -industry -report/ . 
45 Ministry of Finance (2021), Annual Report on the Management of the Energy Sector Levies an d 
Accounts for the Year 2020 . Viewed at: 
https://www.mofep.gov.gh/sites/default/files/reports/economic/2020_ESLA_Report_v3.pdf . 
46 Ministry of Finance, 2020 Fiscal Data . Viewed at:  https:/www.mofep.gov.gh/index.php/fiscal -
data/2020 -jan-jun. 
47 Ghana Chamber of Bulk Oil Distributors. Viewed at: https://cbodghana.com/ . 
48 Energy Commission, Regulation . Viewed at: http://www.energycom.gov.gh/regulation . WT/TPR/S/427 • Ghana  
 
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  and water sectors.49 PURC is also responsible for the regulation of the natural gas pipeline 
transmission tariff and publishes aggregated prices charged by the GNGC . A 2016 Gas Master Plan 
(GMP) further guides the sector.50 
4.84.   Natural gas is imported from Nigeria through the West African Gas Pipeline.51 Most imported 
gas is used for electricity generation, with only a small proportion (less than 2%) used for non -power 
activities.  
4.85.   The financial di fficulties mentioned above have their origins in Ghana's response to the 
domestic energy crisis in 2014, characterized by severe shortages and power cuts. The Government 
responded by contracting a daily supply of 665  billion BTUs of liquified natural gas ( LNG) and other 
gas by 2023, considerably more than demand, which is projected to reach about 450  billion BTUs 
per day by 2023.  
4.86.   The natural gas tariffs are set by PURC, following negotiations between the GNPC and the gas 
developers. They turned out to be be low the recovery cost.52 
4.2.3   Electricity  
4.87.   The electricity sector is regulated by the EC and PURC (see above). The EC Act, 1997 (Act  541) 
is the main legislation, while the PURC Act, 1997 (Act  538) and its amendment (Act 800 of 2010) 
govern electricity pricing and services.53 
4.88.   The country's electricity generation mix is mainly based on thermal and hydropower, with 
2.4% of renewable energy as at the end of 2021. Ghana has excess power generating capacity, as 
a result of the 2014 energy crisis i n Ghana, when the Government contracted emergency generation 
capacity far in excess of national demand.54 However, domestic power outages are common, even 
in the capital city, because of works on the electricity network, according to the authorities.  
4.89.   The i nstalled capacity stood at about 5,288  MW in 2020, up from 2,831  MW in 2014 
(Table  4.10). However, the peak load demand was 2,893  MW during the first half of 2021. According 
to the IMF, Ghana pays close to USD  500 million annually for power generation capa city contracted 
with IPPs that it does not use.55 According to the authorities, excess power generation capacity was 
contracted from 2015 through long -term power purchase agreements based on a take -or-pay clause 
that required the country to pay for the con tracted capacity, whether or not it was used.  
Table 4.10 Electricity generation capacity, 2014 -20 
(MW)  
 Installed capacity  Dependable capacity  
Year Hydro  Thermal  Other 
renewable  Total  Hydro  Thermal  Other 
renewable  Total  
2014 1,580  1,248  3 2,831  1,380  1,187  2 2,569  
2015 1,580  2,053  23 3,656  1,380  1,957  22 3,359  
2016 1,580  2,192  23 3,795  1,380  2,119  22 3,521  
2017 1,580  2,785  23 4,388  1,380  2,568  18 3,966  
2018 1,580  3,266  43 4,889  1,380  3,058  34 4,472  
2019 1,580  3,549  43 5,172  1,365  3,296  34 4,695  
2020 1,580  3,649  59 5,288  1,400  3,395  34 4,842  
Source:  EC (2021), National Energy Statistics 2021 Edition . 
 
49 Public Utilities Regulatory Commission. Viewed at: https://www.purc.com.gh/who -we-are.   
50 Ministry of Petroleum (2016), Gas Master Plan . Viewed at: https://uploads -
ssl.webflow.com/5a92987328c28c00011db053/5bbf7dca7a04d6da6a45aa82_GMP -Final-Jun16.pdf . 
51 The WAPCO is a joint venture betwee n public and private sector companies from Benin, Ghana, 
Nigeria, and Togo.  
52 IMF (2021), "IMF Executive Board Concludes 2021 Article  IV Consultation with Ghana", 20  July. 
Viewed at: https://www.imf.org/ -/media/Files/Publications/CR/2021/English/1GHAEA2021001.ashx . 
53 Energy Commission Act, 1997 (Act 541). Viewed at: 
http://extwprlegs1.fao.org/docs /pdf/gha93004.pdf ; Public Utilities Regulatory Commission Act, 1997 
(Act 538). Viewed at: https://www.purc.com.gh/attachment/382265 -20201119091155.pdf ; and Public Utilities 
Regula tory Commission (Amendment) Act, 2010 (Act 800). Viewed at: 
https://www.purc.com.gh/attachment/950562 -20201119091148.pdf . 
54 IMF Country Report No.  19/367, p.  21. 
55 IMF Country Rep ort No.  19/367, p.  21. WT/TPR/S/427 • Ghana  
 
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  4.90.   The main power generating companies are the state -owned Volta River Authority and the Bui 
Power Authority. Electricity generation is open to competition, including foreign, and licensed and 
regulated by the EC; procedures for licensing are available on the EC's website. Under Act 541, only 
one entity can hold the transmission licence at any one  time and the state -owned Ghana Grid 
Company (GRIDCO) is the current holder. 56 
Table 4.11 Electricity generation and trade, 2014 -20 
(GWh)  
 Imports  Exports  Net exports  Generation  
2014 51 522 471 12,963  
2015 223 587 364 11,491  
2016 745 187 -558 13,023  
2017 320 268 -52 14,067  
2018 140 740 600 16,246  
2019 127 1,430  1,303  18,188  
2020 58 1,801  1,743  20,170  
Source:  EC, National Energy Statistics (2014 -2020).  
4.91.   IPPs are allowed to build, own, and operate power plants in Ghana. IPPs may supply power 
to meet the needs of distribution companies, bulk customers, or as part of standing reserves to meet 
the requirements of the licensed Electricity Transmission Utility. In 2019, IPPs had a combined 
instal led capacity of 2820  MW from solar and fossil fuel sources.  
4.92.   IPPs can produce for their own consumption, or sell, or both. However, they can sell directly 
to "bulk customers" (defined as those with a maximum demand of at least 500  kilovolt -amperes  
consisten tly for a consecutive period of three months or a minimum annual energy consumption of 
1 million  kilowatt -hours)57, at negotiated prices  without any pricing control. Alternatively, they can 
sell into the grid via one of the three distribution companies. Ap proximately 75% of the market is 
currently regulated, and another 25% is sold to bulk customers (such as Enclave Power Company 
(EPC)) at negotiated prices.  
4.93.   Ghana is well endowed  with renewable energy resources that are yet to be fully exploited. 
These incl ude biomass, hydropower, wind along the coast, and high solar irradiation. As at 2020, 
the installed grid -connected renewable capacity from solar and waste sources stood at 59  MW, an 
increase from 2.5  MW in 2014 (Table  4.11).58 
4.94.   The Renewable Energy Act, 20 11 (Act 832) is intended to create an enabling environment for 
attracting private sector investment in the renewable energy sector. The Renewable Energy Master 
Plan (2019 -2030) guides the renewables sector.59 The incentives for solar energy equipment are:  
exemption from import duties and zero -rated VAT, and no licen ce fees for solar manufacturing and 
assembling companies. For wind -powered components, concessional imports duties are set at 5%, 
and VAT is zero -rated.  
4.95.   Pursuant to the Energy Commission (Local Content and Local Participation, Electricity Supply 
Industry) Regulations, 2017 (L.I.  2354), a local content policy in the electricity sector stipulates a 
minimum 60% local content for the supply of goods and services, and minimum indigen ous Ghanaian 
participation60 – the target levels (Table  4.12) with respect to local participation are mandatory. New 
 
56 Energy Commission Act, 1997 (Act  541), Section  23, Article  4. Viewed at: 
http://extwprlegs1.fao.org/docs/pdf/gha93004.pdf . 
57 Energy Commission, Review of Requirement for Classification as a Bulk Customer of Electricity . 
Viewed at: http://energycom.gov.gh/public -notices/75 -review -of-requirement -for-classification -as-a-bulk-
customer -of-
electricity#:~:text=%E2%80%9CA%20bulk%20customer%20in%20respect,%2Dhours%20(kWh).%E2%80%
9 D. 
58 EC (2021), National Energy St atistics, 2021 Edition . Viewed at: 
http://www.energycom.gov.gh/files/2021%20published%20Energy%20Statistics.pdf .   
59 EC (2019), Ghana Renewable Energy Master Plan. Viewed at: 
http://www.energycom.gov.gh/files/Renewable -Energy -Masterplan -February -2019.pdf .  
60 EC, Local Content and Local Participation Regulations, 2017  (L.I. 2354). Viewed at: 
http://www.energycom.gov.gh/files/Local%20Content%20and%20Local%20Participation%20Regulations ,%20
2017%20(L.I.%202354).pdf . WT/TPR/S/427 • Ghana  
 
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  entities must comply from the start, while existing entities have been notified of the deadline for full 
compliance by December 2022.  
4.96.   Furth ermore, investors must comply with defined percentages of utilization of Ghanaian 
resources, goods, and services in monetary terms for the systematic development of national 
capacity and capability. A business entity in the electricity supply industry is m andated to secure its 
legal, insurance, financial, engineering, technical consultancy, maintenance, and ancillary services 
from Ghanaian institutions; however, according to the EC the latter may partner with a foreign 
service provider as long as such partn er delivers not more than 49% of the value of the required 
service. Additionally, the purchase of electrical equipment and building materials must be sourced 
from local manufacturers, with local materials, labour, and services pursuant to L.I.  2354.  
Table 4.12 Local participation requirements in the electricity sector  
(%) 
 Initial level  Target level after 10 years  
Wholesale power supply  15 51 
Renewable energy subsector  15 51 
Electricity distribution  30 51 
Electricity transmission  15 49 
Electricity sales services  80 100 
Electricity brokerage services  80 100 
Source:  EC. 
4.97.   Ghana significantly increased its net exports of electricity during the review period 
(Table  4.12). It exchanges electricity with Côte  d'Ivoire, while it exports to Togo, Benin, and 
Burkina  Faso (see below).  
4.98.   Ghana is a member of the Western African Power Pool (WAPP), which comprises 36 public 
and private power utilities in the ECOWAS region. They are at pre sent nine member States that are 
interconnected but operating as three synchronous networks due to system stability issues. Ghana 
is part of the Synchronized Central Network along with Burkina Faso, Côte  d'Ivoire, and parts of 
Togo, Benin, and Mali. Since the regional network is not fully synchronized, neighbouring countries 
have been trading electricity through bilateral contracts.  
4.99.   In 2019, the WAPP region traded 6.1 terawatt -hours of energy, which represents 9% of the 
total generation. Ghana's exports hav e strengthened with the new transmission line from Bolgatanga 
(Ghana) to Ouagadougou (Burkina Faso), which was commissioned in 2018. Ghana's cross -border 
electricity trade as part of WAPP is regulated by the ECOWAS Regional Electricity Regulatory 
Authority  (ERERA). Its regulatory duties include the setting of cross -border tariffs, providing model 
agreements for bilateral contracts and network agreements for access to the regional grid. ERERA 
furthermore has the discretion to approve contracts submitted by p arties.61 
4.100.   There are currently three electricity distribution companies connected to the national grid: 
the state -owned Northern Electric Distribution Company (NEDCo), the state -owned Electricity 
Company of Ghana (ECG), and the privately owned EPC. The publ ic distribution utilities have regional 
monopolies in the distribution of power to the regulated markets under licences issued by the EC. 
The EPC distributes about 45  MW purchased from the Volta River Authority to over 80 multinational 
and local manufactur ing companies in the Tema Free Zones Enclave and in the Dawa Industrial 
Zone.62 
4.101.   The PURC is mandated to approve the tariffs charged by distribution companies and by the 
transmission utility GRIDCO. In addition, the PURC has the mandate to investigate the 
reasonableness of electricity tariffs produced by wholesale suppliers for supply to distribution 
utilities. Electricity pricing has contributed to the financial difficulties of the sector. Regulated tariffs 
were substantially reduced in 2018, and then raise d again in 2019, but tariffs remain low and 
substantially below cost recovery, while household tariffs are cross -subsidized by business tariffs. 
The average end -user tariff in 2020 was GHS  0.747 per kWh. In 2020, during the COVID -19 
 
61 ECOWAS Regional Electricity Regulatory Authority (2013), Directive C/DIR.1/06/13 on the 
Organization of the Regional Electricity Market . Viewed at: https://www.erera.arrec.org/wp -
content/uploads/2016/08/Directive -on-the-Organisation -of-the-Regional -Electricity -Market -June-2013-
ENG.pdf . 
62 EPC, Who We Are . Viewed at: https://epcghana.com/profile/ .  WT/TPR/S/427 • Ghana  
 
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  pandemic, the Governmen t allocated GHS  1,028  million as a three -month subsidy for electricity use 
by eligible households and businesses.  
4.3  Mining   
4.102.   Ghana is well endowed with mineral resources. Its major minerals are gold, diamonds, 
manganese, and bauxite (Table  4.13). The country is the world's eighth largest, and the leading 
gold producer in Africa.63 There are little -exploited deposits of industrial minerals such as iron ore, 
limestone, clays (including kaolin), mica, columbite -tantalite (coltan), feldspar, silica sand, q uartz, 
and salt. Ghana also has a large potential for salt production (by solar evaporation), and salt 
production has been identified as 1 of 17 priority products in the National Export Development 
Strategy 2020 -29.64 
Table 4.13 Mineral production, 2014 -21 
 
2014  2015  2016  2017  2018  2019  2020  2021  
Gold  
('000 ounces)  4,471.6  3,623.7  4,247.7  4,231.4  4,944.0  4,674.0  4,094.0  2,817.9  
Diamonds  
('000 carats)  241.2  174.4  173.9  87.0 100.3  31.4 25.3 54.2 
Bauxite  
('000 tonnes)  798 1,015  1,279  1,477  1,011  1,116  1,162  839 
Manganese 
('000 tonnes)  1,531  1,563  2,035  3,022  4,965  5,401  2,360  3,418  
Source:  Minerals Commission.  
4.103.   The mining and quarrying sector contributed 12.2% towards GDP in 2020 (Table  1.1). Tax 
revenues in the mining sector amounted to close to GHS  3.6 billion in 2020 (15.6% of total 
government revenues)65; export earnings from the four major minerals amounted to about 
USD 5.1 billion in 2021, down from about USD  7.2 billion in 2 020 (Table  4.14); and FDI flows into 
the mining sector amounted to about USD  1.1 billion in 2021 (Table  4.15).  
Table 4.14 Exports of minerals, 2014 -21 
(USD million)  
Mineral  2014  2015  2016  2017  2018  2019  2020  2021 
Gold 4,388  3,213  4,919  5,787  5,436  6,150  6,972  4,927  
Diamonds  9.1 4.2 2.0 3.0 1.9 0.8 0.4 1.6 
Bauxite  36 41 39 51 25 36 38 20 
Manganese  83 65 100 162 297 412 161 146 
Source:  Minerals Commission.  
Table 4.15 Foreign investment in the mining sector, 2014 -21 
(USD million)  
Year Producing 
companies  Exploration 
companies  Mine support services 
companies  Total  
2014  796 135 19 950 
2015  839 84 19 942 
2016  839 83 50 972 
2017  877 124 35 1,036  
2018  793 140 20 953 
2019  832 147 21 1,000  
2020  874 154 23 1,051  
2021  918 162 24 1,104  
Source:  Minerals Commission.  
 
63 The Ghana Chamber of Mines, 2019 Mining Industry Statistics and Data . Viewed at: 
http://ghanachamberofmines.org/wp -content/uploads/2020/07/2019 -Mining -Industry -Statistics -and-Data-for-
Ghana.pdf . 
64 MOTI and GEPA (2020), National Export Development Strategy . Viewed at: 
https://www.tralac.org/documents/resources/by -country/ghana/4170 -ghana -national -export -development -
strategy -neds-overview -2020/file.html . 
65 Minerals Commission, Monthly Production Statistics on Gold . Viewed at: 
https://www.mincom.gov.gh/industry -statistics/ . WT/TPR/S/427 • Ghana  
 
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  4.104.   The MLNR is responsible for the formulation of mining policy, while the Ghana Minerals 
Commission (MINCOM) is responsible for the regulation and management of the utilization of the 
mineral resources and coordination of policies. The Ghana Chamber of Mines represents the interests 
of over 20 major companies involved in mineral exploration, production, and processi ng. There are 
15 companies involved in large -scale mining operations with 13 producing gold; the remaining two 
produce manganese and bauxite.  
4.105.   Ghana's mining policy is set out in the Minerals and Mining Policy, 2014. The key policy 
objectives include divers ification of the mineral production base, promotion of local value addition 
(beneficiation, see below), providing financing opportunities for artisanal and small -scale miners to 
upgrade their activities, and adoption of the principles of the African Union and the 
Intergovernmental Forum on Mining for promoting good governance and transparency in the 
extractive sector.  
4.106.    Pursuant to the Constitution, all minerals in their natural state are the property of Ghana. 
The main law is the Minerals and Mining Act, 20 06 (Act 703), as amended. In all mining companies, 
the State acquires 10% equity at no cost (Section  43 of Act 703). Under the Act, any transfer of 
mining rights is subject to the approval of the Minister. Non -Ghanaians are prohibited from engaging 
in smal l-scale mining and in principle also in industrial minerals operations (Section  78). However, 
with a minimum investment of USD  10 million, foreign companies "may apply for a mineral right in 
respect of industrial mineral" (Section  79). Royalties vary from 3% to 5% of the total value of 
minerals produced (Section  25). The State collects revenue from the sector through royalties, 
corporate taxes, and income tax in the remuneration of employees of mining companies.  
4.107.    Ghana provides various incentives, including  a reduced corporate tax rate66, loss 
carry-forward for up to five years, capitalization of pre -production expenses approved by the 
authorities, and exemption from import duties on plant and equipment. In addition, holders of a 
mining lease are also grante d the following benefits: (i)  exemption of income tax on expatriate staff 
from the payment of income tax on relating to furnishing accommodation at a mine site; (ii)  an 
immigration quota for an approved number of expatriate personnel; and (iii)  a personal remittance 
quota for expatriate personnel free from any tax imposed by the Government for the transfer of 
foreign currency out of Ghana.  
4.108.   To curb illegal mining, Ghana imposed a moratorium on small -scale mining in 2017, which 
was lifted in 2019, as higher p enalties were imposed under the Minerals and Mining (Amendment) 
Act, 2019 (Act 995). Other measures to stop illegal mining include: (i)  promoting diversification of 
minerals exploited by small -scale miners; (ii)  investigating geological areas to prove them  viable for 
small -scale miners; (iii)  introducing a Community Mining Scheme (13 areas were designated in 2020 
for community mining); (iv)  introducing Alternative Livelihood Projects; (v)  strengthening the 
Minerals Commission by establishing regional/distri ct/satellite offices to manage mining activities; 
and (vi)  reporting activities of illegal mining to the respective metropolitan, municipal, or district 
security committees.  
4.109.   Exports and sales of minerals require a licence/permit that is issued by the Minis ter on the 
recommendation of the Minerals Commission. The state -owned Precious Minerals Marketing 
Company (PMMC) is no longer the official outlet for small -scale miners of gold for export. Since 
1994, the Government has been licensing private entities to p urchase gold from small -scale miners 
and export it. These private entities are known as Licensed Gold Exporters (LGEs). In 2016, the 
Government appointed the PMMC as a government -designated laboratory for the purposes of 
assaying all gold to be exported by  the LGEs67, in accordance with Regulation 3(3) of the Minerals 
and Mining (General) Regulations, 2012 (L.I. 2173).  
 
66 The standard corporate tax rate for mining operations is 35%; the rate may be reduced as per 
agreement with the Government, subject to ratification by Parliament (Income Tax Act, 2015 (Act 896), as 
amended).  
67 The World Bank supported Ghana to build an assay laboratory, managed by the PMMC, at Kotoka 
International Airport.  WT/TPR/S/427 • Ghana  
 
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  4.110.   With respect to Ghana's beneficiation policy, some of the key initiatives to promote value 
addition of gold include:  
a. Since 2005, eight foreign -controlled companies and six Ghanaian -controlled companies 
have been licensed to establish gold refineries in Ghana.  
b. Regulation 4(2)(a) of L.I. 2173 was enacted to boost value addition to minerals, especially 
gold: Applicants for a licence to deal in gold must have a business plan that indicates value 
addition; the regulation also seeks to ensure supply of gold to local refineries and regular 
supply to local users.  
c. The Government is supporting the PMMC joint venture, registered as Royal Ghana Gold 
Limited, by which the construction of a 400  kg per day capacity refinery facility has almost 
been completed.  
d. Ghana has started to engage with the London Bullion Market Association (LBMA) in its bid 
to facilitate LBMA accreditation.  
4.111.   The Ghana Integrated Alum inium Development Corporation (GIADEC) was established 
(Act 976 of 2018) to develop and promote an integrated aluminium industry. GIADEC was set up 
with the mandate to exploit the bauxite reserves and allied aluminium assets, including the Ghana 
Bauxite Co mpany and the Volta Aluminium Company (VALCO).  
4.112.   In the case of iron and steel, Ghana's policy is to develop an integrated iron and steel 
industry. To this end, the Ghana Integrated Iron and Steel Development Corporation (GIISDEC) was 
set up (Act 988 of 2019 ). Since 2013, Ghana maintains a ban on exports of ferrous scrap metals 
(L.I. 2201, 2013) so as to ensure sufficient supplies for the five local steel mills and the foundries.  
4.4  Manufacturing  
4.4.1   Overview  
4.113.   The manufacturing sector contributed 11.1% towards GDP in  2020 (Table  1.1). Despite a 
relatively diverse industrial base, the size of the manufacturing sector remains modest and is 
declining. The main industries include agricultural and timber processing, aluminium smelting, 
breweries, cement production, oil ref ining, textiles, electronics, and pharmaceuticals. Currently, 
there are three SOEs in the manufacturing sector.68 
4.114.   The average applied MFN tariff on manufactured products (ISIC 3) was 12.3% in 2020 
(Table  3.4). Average tariffs are high on clothing (20%), te xtiles (16.3%), and furniture (19.5%), 
and lower on transport equipment (8.8%) and non -electrical machinery (7.0%). High tariffs on 
imports of agricultural commodities do not favour the objective of promoting agro -industries. 
Moreover, the tariff escalatio n and thereby the high effective protection in industries, such as food 
and beverages, textiles and apparel, chemicals, and non -metallic products, negatively affects the 
international competitiveness of these goods. To address this issue, Ghana allows impo rts to enter 
duty-free under bond, or into free zones (Section  3.2.6.5).  
4.115.   Industrial policy is under the responsibility of the MOTI. The main policy objectives include 
the expansion of productive employment and technological capacity in the manufacturing se ctor, 
the promotion of agro -based industrial development, and a better special distribution of industries 
to achieve poverty reduction and reduced income inequalities.  The One District One Factory (1D1F) 
scheme is one of the key initiatives, designed to cr eate the enabling environment for the private 
sector to establish at least one industrial enterprise in each district (two or more districts may 
collaborate to establish one factory if they have a common resource endowment). At present, 278 
projects have b een registered under the programme (Table  4.16).  
 
68 Ghana Cylinder Manufacturing Company (GCMC), GIHOC Distilleries (GIHOC), and VALCO. In 
addition, the State also has a 5% share in Ghana Cement (GHACEM).  WT/TPR/S/427 • Ghana  
 
- 86 - 
 
  4.116.   To mitigate the effects of the COVID -19 pandemic, the Government launched the Ghana 
CARES (Obaatan pa) programme.69 The GHS  100 billion programme focuses on, inter alia , 
supporting commercial farming and att racting educated youth into agriculture, building a light 
manufacturing sector, and developing engineering/machine tools and the information and 
communication technology (ICT)/digital economy.  
Table 4.16 10-Point Industrial Transformation Agenda  
Strategic area  Objectives  Progress  
One District One 
Factory initiative 
(1D1F)  Establish at least one medium - to large -scale industrial 
enterprise in 216 districts, ensure even and spatial 
spread of industries and thereby stimulate economic 
activity in different parts of the country.  As of June 2021, tax 
exemptions granted under 
the 1D1F amounted to 
GHS 435 million to 36 
beneficiary companies.a 
Strategic anchor 
industrial initiatives  The Government identified strat egic industries for 
economic development: (i)  petrochemicals; (ii)  iron 
and steel; (iii)  integrated aluminium; 
(iv) pharmaceuticals; (v)  vehicle assembly and 
automotive; (vi) industrial chemicals (salts); 
(vii) vegetable fats and oils (palm oil); (viii) ga rment 
and textiles; (ix) machinery; and (x) equipment 
machinery and component parts.  Ghana Automotive 
Development Policy 
launched in 2019 
(Section  4.4.3).  
Export development 
and diversification  Develop and implement a comprehensive, project -
based export diversification action plan based on the 
national export strategy.  
 
Restructure the operations of Ghana Export Promotion 
Authority (GEPA) to enhance export diversification and 
take advantage of EPA, the African Growth and 
Opportunity A ct, and intra -Africa trade.  
 
Provide support for organizations such as the 
Association of Ghana Industries (AGI), Ghana 
Exporters Association (GEA), and the Ghana Chamber 
of Commerce (GCC) for export promotion activities.  The GEPA has developed 
a Ghana Exp ort 
Development Strategy 
(2019 -2023).b 
Enhancing domestic 
trade Introduce a local content law that will require a 
substantial proportion of all government contracts and 
procurement to be executed by local corporate entities.  
 
Introduce a competition law.  
 
Ensure that rules and regulations regarding the 
reservation of areas of the retail trade for Ghanaians 
are strictly enforced.   
Enhancing business 
enabling 
environment  Establish electronic register for business regulations, 
legislations, and processes, which should lead to 
providing a complete repository of business laws and 
transparency for investments.  
 
Centralized consultations and web portal for business 
regulations to act as One Stop portal.  
 
Design targeted regulatory relief for small an d 
medium -sized enterprises (SMEs) to reduce entry 
barriers for young entrepreneurs and start -ups.  A business regulatory 
consultation portal was 
developed and launched 
in 2019.c 
 
 
SME development  Launch a comprehensive National Plan for 
Entrepreneurship a nd Innovation.  National MSME Policy 
launched in 2021. The 
Ghana Enterprises Act, 
adopted in 2020, 
established the Ghana 
Enterprises Agency, which 
has disbursed over 
GHS 200 million in 
support of MSMEs.  
 
69 Ministry of Finance (2020), "Government Launches GH ȼ100 Billion CARES Programme", 20  November. 
Viewed at: https://www.mofep.gov.gh/ news-and-events/2020 -11-20/government -launches -gh%C8%BC100 -
billion -cares -programme .  WT/TPR/S/427 • Ghana  
 
- 87 - 
 
  Strategic area  Objectives  Progress  
Development of 
industrial parks and 
SEZs Facilitate access to dedicated land in every region for 
the establishment of multi -purpose industrial parks, 
sector -specific industrial enclaves, and enterprise free 
zones.  Nine parks in four regions 
are under 
implementation, including 
through private sec tor 
development.d 
National Industrial 
Revitalization 
Programme  Creation of a stimulus fund to be disbursed to local 
companies based on specified criteria.  Over GHS  321.3  million 
was disbursed to 29 
beneficiary companies.e 
Industrial 
Sub-Contracting 
Exchange  Ensure that SMEs develop productive capacity to feed 
industrial requirements of large -scale enterprises.   
a  MOTI (2021), "President Commissions Premium Foods Under 1D1F", 18  June. Viewed at: 
https://moti.gov.gh/article.php?id=NTM= . 
b Parliament, Report of the Committee on Trade, Industry and Tourism on the 2020 Annual Budget 
Estimates of the Ministry of Trade and Industry . Viewed at: 
http://ir.parliament.gh/bitstream/handle/123456789/1502/2019_12_20_15_03_19.pdf?sequence=1
&isAllowed=y . 
c  Ghana Business Regulatory Reforms Portal. Viewed at: https://www.bcp.gov.gh/login . 
d  MOTI (2019), Meet the Press . Viewed at: 
https://www.moti.gov.gh/docs/Hon_Minister_Presentation.pdf . 
e  Parliament, Report of t he Committee on Trade, Industry and Tourism on the 2020 Annual Budget 
Estimates of the Ministry of Trade and Industry . 
Source:  WTO Secretariat based on information provided by authorities.  
4.117.   Over the past two decades (2000 to 2019), the manufacturing sector contributed only 
modestly towards overall economic growth. To produce more locally to meet domestic demand, 
expand exports and move Ghana "beyond aid", a 10 -point Industrial Transformation Agenda was 
adopted in 2017 (Table  4.16).  
4.118.   Manuf acturing incentives include tax holidays and other corporate tax reductions depending 
on the location of the industry (Table  3.10). Ghana provides import duty exemptions for industrial 
plants, machinery or equipment and parts thereof (HS Chapters 82, 84, 8 5, and 98) (Table  3.5). An 
enterprise whose plant, machinery, or equipment and parts are not zero -rated under the Customs, 
Excise and Preventive Service Management Act, 1993 may apply for an exemption from import 
duties and related charges.70 
4.4.2   Pharmaceutical industry  
4.119.   Ghana had the second -largest pharmaceutical industry in the ECOWAS region in 2019. The 
industry comprises both innovator and generic firms (local and international) with a turnover 
estimated at USD  600 million.71 The local manufactu rers are represented by the Pharmaceutical 
Manufacturers Association of Ghana (PMAG). It had about 38  members as of July 2021, with over 
30 active manufacturers, employing over 5,000 people.72 
4.120.   The pharmaceutical industry is fragmented with numerous enterpr ises at various stages of 
development. There are three predominant business models: (i)  a hybrid model whereby companies 
manufacture locally, but import and distribute products from international principals, some of whom 
also operate in the retail pharmacy  business; (ii)  a 100% local manufacturing model; and (iii)  a 
model whereby importers import the finished products and distribute nationally through local 
distributors or their own distribution system.  
4.121.   The local industry supplies about one  third of the nat ional requirements of essential 
medicines, relying heavily on imported inputs, such as active pharmaceutical ingredients, 
 
70 MOTI, Tax Regime and Investment . Viewed at: https://moti.gov.gh/taxincentives.php . 
71 Information provided by author ities regarding the Ghana Pharmaceutical Sector Development 
Strategy (GPSDS).  
72 Pharmaceutical Manufacturers Association of Ghana, PMAG Members . Viewed at: 
http://www.pmaghana.org/members .  WT/TPR/S/427 • Ghana  
 
- 88 - 
 
  equipment, and packaging materials.73 Due to, inter alia, limited technical expertise and capital, 
local companies have limited and vi rtually identical product portfolios, and largely produce over -the-
counter and simple generics or essential medicines.  
4.122.   Since 1985, Ghana has maintained an import substitution policy for pharmaceuticals.74 
Under this scheme, there are three groups of drugs,  which are subject to different treatment 
(Box 4.1). 
• Substances subject to a production ban (banned substances) for safety reasons, 
i.e. substances that are not safe for human consumption.  
• Selected drugs subject to an import ban, which the pharmaceutical i ndustry 
undertakes to manufacture locally. The number of products reserved for local 
production increased from 14 to 49 during the review period.75 Additionally, in 
government procurement, Ghana offers a 15% preference margin for domestically 
produced phar maceutical products.76 
• Specialized products that local companies are unable to produce or have no immediate 
plans to produce. The import tariff on pharmaceutical products (HS 30) is set at zero.  
Box 4.1 Pharmace utical products banned for production or import, 2021  
Banned substances  
The following pharmaceuticals are banned in Ghana and cannot be produced  or imported:  
1. Iodochlorhydroxyquinoline and its derivatives (0.1% -0.5%)  
2. Methaqualone and its salts  
3. Phenylbutazone, its salts and derivatives  
4. Sercobarbital (Quinalbarbitone)  
5. All formulations with plain Ephedrine  
6. Chloroquine for malaria  
7. Nimesulide  
8. Rofecoxib  
9. Rosiglitazone  
10. Ketoconazole tablets  
11. Codeine -containing cough syrup  
12. Sulphathiazole  
Drugs under impor t ban  
Importation of the finished products of the listed items is not permitted. Only raw materials may be imported 
for local manufacture:  
1. Tablets:  aluminium hydroxide, magnesium trisilicate, aspirin, caffeine, bendrofluazide, cetirizine, 
co-trimoxazole , dexamethasone, diazepam, diclofenac, folic acid, glibenclamide, griseofulvin, 
hydrochlorothiazide, ibuprofen, iron iii polymaltose, lisinopril, magnesium trisilicate, metronidazole, 
multivitamins, paracetamol, paracetamol caffeine, codeine, phenobarbiton e, prednisolone, vitamin b complex  
2. Capsules: a moxicillin, chlordiazepoxide, doxycycline, oxytetracycline, tetracycline  
3. Syrup: iron iii polymaltose, multivitamin, simple linctus, paracetamol, cetirizine  
4. Suspension:  aluminium hydroxide, amoxicillin,  magnesium trisilicate, co -trimoxazole, metronidazole  
5. Other:  ferrous fumarate, ferrous sulphate, ferrous fumarate or ferrous ammonium citrate in combination 
with folic acid, oral rehydration salts, simethicone containin g antacids  
Source:  FDA (2018), Guidelines for Importation of Drugs . Viewed at: 
https://fdaghana.gov.gh/img/organisation/GUIDELINES%20FOR%20IMPORTATION%20OF%20DRU
GS.pdf . 
4.123.   Pursuant to part 7 of the Public Health Act, 2012 (Act 851), th e Food and Drugs Authority 
(FDA) has the mandate to register pharmaceutical products, license facilities, and issue import 
licences/permits. The implementation of the import prohibition for pharmaceutical products takes 
 
73 UNIDO (2019), Ghana: GMP Roadmap . Viewed at: 
https://open.unido.org/api/documents/16394925/download/Ghana%20GMP%20Roadmap_FINAL.pdf . 
74 E.I. 181, 2016. Viewed at: https://fdaghana.gov.gh/wp -content/uploads/2017/06/EXECUTIVE -
INSTRUMENT -FOR-LIST-OF-MEDICINES.pdf . 
75 Information provided by authorities (GPSDS) . 
76 UNDP and the Access and Delivery Partnership, How Local Production of Pharmaceuticals Can Be 
Promoted in Africa: The Case of Ghana . Viewed at: 
https://adphealth.org /upload/resource/Ghana_Local_Pharma_Production.pdf .  WT/TPR/S/427 • Ghana  
 
- 89 - 
 
  the form of non -certification of the  designated products.77 Certified pharmaceutical products may be 
imported only through approved ports, namely Accra Airport, Tema Port, and other sea or air 
borders, as approved by the FDA.78 
4.124.   According to some observers, the import restrictions have allowe d the companies to survive 
and diversify into other products. United Nations Industrial Development Organization ( UNIDO) 
outlines the benefits that have accrued from protecting the local industry, as the pharmaceutical 
industry has grown from 5 to 30 compa nies within 30 years.79 Several companies have partnered 
with multi -nationals; most of them have at least one major brand that is on the "banned for imports" 
list of products, which has served as a main source of income for further development of the indus try. 
Some other observers, however, consider that the policy has not allowed the protected companies 
to achieve export quality requirements, and has not prevented the growth of imports (Chart 4.2), 
but that it has instead increased the cost of healthcare.  
4.125.   A potential market for pharmaceutical companies exists under the Global Fund's Affordable 
Medicines Facility for Malaria programme of subsidies, provided manufacturers can meet the WHO 
pre-qualification  standards and Good Manufacturing Practices (as of 201 9, none of the Ghanaian 
manufacturers were enlisted).80 The Global Fund does not directly fund manufacturers but may 
purchase their products.  
Chart 4.2 Ghana's trade in pharmaceuticals  (HS 30) , 2014 -19 
(USD million)  
 
Source:  UN Comtrade.  
4.126.   Incentives made available to the pharmaceutical sector include corporate tax rebates of 
12.5% (if the pharmaceutical company is located outside Accra and Tema but loca ted in the other 
regional capitals) and 50% (if the company is located outside the other regional capitals), capital 
allowances and full deduction of R&D expenditures, expedited registration of products manufactured 
locally, and restricting ownership of th e retail business for finished pharmaceutical products to 
Ghanaian citizens.  
4.127.   Pursuant to Section  122 subsection  2 of the Public Health Act, 2012, parallel imports of drugs 
or herbal medicinal products are accepted, but require authorization from the FDA in  the form of 
parallel import registration. The conditions for registration of parallel imports include: (i)  the 
registered product in relation to which an application for parallel imports has been submitted must 
 
77 Public Health Act, 2012 (Act  851). Viewed at: http://extwprlegs1.fao.org/docs/pdf/gha136559.pdf . 
78 Food and Drugs Authority (2018), Guidelines for Importation of Drugs . Viewed at: 
https://fdaghana.gov.gh/img/organisation/GUIDELINES%20FOR%20IMPORTATION%20OF%20DRUGS.pdf . 
79 UNIDO, Pharmac eutical Industry in Sub -Saharan Africa . Viewed at: 
https://www.unido.org/sites/default/files/files/2019 -10/PHARMACEUTICAL_INDUSTRY_IN_SUB -
SAHARAN_AFRICA_Guide_Book.pdf . 
80 UNIDO  (2019), Ghana: GMP Roadmap . Viewed at: 
https://hub.unido.org/sites/default/files/publications/Ghana%20GMP%20Roadmap_FINAL_2.pdf .  
050100150200250300350400450
2014 2015 2016 2017 2018 2019Export ImportChart 4. [GHA] Ghana's trade in pharmaceuticals (HS 30), 2014 -19
(USD million)
Source: UN Comtrade. WT/TPR/S/427 • Ghana  
 
- 90 - 
 
  have a valid registration, and the registere d and the parallel imported products must contain the 
same active substance and have the same pharmaceutical form; (ii)  the parallel imported medicinal 
product must be covered by an existing valid registration from the exporting country; (iii)  the parallel  
imported medicinal product must have justification of shelf life based on stability studies under WHO 
Zone IVb conditions; (iv)  there must not be any differences in therapeutic significance between the 
parallel imported product and the registered medicina l product; (v)  an application must be submitted 
for registration of parallel import from each individual exporting country; and (vi) the parallel 
importer is responsible for notifying the registration licence holder of the registered product about 
their in tention of parallel importation of the medicinal product in question. Parallel import registration 
is valid for three years from the time when the first registration for parallel imports is issued.81 
4.128.   Ghana has yet to start the production of human vaccines.82 In 2021, the pharmaceutical 
industry reportedly approached AstraZeneca PLC concerning the acquisition of rights to manufacture 
the COVID -19 vaccine locally within Ghana.83 Following the initiatives taken to wards the domestic 
manufacturing of vaccines in Ghana, the European Commission reportedly indicated the selection of 
Ghana as a possible manufacturing hub for COVID -19 vaccines in Africa with possible support by the 
European Investment Bank.84 
4.4.3   Automotive i ndustry  
4.129.   In the automobile industry, retailers of imported used vehicles and a few retail distributers 
of new vehicles predominate. The average number of imported vehicles is estimated at over 100,000 
per year, of which about 90% are used vehicles, with an estimated value of USD  1.14 billion, making 
used vehicles one of Ghana's top imports (Table  A1.2).85 
4.130.   In 2019, the Ghana Automotive Development Policy (GADP) was launched with the aim of 
attracting investment from leading original equipment manufacturers (O EMs). In addition, a local 
company known as Kantanka Automobile Company Limited, which assembles vehicles in Ghana, 
began commercial production of vehicles in 2015 specializing in sedans and SUVs. As of 
December  2021, VW, Toyota, and Kantanka were operatio nal; Nissan, Peugeot, KIA, Hyundai, Isuzu, 
Changan, and Renault were at various stages of establishing their assembly plants.  
4.131.   The GADP focuses on providing a framework for establishing assembly and manufacturing 
capacity in the country. The initial coverag e of vehicles to be assembled includes new passenger 
cars, SUVs, and light commercial vehicles, including pickups, mini -buses, and cargo vans. The policy 
provides for incentives including tax holidays of 5 to 10 years and the exemption from import duties 
on any plant, machinery, or equipment.86 Registered assemblers are granted a rebate on the CET 
rate on some fully built -up vehicles imported from their OEMs. The rebate is proportional to the 
declared customs value of imported semi -knocked down (SKD) or com pletely knocked down (CKD) 
kits, according to a formula aimed at encouraging a transition towards importing mostly CKD. Each 
registered assembler is also awarded points based on the local content in assembled automobiles. 
The points earned will then be add ed to the customs value declaration of the imported kits.  
4.132.   The automobile policy also prohibits the importation of vehicles older than 10 years and 
salvaged vehicles. Additionally, Ghana requires a destination certificate issued by an OEM certifying 
 
81 Food and Drugs Aut hority (2013), Guidelines for the Registration of Parallel Imported Drugs or Herbal 
Medicinal Products . Viewed at: 
https://fdaghana.gov.gh/images/stories/pdfs/downloads/drugs%20guidelines/DER/2017/GUIDELINES%20FOR
%20PARALLEL%20IMPORTATION%20%20%20%20OF%20MEDICINAL%20%20%20PRODUCTS.pdf .  
82 African Vaccine Manufacturing Initi ative (2017), VMPA Study: Vaccine Manufacturing and Procurement 
in Africa . Viewed at: https://www.avmi -africa.org/wp -content/uploads/2017/09/VMPA -Study -e-book.pdf . 
83 Dontoh, E. (2021), "Ghana Drugmakers Approach AstraZeneca on Vaccine Production", Bloomberg , 
26 April. Viewed at: https:/ /www.bloomberg.com/news/articles/2021 -04-26/ghana -drugmakers -approach -
astrazeneca -about -local-vaccine -making . 
84 Communications Bureau (2021), "Ghana to Be Removed from EU Money Laundering List; Selected as 
Manufacturing Hub for COVID -19 Vaccines in Africa" , 21 May. Viewed at: 
https://presidency.gov.gh/index.php/b riefing -room/press -releases/1915 -ghana -to-be-removed -from-eu-
money -laundering -list-selected -as-manufacturing -hub-for-covid-19-vaccines -in-africa . 
85 United  States International Trade Administration, Ghana – Country Commercial Guide . Viewed at: 
https://www.trade.gov/country -commercial -guides/ghana -automotive -sector .  
86 MOTI, The Ghana Automotive Development Policy . Viewed at: 
https://moti.gov.gh/docs/AUTO_Brochure_NEW.pdf .  WT/TPR/S/427 • Ghana  
 
- 91 - 
 
  Ghana as the destination market for any vehicle.87 Mandatory standards are being developed to 
regulate the importation of used vehicles.  
4.133.   Under the Ghana CARES (Obaatan pa) programme, the supported manufacturing activities 
in 2021 included the establishment of a fund for civil servants to purchase 200 locally assembled 
vehicles and upgrading three existing pharmaceutical manufacturing companies to GMP standards.88 
4.5  Services  
4.5.1   Overview  
4.134.   Ghana is a net importer of services. Its trade in services more than doubled between 2006 
and 2014 and has tripled since then (Chart 4.3). The services in which most trade takes place 
comprise business, and travel and freight; business services have expanded the most. While the 
general openness of the transport market to foreign suppliers has led to an increase in imports of 
transport services, this has also been followed by a substantial increase in exports of business 
services (Chart 4.3), as more Ghanaian companies started providing business services to foreign 
transport operators using Ghana's ports, roads, and airports.  
Chart 4.3 Trade in services, 2006 -20 
 
Note:  Data for the period of 2006 -12 based on IMF data.  
Source:  BoG, Economic Data . Viewed at: https://www.bog.gov.gh/economic -data/ ; and IMF Data, Balance of 
Payments . Viewed at: https://data.imf.org/ . 
4.135.   Ghana has a largely open services regime, which explains in part the dynamic development 
of its services industries. Ghana's specific commitments under the GATS, in 1994, already covered 
a large panoply of services subsectors. For example, Ghana has genera lly committed to maintaining 
open cross -border supply of services (mode 1) and their consumption abroad (mode 2) in the 
 
87 MOTI (2019), Information Brief for Prospective Vehicle Assemblers under the Ghana Automotive 
Development Policy (GADP) . Viewed at: https://www.moti.gov.gh/docs/Information_Brief_to_OEMs.pdf .  
88 Information provided by authorities regarding the final compact for Ghana CARES.  
-8.0-4.00.04.08.012.016.0
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020Exports Imports Net exports
-4.0-2.00.02.04.06.08.0
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020Other business servicesTrade in servicesChart 3.[GHA]   Trade in services, 2006 -20
Bank of Ghana, Economic Data. Viewed at: https://www.bog.gov.gh/economic -data/; and IMF data, Balance of payments . Viewed at: 
https://data.imf.org/.Source:(USD billion)
(USD billion)
Note: Data for the period of 2006 -2012 based on IMF data.WT/TPR/S/427 • Ghana  
 
- 92 - 
 
  numerous sectors in which it made GATS commitments, including secondary and higher education 
services. The exception is insurance servic es, where the authorities have attempted to enforce 
certain obligations to insure locally, including for imported products  i.e. freight  insurance 
(Section  4.5.4.3).89 Ghana, however, continues to maintain limitations on commercial presence 
(mode 3) that ma y affect certain types of foreign investment (and therefore market access) in all 
sectors, including services (Section  2.4.2).  
4.136.   Ghana's GATS horizontal commitments cover the case of foreign companies bringing in 
foreign executives, specifying that work perm its for up to four expatriate senior executives and 
personnel with specialized skills are granted to foreign companies; approval is needed for additional 
expatriate workers; and enterprises must also provide training in "higher skills" to Ghanaians.90 
Additional information is available in Section  4.5.5 regarding the natural presence of foreign 
professionals.  
4.5.2   Transport services  
4.5.2.1   Overview  
4.137.   Transport is one of Ghana's largest and fastest -growing services sectors, representing 7.2% 
of GDP in 2020, compared to 5.4% in 2014 (Table  1.1). Recognizing that transport is central to trade 
and economic expansion, Ghana has maintained an open market acc ess policy on transport, with a 
relatively liberal regime on road and air transport services, and a few restrictions in the maritime 
transport services sector, mainly in fishing and cabotage. This, coupled with large recent investments 
in infrastructure, a nd new efforts to enhance quality of service to customers, has been followed by 
strong increases in trade flows and economic activity over the review period. Also, Ghana's stable 
socio-political environment by regional comparison has contributed to the str ong increase in transit 
traffic to neighbouring countries, particularly Burkina Faso and Côte  d'Ivoire.  
4.138.   Ghana's imports of transport services have increased strongly to over USD  2 billion in 
2019 (Chart 4.4), as more and more operators chose to export thei r merchandise through Ghana's 
two main ports, Tema and Takoradi.  
Chart 4.4 Trade in transport services, 2014 -20 
(USD million)  
 
Source:  BoG, Economic Data . Viewed at: http://www.bog.gov.gh/economic -data/. 
 
89 WTO documents GATS/SC/35, 15  April 1994; GATS/SC/35/Suppl.1, 11  April 1997; and 
GATS/SC/35/Suppl.2, 26  February 1998.  
90 WTO and World Bank, I -TIP Database. Viewed a: http://i -
tip.wto.org/services/GATS_Detail.aspx/?id=18831&sector_path=00000 . 
05001,0001,5002,0002,500
2014 2015 2016 2017 2018 2019 2020Sea transport Air transport Other modes of transport
Exports (Left bar)Imports (Right bar)Chart 3.[GHA]   Transport
(USD million )
Source: Bank of Ghana, Economic Data. Viewed at: https://www.bog.gov.gh/economic -data/.WT/TPR/S/427 • Ghana  
 
- 93 - 
 
  4.139.   Aware of the interlinkages between maritime traffic, rail, and road transport in Ghana (as a 
transit port hub), the Government has committed to improving land transport, thus facilitating 
domestic and regional trade.91 Since 2007, Ghana's maritime cargo tr affic (excluding exports of 
crude oil), which had stagnated, has started to expand dynamically, thanks to investments in 
physical infrastructure, coupled with efforts  to enhance quality of service to customers and effective 
marketing of the ports.  
4.5.2.2   Rail tra nsport services  
4.140.   The Railways Act, 2008 (Act 779)92 established the Ghana Railway Development Authority 
(GRDA) to separate regulation from operations, and to manage and improve railway assets and 
promote the development of railways and railway services, inc luding suburban railway.93 The 
state-owned Ghana Railway Company Limited was created in 2001 and is currently the sole operator . 
4.141.   Ghana has three railway lines (Eastern, Western, and Central) constructed during the 
colonial period and only about 13% of the roughly 947  km that operated in 1957 is still operating. 
Minerals constitute the main freight item, but cocoa and timber traffic made an important 
contribution to earnings of the network. Passenger train services are provided on all three lines. 
With the e xception of the 30  km Takoradi -Manso section, which is double -track to meet increased 
traffic density, the rest of the network is on a single -track system.  
4.142.   Although the Government of Ghana has invested directly in railway development, 
investments from the private sector are welcome in the development of the rail network, the 
provision of railway -related services and associated infrastructure. Recently, foreign financing has 
come from build -own-transfer agreements (BOTs), build -own-opera te-transfer agreements 
(BOOTs), and other public -private partnerships (PPPs). In addition, some minerals such as iron and 
bauxite are mined under barter agreements providing a railway line construction.94 
4.143.   In 2017, the Government undertook to upgrade Ghana' s railway network; work effectively 
started in 2018. There are plans to build a rail network along the larger standard gauge, with 
investments of USD  21 billion, comprising expansions and rehabilitations. Several major rail 
transport projects include:  
• Ghan a–Burkina Faso railway and the Trans -ECOWAS project . One project consists of the 
Central line expansion from Takoradi to Kumasi, from Accra to Kumasi, and from Kumasi 
to Paga at the border with Burkina Faso. The 1,200  km Ghana –Burkina Faso railway is 
being built under a BOT partnership . A section of the li ne from Tema Port to Mpakadan is 
currently under construction. This is expected to improve the transportation of passengers 
and freight including minerals such as bauxite, manganese, and iron ore. It is also 
expected to improve the overall logistics chain along the corridor with the objective of 
accelerating economic growth and development in both countries. The Ghana section of 
the project is expected to be completed in 2022. Also, feasibility studies are nearing 
completion (2021) towards the development o f the Trans -ECOWAS Railway Line from Aflao 
to Elubo.  
 
91 Ghana Ports and Harbours Authority (2018), Ghana Ports Handbook 2018 -19. Examples include 
expansions in mass urban transport, a  USD 94 million Pokuase road interchange development project, a 
railway interconnectivity project between Ghana and Burkina Faso, and airport development to create a West 
African hub and gateway.   
92 Railways Act, 2008. Viewed at: 
https://www.bcp.gov.gh/acc/registry/docs/Railways%20Act,%202008%20.pdf . 
93 Ghana Railway Development Authority. Viewed at: http://www.grda.gov.gh/ . 
94 Akwet teh, L.N., et al. (2021), "The Current Railway Development and Its Influencing Factors in 
Ghana", Open Journal of Social Sciences , Vol. 9, pp.  228-244. Viewed at: 
https://www.scirp.org/pdf/ jss_2021031914260090.pdf . WT/TPR/S/427 • Ghana  
 
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  • Western line from Kojokrom to Tarkwa. The Government has recently rehabilitated a 
section of the (publicly owned) Western line on a new standard gauge, from Takoradi Port 
to Kojokrom to facilitate the ha ulage of manganese, and passenger rail service along the 
corridor. In addition, a  22 km double line is being built from Kojokrom to Manso. Under 
another agreement, China Railway Wuju Group Corporation undertook in 2019 to build 
100 km of rail to continue t he railway to Dunkwa.  
• Eastern Railway line.  Following years of neglect, large portions of the existing narrow -
gauge line were not operational with the exception of the Accra to Tema and Accra to 
Nsawam sections, used to provide passenger commuter rail serv ices. A public -private 
Eastern Rail project is planned to link Accra with Kumasi. Rehabilitation works were carried 
out on sections from Accra to Tema and from Accra to Nsawam by the Ghana Railway 
Company Limited in 2018 -19. 
4.5.2.3   Maritime transport  
4.144.   Ghana does n ot have a significant international maritime cargo fleet, and the share of 
tonnage transported internationally by foreign -flagged vessels is close to 100%. The Shipowners 
and Agents Association of Ghana (SOAAG) de fends the interests of ship owners and thei r shipping 
agents.95 Shipping charges are set freely by shipping companies.  
4.145.   The Ghana Maritime Authority (GMA) is responsible for monitoring and regulating activities 
under the Ghanaian flag in conformity with the Ghana Shipping Act, 2003 (Act 645). Under the 
GATS, Ghana made market access commitments for international maritime freight and passenger 
transportation, and specified restrictions regarding the establishment of registered fleets operating 
under the Ghanaian flag96, e.g. foreigners must form joint  ventures with Ghanaians to register under 
the Ghanaian flag; this registration is compulsory in order to carry out cabotage and fishing activities 
in Ghanaian waters, both inland and maritime.  
4.146.   The Ghana Shippers' Authority is an autonomous public -sector b ody that was established by 
the Ghana Shippers' Authority  Act, 1974 ( NRCD 254), with the mandate to promote and protect the 
interest of importers and exporters (shippers).97 The GSA levies a service charge of 2% of gross 
freight value of all freight entering or leaving Ghana by maritime transport, of which it must remit 
50% to the GMA .98 
4.147.   Ghana has two main commercial seaports, at Tema and Takoradi (Box 4.2). The Ghana Ports 
and Harbours Authority (GPHA), an SOE under the Ministry of Transport, manages  the seaports, as 
well as various fishing harbours. The GPHA's role has shifted from a port operator to a regulator, 
while the operation of port facilities has increasingly been taken over by private companies licensed 
by the GPHA; activities such as steve doring, freight -forwarding, or cargo clearance are regulated 
but delivered by the private sector.  Prices for port services rendered to shipping lines and consignees 
at the seaports are determined by the GPHA with government approval.99 The latest Tariff wa s 
published in March 2021. All private port operator charges are determined through the published 
Tariff.  
4.148.   Under the GATS, Ghana made commitments on auxiliary services (cargo -handling, storage 
and warehousing, and container stations and depots) and committe d to make available, on 
reasonable and non -discriminatory conditions, pilotage, towing and tug assistance, provisioning, 
fuelling and watering, garbage collection and ballast waste disposal, port captain's services, 
navigation aids, and firefighting and am bulance services.  
 
95 SOAAG, Membership . Viewed at: https://soaag.org/membership . 
96 WTO and World Bank, I -TIP Database.  
97 Ghana Shippers' Authority. Viewed at: http://shippers.org.gh/ . 
98 Ghana Shippers' Authority Regulations, 2012 (L.I.  2190). Viewed at: 
https://www.bcp.gov.gh/acc/registry/docs/GHANA%20SHIPPERS%27%20AUTHORITY%20REGULATIONS,%20
2012%20(L.I.%202190).pdf . 
99 Ghana Shippers' Authority, Cargo Clearance Tariff Guidelines . Viewed at: 
https://shippers.org.gh/index.php/cargo -clearance -tariff-guidelines/ . WT/TPR/S/427 • Ghana  
 
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  Box 4.2 Developments in Ghana's ports  
The Port of Tema handles about 80% of the Ghana's import cargo, while of the Port of Takoradi handles more 
exports than Tema. Tema Port has 21 berths, of w hich one is for oil and another is operated by the Volta 
Aluminium Company (VALCO). The depths range from 8 to 16 metres. There are currently six storage sheds 
within the Port, which also includes a 100,000 deadweight tonnes dry dock, and a slipway facility operated by 
the PSC Tema Shipyard. There is also a dedicated container terminal as well as various off -dock container  
terminals and car parks run by private operators.  
A new Meridian Ports Services (MPS) terminal (Terminal 3) was opened at the Tema Port in July 2019, with 
three of its four berths completed in late 2021, making it possible to cater for the largest vessels carrying 
20,000 twenty -foot equivalent units (TEUs) and beyond. In addition to the terminal, investments in 7 Super 
Post Panamax Ship to Shore gantry cranes, and 20 rubber tyre gantry cranes allow the Port to handle 
two million TEUs per year.100 MPS is a joint venture between the GPHA and Meridian Port Holdi ngs Limited, 
which is, in turn, a joint venture with Bolloré Transport and Logistics and APM Terminals (part of the MAERSK 
Group) as the two main shareholders.  
The current port expansion project, under a PPP arrangement, is expected to allow Tema Port to handle 
3.5 million  TEUs, making it the biggest container port in the subregion. Tema Port has seen a significant 
growth in traffic. In 2020, it handled over 19 million tonnes of cargo and nearly 1.25 million TEUs of containers. 
This throughput accounts for about 70% of Ghana's international maritime trade. Main imports include 
cement, clinker, machinery and equipment, wheat, crude oil, rice, and sugar; main exports include cocoa, 
fruit, shea nuts, shea butter, and aluminium ingots.  
Takoradi Port is fully sta te-owned and under the management of GPHA. The Port is well connected to the 
hinterland, which makes it the preferred gateway to the middle and northern parts of Ghana and Burkina 
Faso, Niger, and Mali. Principal exports through it include manganese, bauxi te, forest products, bulk and 
bagged cocoa beans, and mining equipment; main imports include clinker, wheat, petroleum products, and 
containerized cargo. Takoradi Port is better located to support exploration and production activities at the oil 
and gas fi elds. Thanks to the completion of an 800 -metre -long bulk cargo jetty in 2019, Takoradi Port is 
expected to attract significant volumes of dry bulk cargo.  
Both Tema and Takoradi ports have drive -through scanners. The ports of Ghana operate an Integrated 
Management System in line with ISO 14001:2015 (environmental management), ISO 9001:2015 (quality 
management) and OHSAS 45001:2018 (occupational health and sa fety). The Port of Tema is ISPS code 
compliant.  
 
According to authorities, Ghana has plans to develop a seaport at Keta on the eastern coastline, as motivated 
by the national development agenda, global and regional trends, development options for diversifi ed cargo -
specific port clusters, and trade facilitation. Feasibility studies have been carried out and the project cost is 
estimated at around US D 1.1 billion.  Currently, the project is at the Environmental Social Impact Assessment 
stage.   
Source:  WTO Sec retariat based on information provided by the authorities.  
4.149.   A significant rise in total cargo throughput has taken place at Tema and Takoradi. This 
expansion partly reflects the construction of a USD  1.5 billion project completed in 2020 to nearly 
quadruple  the container capacity of the Port of Tema from its 2017 level.101 Ghana's ports also show 
growing transhipment traffic, from larger ships arriving in ports to smaller vessels leaving ports . 
Transhipment increased to 366,718 tonnes in 2020 (up from 86,813 tonnes in 2019). An even larger 
and growing amount of transit cargo is unloaded and moved to trucks destined for the landlocked 
countries north of Ghana. Transit cargo in Tema and Takoradi increased from about 950,000 tonnes 
in 2016, to 1.25  million  tonnes in 2017, to 1.5 million  tonnes in 2020.  
4.150.   The previous Review noted that Ghana has modified several features of its transit system 
since 2007 and that, as a result, transit flows have nearly doubled, showing that traders respo nded 
rapidly and favourably to appropriate trade facilitation measures. According to the authorities, the 
GPHA has been promoting the benefits for landlocked countries of using the ports in Ghana (such as 
security of cargo and truckers, improved port infra structure, significant reduction in inland check 
points by police, customs and immigration, and abolition of a USD  200 customs levy customs ). In 
 
100 MPS, Terminal Capacity. V iewed at: https://mps -gh.com/terminal -capacity/ . 
101 This project is a Build, Operate and Transfer (BOT) concession agreement between GPHA and 
Meridian Port Services (MPS).  WT/TPR/S/427 • Ghana  
 
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  addition, t ransponders are used to track transit trucks in real time (USD  50 fee). Cameras installed 
at Ghana's  entry and exit points, as well as inland transit check points, verify the integrity of transit 
vehicles and their loads. Among other measures, a joint interagency programme has been set up to 
tackle corruption and harassment, and thus remove barriers from  the transit corridors.  
4.5.2.4   Air transport  
4.151.   Air transport policy is under the responsibility of the Ministry of Transport, and the regulator 
is the Ghana Civil Aviation Authority (GCAA), a semi -autonomous government agency operating 
under the Civil Aviation Act, 2004.  
4.152.   Ghana is a signatory to the Yamoussoukro Declaration Concerning the Liberalization of 
Access to Air Transport Markets in Africa, which in principle covers the five first freedoms of the air. 
Ghana is also a party to the Banjul Accord Gr oup Agreement, together with The  Gambia, 
Sierra  Leone, and Cabo  Verde, an Agreement that does not contain further market access 
commitments relative to the Yamoussoukro Declaration.  
4.153.   Most international flights (over 170 flights per week) to and from Ghana are handled by 
Accra's Kotoka International Airport (KIA), which is served by over 27  airlines. The State holds a 
70% stake in Ghana International Airlines.  
4.154.   Ghana has signed bilateral air transport agreements with 47 countries. These agreements 
norma lly cover the first four freedoms of the air and provide for allocation of traffic to national 
carriers from each party. In practice, several routes from Ghana to other countries are served by 
carriers from third countries (fifth freedom).  
4.155.   Airport manageme nt and development are under the responsibility of the state -owned Ghana 
Airports Company Limited. In addition, Ghana Airport Company Limited is mandated to plan, 
develop, manage, and maintain all aerodromes in Ghana and facilitate aircraft, passenger, car go, 
and mail movements. Ground handling and catering airport services are carried out by private 
companies.  
4.5.3   Telecommunications  services  
4.156.   Foreign companies dominate most segments of the ICT sector of Ghana . Ghana has made 
commitments regarding telecom servic es under the GATS, and in addition accepted the Fourth 
Protocol to the GATS. In 1997, Ghana endorsed the WTO Reference Paper on Regulatory Principles.  
4.157.   The ICT sector's contribution to GDP has continued to grow, from 2% in 2014 to 3.6% in 
2020 (Table  1.1). Revenues from telecommunications services nearly doubled between 2018 and 
2019, as Ghana witnessed the deployment of 4G technology and other major investments in 
infrastructure. Also, the COVID -19 pandemic compelled most companies to resort to their workfo rce 
working remotely via the Internet and through voice calls, thereby increasing usage of both mobile 
data and voice.  
4.158.   Mobile telecom services expanded strongly until 2018 (Table  4.17) and, in 2020, Ghana 
counted about 40 million customers of mobile phones , with many users holding several lines each. 
Most clients use a prepaid subscription. The mobile voice market is near its saturation point. In 
terms of subscription, the market has recorded negative growth of -0.2% in 2019 and -1% in 2020. 
However, the ma rket continues to experience significant growth in traffic (both voice and data).  
4.159.   In 2012, Ghana had six licensed operators: Scancom PLC (MTN), Airtel, Tigo, Vodafone, Glo, 
and Expresso. MTN, the largest operator in Ghana, maintained a steady growth of mar ket shares. 
MTN currently holds 57% of the mobile voice market share in the country. Vodafone had 20.5% of 
the total market shares in 2012, and 22.9% in August 2021. Airtel and Tigo had 12.5% and 14.4% 
of total market shares, respectively, in 2012; in 2018 , the two companies merged into AirtelTigo 
with a combined market share of 25.18% (18.1% market share in August  2021). Glo Mobile started 
operations in 2012 with a market share of 6.12%. There has been a steady decline in market shares 
of Glo Mobile over t he years, reporting 2.05% as at August 2021. Finally, Expresso maintained the 
smallest market shares in Ghana from 2012 to 2017 until its licence was revoked in 2018. There are 
thus four mobile operators in the market. The Government owns 100% of AirtelTig o. It also owns WT/TPR/S/427 • Ghana  
 
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  30% of Vodafone Ghana Telecom, with Vodafone owning the other 70%. Foreign ownership stands 
at 85.4% for Scancom, and 100% for Glo.  
4.160.   There were two fixed licensed operators in Ghana from 2012 to 2019, joined by MTN in 2020. 
Vodafone is the l argest fixed operator with an increase in market share of 96% in 2018 to 97.6% in 
August  2021. AirtelTigo's market share declined from 2.4% in 2018 to 1% in August  2021, with MTN 
increasing its market shares from 0.5% in 2020 to 1.3% in August  2021.  
Table 4.17 Selected telecom indicators, 2014 -20 
 
2014  2015  2016  2017  2018  2019  2020  
Total revenues from telecom services 
(USD million)  .. .. .. 1,268  1,287  2,390  .. 
Revenue from mobile networks 
(USD million)  .. 1,053  .. 943 946 993 1,315  
Annual investment in telecom 
services (USD  million)  .. .. .. 335.0  393.8  136.8  .. 
Fixed -line service providers  2 2 2 2 3 3 3 
Fixed lines ('000)  260 276 251 302 278 288 308 
Fixed lines per 100 inhabitants  0.96 0.99 0.88 1.04 0.94 0.95 0.99 
Mobile -cellular service providers  6 6 6 6 6 6 6 
Mobile -cellular subscriptions; by 
post-/prepaid ('000)  30,361  35,008  38,305  36,752  40,935  40,857  40,462  
Mobile -cellular subscriptions (in % of 
population)  112 126 134 126 138 134 130 
Mobile -cellular subscriptions, prepaid 
('000)  30,230  34,798  37,919  36,275  40,392  40,217  40,173  
Mobile population coverage (in %)  97 97 98 97 97 97 97 
Mobile -cellular prepaid connection 
charge (USD)  0.52 0.52 0.55 0.46 0.22 0.19 0.36 
Broadband        
  
Fixed broadband subscriptions ('000)  70.2 73.1 86.6 56.8 61.3 58.5 78.4 
Mobile broadband subscriptions 
('000)  15,806  18,031  19,747  23,552  27,313  30,387  26,512  
Mobile broadband subscriptions (in % 
of population)  58 65 69 81 92 100 85 
.. Not available.  
Source:  ITU World Telecommunication/ICT Indicators (WTI) Database 2021, July 2021 version; WTO Data 
portal. Viewed at: https://data.wto.org/ ; World Bank, WDI database; Ghana Statistical Service, 
National Account. Viewed at: https://www.statsghana.gov.gh/ . 
4.161.   According to  the ITU's price indicators, Ghana has one of Africa's cheapest mobile voice 
services and lowest mobile broadband price level.102 In early 2022, there were seven broadband 
wireless access licensees. The number of Internet data subscribers (mobile and fixed) reached 
30.4 million in 2019, before declining to 26.7  million in 2020 (Table  4.17).  
4.162.   The Ministry of Communications and Digitalisation  is responsible for formul ating telecom 
policies; it maintains an up -to-date website where laws can be consulted.103 The National 
Communications Authority (NCA) was created in 1996; it currently operates on the basis of the 
National Communications Authority Act, 2008 (Act 769) (NCA Act).  It licences and regulates 
communications activities and services in the country. The Electronic Communications Act, 2008 
(Act 775) (EC Act) also provides for the regulation of electronic communications and broadcasting, 
the use of the electro -magneti c spectrum, and related matters. The Electronic Communications 
Regulations, 2011 provide the legal framework for the telecom subsector. The Regulator assesses 
the market and introduces new licences to meet the needs of the industry and to enhance 
competiti on. There have, however, been instances where stakeholders have suggested introduction 
the of new licences. The recent implementation of 4G was commercialized through an auction. 
Currently, Ghana has not implemented 5G.  
4.163.   Tariffs are set by each operator; th e NCA is only required to regulate individual tariffs when 
there is a monopoly or when there is an entity or entities with significant market power, the latter 
 
102 ITU (2021), Measuring Digital Development: ICT Price Trends 2020 . Viewed at: 
https://www.itu.int/en/ITU -D/Statistics/Documents/publications/prices2020/ITU_ICTPriceTrends_2020.pdf . 
103 Ministry of Communications and Digitalisation. Viewed at: http://www.moc.gov.gh . WT/TPR/S/427 • Ghana  
 
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  being defined according to several criteria including a 40% market share. Minimum wholesale 
interconnection rates are determined by the Authority; no operator is allowed to charge below these 
rates. Over the period, the cost of mobile calls and SMS has declined by over 50%. Regulations are 
available for sharing passive infrastructure, and number port ability is available also.  
4.164.   In June  2020, the NCA declared MTN as having a significant market power in Ghana. With 
immediate effect, several corrective market interventions were announced, including a 30% 
asymmetric interconnection rate for mobile terminati on. 
4.165.   Since 2008, the Government has been imposing a minimum termination rate (MTR) for 
international incoming electronic communications traffic. Since 2008, the MTR has been set at 
USD 0.19 per minute, together with a tax of 32% on that revenue. This tax ge nerated a revenue of 
USD 37 million in 2016, declining to USD  19 million in 2020 as the number of traffic minutes declined 
by half.  
4.166.   In October  2018, Ghana launched the Common Platform for Telecom Revenue Assurance 
and Regulatory Oversight in Ghana, a traff ic volume monitoring platform for voice and data traffic. 
The objective was to verify the actual revenue that accrues to service providers for the purpose of 
computing taxes due to the Government under the Communications Service Tax (Amendment) Act, 
2013 ( Act 864), and revenues accruing from levies under Act 775 as amended by Act 786 of 2009. 
The Platform was set up based on a Build, Operate, Manage and Transfer (BOMT) arrangement for 
a period of five years, which will expire in December 2023; the arrangeme nt is between the Ministry 
of Finance, the Ministry of Communications and Digitalisation, and the managing entity, Kelni GVG.  
4.167.   Ghana is connected to the SAT3, WACS, and ACE international submarine cable networks. 
Five submarine fibre optic companies are aut horized to provide service. The total capacity is 
1,977  Gbps. All the submarine cables landing in Ghana are foreign -owned.  
4.168.   Imports of communication equipment require a dealership licence and type approval, 
whereby electronic communications e quipment is certifi ed by the A uthority to be used in Ghana, i n 
line with the Type Approval Guidelines, 2015.  
4.5.4   Financial services  
4.5.4.1   Overview  
4.169.   At the time of the previous Review, Ghana's banking sector was on the brink of a massive 
failure. The financial sector contributed about 3.9% to GDP in 2020 (down from 4.9% in 2014 and 
6.6% in 2016) (Table  1.1). 
4.170.   Ghana has committed to a largely open banking sector under the GATS, while provisions on 
financial services seek (with little success) to reserve domestic insurance business f or domestic 
companies. Ghana's GATS commitments on financial services generally bind the absence of market 
access or national treatment limitations on cross -border trade (mode 1) and consumption abroad 
(mode  2). They cover 10 subsectors including life, non -life, and reinsurance services; and various 
banking services, including acceptance of deposits, credit facilities, financial leasing, payments and 
transmission services, guarantees and commitments, and money market instruments. Also, Ghana 
scheduled no MF N exemptions in financial services under Article  II of the GATS, nor did it notify 
commitments in the context of regional trade agreements under Article  V of the GATS. Ghana has 
accepted the Fifth Protocol to the GATS concerning financial services.  
4.171.   Banking  services are regulated by the BoG, insurance services by the National Insurance 
Commission, securities services by the Securities and Exchange Commission (SEC), and the pensions 
sector by the National Pensions Regulatory Authority (NPRA).  
4.172.   In 2013, Ghana a ccepted the Convention on Mutual Administrative Assistance in Tax Matters, 
a multilateral agreement developed jointly by the Council of Europe and the OECD. The Convention 
aims to help counter cross -border tax evasion and ensure compliance with national ta x laws. In 
2015, Ghana signed the Multilateral Competent Authority Agreement, implementing the new 
Standard for automatic exchange of financial account information on tax matters, developed by the 
OECD working with G20 countries. In 2016, Ghana amended its  Companies Act to require WT/TPR/S/427 • Ghana  
 
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  registration of beneficial ownership, including name, address, and date of birth (new Section  27 of 
the Companies Act (Act  179)). The Beneficial Ownership register was launched in 2020. The OECD 
Global Forum on Transparency and Ex change of Information for Tax Purposes listed Ghana as 
"partially compliant" in 2018 because "compliance with annual filing of returns needs improvement 
and oversight of availability of ownership information was not sufficiently rigorous".104 Automatic 
exchange of information began in Ghana as of 2019.105 The Government announced in 2020 that its 
priorities included establishing an international financial centre. In October 2020, Ghana was on the 
European Commission's list of countries having strategic defici encies in its anti -money -laundering 
and counter -terrorism financing (AML/CFT) regime.106 In June 2021, the Financial Action Task Force 
(FATF) welcomed Ghana's significant progress in strengthening the effectiveness of its AML/CFT 
regime and addressing related technical deficiencies that the FATF had identified in October 2018. 
Ghana was there fore no longer subject to the FATF's increased monitoring process.107 
4.5.4.2   Banking services  
4.173.   The evolution of basic indicators of the banking system prompted asset quality reviews in 
2015 and 2016 to establish the solvency of the banking sector. The reviews revea led 
under -capitalization of several banks, with solvency challenges, poor corporate governance 
practices, weak risk management practices, liquidity challenges, regulatory breaches, and 
misreporting of financial information. Some banks, including state -owne d banks, had varying 
degrees of performance problems, such as high non -performing loans (NPLs) whose prevalence 
limited banks' lending capacity and/or interfered with policy transmission and therefore impaired the 
effectiveness of monetary policy.  
4.174.   In 2020,  some 23 banks were in operation, down from 28 in 2013. Gross loans amounted 
to GHS  47.8 billion at end -December 2020, compared to GHS  17 billion in December 2013. Foreign 
penetration in Ghana's banking system is high and has further increased as the count ry came out of 
the financial crisis.  In 2020, after some nine – mostly locally controlled – banks were closed, foreign 
banks represented 60% of total bank assets.  
4.175.   Starting from August 2017, nine banks were put under resolution and their licences revoked 
for various regulatory infractions. During the process, the Government stepped in to guarantee the 
payment of depositors' funds. Some banks were recapitalized. The BoG also paid back insolvent 
microfinance institutions' depositors. Several liabilities were a bsorbed by the State and consolidated 
into a state -owned bank, the Consolidated Bank of Ghana. In April  2015, the IMF extended 
USD 18 million to Ghana to help restore debt sustainability and macroeconomic stability, and foster 
growth and job creation (Sect ion 1.2). 
4.176.   As a result of the reforms, at end -February 2021, total banking sector assets stood at 
GHS 152 billion (approximately USD  26 billion), considerably higher than the amount of 
GHS 40 billion in 2014.108 Nevertheless, although the banking sector's NP L ratio declined from 
21.6% in December  2017 to less than 15% in December  2020, at this level the current ratio remains 
high. 
4.177.   In 2016, a new Banks and Specialized Deposit -Taking Institutions Act, 2016 (Act 930) was 
issued as part of the restructuring effor ts, covering banks and other specialized deposit -taking 
 
104 OECD, Peer Review Report on the Exchange of Information on Request: Ghana 2018 (Second 
Round), Key Conclusions. Viewed at: https://www.oecd.org/tax/transparency/global -forum -on-transparency -
and-exchange -of-information -for-tax-purposes -ghana -2018-second -round -9789264291119 -en.htm. 
105 OECD (2021), Tax Transparency in Africa 2021: Africa Initiative Progress Report . Viewed at: 
https://www.oecd.org/tax/transparency/documents/Tax -Transparency -in-Africa -2021.pdf . See also: OECD 
(2020), Tax Transparency and Exchange of Information in Ti mes of COVID -19. Viewed at:  
https://www.oecd.org/tax/transparency/documents/global -forum -annual -report -2020.pdf . 
106 Commission Delegated Regulation (EU) 202 0/855. Viewed at: https://eur -lex.europa.eu/legal -
content/EN/TXT/PDF/?uri=CELEX:32020R0855&from=EN .  
107 GAFI, Jurisdictions under Increased Monitoring – February 2021 . Viewed at: https://www.fatf -
gafi.org/fr/pays/a -c/barbade/documents/increased -monitoring -february -2021.html . 
108 PwC (2019), Banking Reforms So Far: Topmost Issues on the Mi nds of Bank CEOs . Viewed at: 
https://www.pwc.com/gh/en/assets/pdf/ghana -banking -survey -2019.pdf . WT/TPR/S/427 • Ghana  
 
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  institutions (SDIs), to ensure that banks meet sound underwriting and credit evaluation 
standards.109 As of January 2022, no regulations accompanying Act 930 had been issued.  
4.178.   Act 930 also gave the BoG extensive resolution powers that facilitated the clean -up exercise 
that took place between 2017 and 2019. Unlike the previous Act, Act 930 provided a framework for 
the conduct of liquidation, with provisions on basic bank resolution tools, such as the powe r to: 
(i) transfer some or all assets and liabilities of a troubled bank to a healthier acquirer; (ii)  establish 
a temporary "bridge bank" where no healthy acquirer is available; and (iii)  carry out a rapid 
recapitalization or a restructuring of liabilitie s of a troubled bank.  
4.179.   Act 930 also introduced safety net (deposit protection) provisions for small savers, and in 
2016 the Ghana Deposit Protection Act, 2016 (Act 931) was passed, giving legal backing to the 
establishment of the Ghana Deposit Protection Sc heme. The Act was later amended by the Ghana 
Deposit Protection (Amendment) Act, 2018 (Act 968). The Scheme became operational in 
September  2019. The maximum compensation payable to a depositor of a bank is 
GHS 6,250  (approximately USD  1,000), and the maxi mum compensation payable to a depositor of 
an SDI is GHS  1,250. It is funded by bank contributions. Act 930 requires, inter alia, that the Ghana 
Deposit Protection Corporation be immediately notified when a new bank or SDI is issued a licence.  
4.180.   A new Capita l Requirement Directive under the Basel II/III framework for regulating banks 
was introduced in 2019, requiring that banks set aside adequate capital to cover unexpected losses, 
to become more resilient to capital shocks. In addition, new rules to promote cyber and information 
security were issued. In that same year, new sustainable banking principles were launched, which 
were to be applied by banks when conducting their business in order to promote responsible and 
environmental and social practices to the benefit of the economy and communities.110 
4.181.   For banking services, the only GATS market access limitation on commercial presence relates 
to prudential licensing. National treatment is ensured, except that the Government may support 
local financial institution s in rural areas. Only Ghanaian nationals may apply for a licence to establish 
a foreign exchange bureau.111 
4.182.   The minimum paid -up capital requirement to set up a bank was increased from 
GHS 120 million (approximately USD  20 million) to GHS  400 million (USD  67 million). Fit and proper 
tests are conducted on the initial directors and shareholders of the project.112 Investors wishing to 
acquire a share of 10% or more in any listed banking stock require prior approval by the BoG. A 
deposit -taking institution shall not engage in the trading of foreign exchange or offer services 
denominated in a foreign currency.  
4.183.   Foreig n deposit -taking institutions shall not establish a representative office in the country 
without the prior written approval of the BoG. A representative office of a foreign bank shall not 
transact any form of deposit -taking or other business in the country  (Act 930).  
4.184.   A number of taxes are levied on banks and SDIs. Banks lending to the agricultural and 
leasing sectors pay a reduced corporate tax of 20% on income from those businesses. The National 
Fiscal Stabilization Levy Act, 2009 (Act 785) provides for a 5% levy charged on a company's profit 
before tax. The levy applies to banks (excluding rural and community banks), non -bank financial 
institutions, and other selected companies, and it is intended to raise revenue towards fiscal 
stabilization. The Financia l Sector Recovery Levy Act, 2021 (Act 1067) imposes a 5% Financial Sector 
Clean -up Levy on banks' profits before tax to raise revenue to support the financial sector reforms 
and related matters. It applies to all banks except rural and community banks. The  levy is not 
 
109 Banks and Specialized Deposit -Taking Institutions Act, 2016 (Act  930). Vie wed at: 
https://www.bog.gov.gh/wp -content/uploads/2019/09/BANKS -AND-SPECIALISED -DEPOSIT -ACT-2016.pdf . 
110 BoG (2019), Sustainable Banking Principles and Sector Guidance Notes . Viewed at: 
https://www.bog.gov.gh/wp -content/uploads/2019/12/Ghana -Sustainable -Banking -Principles -and-Guidelines -
Book-1.pdf; and BoG (2018), Cyber & Information Security Directive . Viewed at: https://www.bog.gov.gh/wp -
content/uploads/2019/09/CYB ER-AND-INFORMATION -SECURITY -DIRECTIVE.pdf . 
111 BoG, Notice to the Public and Operators of Forex Bureau , No. BG/GOV/SEC/2003/2. Viewed at: 
https://www.bog.g ov.gh/wp -content/uploads/2019/08/revised -forex-bureau -regulations.pdf . 
112 BoG (2019), Fit and Proper Persons Directive . Viewed at : https://www.bog.gov.gh/wp -
content/uploads/2019/09/FIT -AND-PROPER -PERSONS -DIRECTIVE -2019.pdf . WT/TPR/S/427 • Ghana  
 
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  deductible for the purpose of ascertaining a person's chargeable income under the Income Tax Act, 
2015 (Act 896).  
4.185.   On completion of the banking sector clean -up, the BoG focused on the SDI sector made up 
of savings and loans institutions, financ e houses, and microfinance companies. Between May and 
August  2019, the BoG revoked the licences of 347 insolvent microfinance companies (including 
155 companies that had already ceased operations) and 23 savings and loans companies and finance 
house compan ies, all of which were assessed as insolvent. According to the authorities, depositors' 
funds were reimbursed by the Government. In September  2019, all banks and other deposit -taking 
institutions, namely savings and loans companies, finance houses, microfi nance companies, and 
rural and community banks, were obliged to become members of a deposit insurance scheme. 
Premiums paid by these member -institutions will be invested by the Ghana Deposit Protection 
Corporation (GDPC) and used to pay depositors of these  institutions in the event they fail in the 
future.  
4.186.    As part of the clean -up exercise and regulatory reforms of the banks and SDI sectors, the 
BoG introduced the Corporate Governance Directive and the Fit and Proper Persons Directive, which 
include require ments to ensure that bank and SDI boards be composed of persons who understand 
their duties as directors of financial institutions, can exercise strong and independent oversight, and 
are able to protect the interests of all relevant stakeholders. Also, ban ks and SDIs were required to 
have key management personnel with adequate qualifications, experience, and integrity to 
effectively manage these institutions.  
4.5.4.3   Insurance services  
4.187.   Total gross premium income in Ghana's insurance sector has increased since 2014,  
particularly in the life insurance  segment; it reached over USD  800 million annually in 2020 
(Chart  4.5). However, the insurance penetration rate (the contribution of total insurance premiums 
to GDP) is on a declining trend. Well over half of total premiu ms consist of life and motor vehicle 
insurance.  
Chart 4.5 Gross premiums collected by insurance services providers, 2010 -20 
(USD million)  
 
Source:  Information provided by the authorities.  
4.188.   The structure of the market remained stable over the review period. 
At end-September  2021, there were 25 non -life insurance companies, 20 life insurance companies, 
two locally owned reinsurance companies, 60 broking companies, 1 loss adjuster, 1 reinsurance 
broker, and 4,537  registered insurance agents. Foreign ownership is important, with 8 of the 20 life 
1.89%
1.06%1.16%1.42%
1.18% 1.17%
1.15%1.20%1.25%
1.00%
1.00%
0.0%0.2%0.4%0.6%0.8%1.0%1.2%1.4%1.6%1.8%2.0%
0100200300400500600700800900
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020Non-life insurers Life insurers Reinsurers Insurance penetration rate (%)Chart 3.[GHA]   Insurance services
(Gross premium USD million )
Source: Information provided by the authorities.WT/TPR/S/427 • Ghana  
 
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  insurers partly or totally foreign -owned, as are 8 of the 25 non -life insurers. Three insurance 
companies (State Insurance Company (SIC) Life, SIC Non -Life, and Ghana Reinsurance Company) 
are partly state -owned, with the State being the majority shareholder. It was incorporated in 
February  1962 and converted into a Public Limited Liability Company in 1995. In 2008, the State 
sold 60% of the company's shares on  the Ghana Stock Exchange, retaining a 40% equity share.  
4.189.   The insurance industry is regulated by the National Insurance Commission (NIC) under the 
Insurance Act, 2021 (Act 1061), which replaced the Insurance Acts, 2006 (Act 724).113 All insurance 
companies a nd brokers must be incorporated under the Companies Act and licensed by the NIC. 
Act 724 abolished ownership limitations for foreigners in the insurance subsector. There are no 
restrictions on foreign ownership of direct or reinsurance business shareholdin g. Nonetheless, 
insurance and reinsurance companies are required to exhaust local capacity before having recourse 
to foreign -based companies . Ghanaians residing in Ghana may buy insurance abroad only if that 
type of insurance is not available in Ghana. Ins urance companies incorporated and registered in 
Ghana can cover risks located abroad. Until 2009, all direct insurance companies were obliged to 
reinsure 20% of their business with the Ghana Reinsurance Company (Ghana Re); it has a Financial 
Strength Ratin g of B (Fair) and a Long -Term Issuer Credit Rating of bb with AM Best.  
4.190.   Some the key provisions introduced by the new Insurance Act, 2021 are presented in 
Table  4.18. Act 1061 requires all goods being imported into Ghana to be insured with insurers 
licensed  in Ghana (Section  2.22).  
Table 4.18 Selected provisions of the Insurance Act, 2021  
Section(s)  Provision  
3 (e) Group -wide supervision includes the power to supervise insurance entities on a group -wide 
basis as well as on an individual basis.  
5 Independence of the Commission in discharging its functions.  
44 Reasons for refusal to grant licence or imposition of c onditions to be spelled out.  
54 & 124  Power granted to the Commission to require disposal of interest or prohibit the exercise of 
rights where ownership structures hinder effective supervision or shareholders cease to be 
fit and proper.  
56 & 126  Removal and replacement of key personnel if no t fit and proper.  
58-64 Solvency requirements are in tangent with international best practices.  
72 & 73  Restrictions on the placement of reinsurance, obligation on reinsurers to also put retrocession 
strategies into place; restrictions placed on retrocessions.  
78 & 135  Risk management framework.  
99 Provides for the appointment of a Statutory manager to p revent or limit the impact of the 
risk of failure of a licensed insurer or reinsurer.  
167 Requirement for distressed licensed entities to prepare and submit recovery plans.  
210 Non-indemnity insurance such as index -based insurance used in agricultural insurance.  
211 Sand-box system for testing and piloting of innovations financial technology.  
222 Requires all goods being imported into Ghana to be insured with licensed insurers. Marine 
Insurance made compulsory.  
245 Provides for the creation of the Agricultural Insurance Fund.  
256 NIC to set maximum commission rates as well as minimum premium rat es. 
261 Companies to receive premiums before granting cover (No Premium No Cover).  
Source:  NIC. 
4.191.   The minimum capital requirement has been increased as of January 2022 from the 
equivalent of USD  2.1 million to USD  7.3 million (GHS  50 million), for both life and non -life 
insurance companies; reinsurance firms are required to have a minimum of GHS  125 million 
(USD  18.2 million) as minimum capital. According to the authorities, the increase in minimum capital 
has led to the consol idation of two companies; a significant number of firms in 2022 meet risk -based 
solvency capital requirements.  
4.192.   Insurance companies  are not allowed to engage in any other business, including reinsurance. 
Moreover, the same company cannot supply both life an d non -life insurance services. Insurance is 
compulsory for: (i)  motor vehicles; (ii)  commercial buildings under construction; (iii)  commercial 
buildings against collapse and natural disasters; (iv)  public liability; and (v)  professional indemnity. 
Premiums  on motor vehicles are set by the NIC, while all other premiums are market -determined. 
 
113 Insurance Act, 2006 (Act  724). Viewed at: https://nicgh.org/wp -
content/uploads/2016/07/Insurance_Act_724_2006_CV_toC.pdf .  WT/TPR/S/427 • Ghana  
 
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  There is presently a motor insurance database and a marine insurance database for the underwriting 
of motor and marine insurance.  
4.193.   According to the Ghana Living Standards  Survey (Sixth Round), 45.5% of local insurance 
companies believe that there is unfavourable competition  between local and foreign companies as 
the former lack the capital to take on bigger risk.114 This is because most of the private foreign firms 
tend to get aid and financial support from their branches abroad. Exporters and importers, according 
to this survey, mostly insure their cargo with foreign insurance companies.  
4.5.4.4   Securities market  
4.194.   Ghana's SEC oversees the Ghana Stock Exchange (GSE), sets listing req uirements, and 
licenses brokerage firms (securities dealers), investment management companies, unit trusts, and 
mutual funds.115 Its commissioners are appointed by the President of Ghana. There are no nationality 
or residency requirements for the establishm ent of any of the entities above. Incorporation under 
the Companies Act is the first step to apply for a licence to operate. Foreigners may choose to 
incorporate a wholly owned company in Ghana or in partnership or joint venture with Ghanaian 
individuals o r corporate entities, or incorporate or operate as an external company. The parent 
company incorporated abroad must furnish the SEC with certified copies of incorporation and an 
operating licence in the country of incorporation and/or operation before a lo cal licence is issued. 
The SEC shall not issue a local licence unless the foreign licence is issued by an accredited securities 
regulator that is a member of the International Organization of Securities Commission (IOSCO), of 
which Ghana is also a member.116 Market capitalization of the GSE has declined strongly when 
expressed in US  dollars (Chart 4.6), to about USD  1 billion in 2020.  
Chart 4.6 Market capitalization on the GSE, 2007 -21 
 
Source:  GSE. 
 
114 National Insurance Commission, Increasing Insurance Penetration in Ghana: The Challenges an d 
Strategies . Viewed at: https://nicgh.org/wp -content/uploads/2019/11/Insurance -Penetration -strategies -
112019.pdf . 
115 Securities Industry Law, 1993, and  Securities and Exchange Regulations, 2007 (L.I.  728). Viewed at: 
https://sec.gov.gh . 
116 Securities Industry (Licensing) Guidelines, 2020 (SEC/GUI/005/10/2020). Viewed at : sec.gov.gh . 
0.01.02.03.04.05.06.07.0
010203040506070
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021GHS billion USD billion GHS/USD (period average)Chart 4.7 Market capitalization on the Ghana Stock Exchange, 2007 -21
Source: Information provided by the authorities; and WTO document T/TPR/S/298, 16 April 2014. (GHS/USD)(GHS/USD)WT/TPR/S/427 • Ghana  
 
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  4.5.5   Professional and other business services  
4.195.   Business services have expanded significantly in Ghana since 2014 (Chart 1.4). Ghana's 
Professional Bodies Registration Act, 1973 (NRCD 143) provides for the establishment of a register 
of professional bodies establ ished in Ghana.117 Business services are generally not regulated per se ; 
they include those related to computers, research and development, and real estate, as well as other 
business services such as advertising, technical, and maintenance and repair.  
4.196.   As trade in professional and business services is largely based on  the movement of natural 
persons, suppliers of these services are particularly affected by  regulations that limit movement in 
the countries where they are seeking to provide their services (mode 4 according to the GATS 
terminology). Ghana has not made any commitments under the GATS regarding business or 
professional services.  
4.197.   Regulated professions are listed in Table  4.19. Professions are generally protected against 
foreign competition; those  wishing to engage in a profession must obtain an authorization or 
accreditation issued by  the professional association. Each professional association has its own rules, 
regulations, and  standards for exercising the profession. Although it is not always necessa ry 
to be a Ghanaian national to join a professional association, many of the texts include  requirements 
on nationality or contain reciprocity provisions.  
Table 4.19 Selected regulated professions in Ghana, 202 1 
Profession/law  
(national association)  Market access  
Certified public accountant  
Chartered Institute of Certified 
Tax Accountants (CICTA)  
Chartered Accountant Act, 1963 
(Act 170)  To become a member of the Institute, a person must pass the 
qualifying examinations and complete specific practical training. A 
member of a professional accountancy body whose status the Council 
by Regulations recognizes to be equivalent to the Institute's  is eligible 
to apply to the Institute to be a member but cannot use the title of 
Chartered Accountant (Ghana) until he or she has passed the 
qualifying exams of the Institute.  
Engineer  
Ghana Institution of Engineering 
http://ghie.org.gh  
Institute of Mechanical Engineers  
Ghana Institute of Chemical 
Engineers  
Engineering  Council Act,  2011 
(Act 819) A foreign engineer can practice with a foreign degree but is 
encouraged to be certified by the GHIE. Certification is require d to 
tender for government contracts.  
Notary  
Notaries Public Act, 1960 (Act 26)  Must be a Ghanaian national.  
Lawyer  
Ghana Bar Association 
http://www.ghanabar.org  
Legal Profession Act, 1960 (Act 32) 
as amended  Non-Ghanaian citizens must demonstrate seven years of legal 
experience in a country with a compatible legal system. A pplicants 
must have been enrolled and called to the Bar as a licensed Solicitor 
or Barrister under a Common Law jurisdiction.  
Bailiff Must be a Ghanaian national.  
Physician and dental surgeon  
Medical and Dental Council 
http://www.mdcghana.org/  
Medical and Dental Decree, 1972 
(NRCD 91), as amended in 1979  Medical and Dental Council registration, examination for 
foreign -trained doctors. Specialists from the West African Subregion 
holding West Africa Postgraduate College certificates are exempt fr om 
the exam.  
Pharmacist  
Pharmacy Act, 1994 (Act 489)  Passage of the Ghana Pharmacy Professional Qualifying Examination.  
 
117 Registrar  General's Department, Registration of Professional Body . Viewed at: 
https://rgd.gov.gh/professional%20Body.html . WT/TPR/S/427 • Ghana  
 
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  Profession/law  
(national association)  Market access  
Architect  
Architects Decree, 1969  
(NLCD  357) Passage of qualifying examinations; and residence in Ghana.  
Real estate agent  The Ghana Institute of Surveyors has initiated the Real Estate Agency 
Bill (at final review stage at the Attorney General's Department in 
early 2014) to establish a board to regulate the qualification, 
activities, and discipline of real estate agents, salespeo ple, and firms 
conducting business as estate agents, as well as their training and 
licensing.  
Source:  Information provided by the authorities.  
4.5.6   Tourism services  
4.198.   The tourism sector experienced dynamic growth until 2019, and Ghana succeeded in 
attracting close to the one  million  tourists annually (Tables 1.1 and 4.20).  
4.199.   The Ministry of Tourism, Arts and Culture is responsible for the formulation of tourism policy. 
The Ghana Tourism Authority, as implementing agency of the Ministry, carries  out re gulatory and 
promotional activities. It is also in charge of the registration and classification of tourism enterprises, 
and follows guidelines issued by ECOWAS. Ghana has made commitments regarding hotels and 
restaurants (including catering) and travel ag encies and tour operators under the GATS.  
4.200.   Hotels in Ghana cannot be  fully owned by foreigners. The State owns majority and minority 
participation s in several hotels . In early 2022, Ghana's Social Security and National Insurance Trust 
was seeking capital in jections by investors for its portfolio of six hotels located along the coast of 
Ghana (Labadi Beach Hotel, La Palm Royal Beach Resort, Elmina Beach Resort, Ridge Royal Hotel, 
Busua Beach Resort, and Trust Lodge Hotel). The corporate income tax applicable to companies 
principally engaged in the hotel industry stands at 20%; VAT is 12.5%, and a 1% Tourism 
Development Levy applies.  
Table 4.20 Tourism indicators, 2010 -20 
 
2010  2011  2012  2013  2015  2018  2019  2020  
Arrivals ('000)  746 828 903 994 897 .. .. .. 
Tourism receipts 
(USD million)  1,406  1,634  1,705  1,877  911 996 1,490  191 
Number of hotels  1,797  2,136  1,833  2,228  2,724  3,246  4,131  3,538  
Rooms  28,058  34,423  29,412  36,749  44,754  53,102  55,039  55,559  
Beds 34,288  39,934  32,109  40,176  49,216  57,415  60,851  58,790  
Employees ('000)  231 259 287 319 392 543 547 230 
Tourism contribution to 
GDP (%)  2.2 2.0 4.8 4.7 4.8 5.5 5.9 2.7 
.. Not available.  
Source:  World Tourism Organization, Compendium of Tourism Statistics, Data 2007 -2011, 2013 edition; and 
information from the Ghana Tourism Authority.  WT/TPR/S/427 • Ghana  
 
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  5  APPENDIX TABLES  
Table A1. 1 Merchandise exports by HS section and major chapter subheading, 2014 -19 
HS section/chapter/subheading  2014  2015  2016  2017  2018  2019  
Total exports (USD  million)  15,504  13,756  10,656  14,358  17,100  16,768  
 (% of total)  
01 Live animals and products  3.0 0.4 0.2 0.5 0.5 0.4 
02 Vegetable products  2.1 4.4 10.2 3.3 4.0 2.9 
  08 Edible fruit and nuts  1.3 3.7 9.3 2.9 3.5 2.2 
03 Fats and oils  1.6 1.5 1.1 1.3 1.0 1.1 
04 Prepared food, beverages and tobacco  20.3 28.7 18.5 18.7 20.6 17.6 
  18 Cocoa and cocoa preparations  18.1 25.6 17.8 16.9 19.0 16.2 
   1801 Cocoa beans, whole or 
broken, raw or roasted  13.0 19.8 17.7 11.4 14.3 11.0 
   1803 Cocoa paste, whether or not 
defatted  3.1 3.4 0.0 2.8 2.3 2.4 
   1804 Cocoa butter, fat and oil  1.4 1.6 0.0 1.9 1.7 2.0 
05 Mineral products  31.0 23.0 14.6 27.3 32.8 34.2 
  27 Mineral fuels  29.7 21.7 13.0 25.3 30.6 31.7 
   2709 Petroleum oils and oils 
obtained from bituminous minerals, 
crude  28.4 19.1 10.1 25.2 30.4 31.3 
06 Chemicals and products thereof  1.2 1.1 3.5 1.1 0.4 1.3 
07 Plastics and rubber  2.2 2.2 3.3 3.1 1.5 1.7 
08 Raw hides and skins; leather, furskins 
and articles thereof  0.0 0.0 0.0 0.0 0.0 0.0 
09 Wood, cork, straw  2.1 2.0 4.5 1.3 1.1 0.8 
10 Pulp of wood; paper and paperboard  0.8 0.1 0.1 0.1 0.2 0.4 
11 Textiles and textile articles  0.5 0.3 0.2 0.7 0.2 0.3 
12 Footwear, headgear, etc.  0.8 0.1 0.0 0.0 0.0 0.6 
13 Articles of stone, plaster, cement  0.1 0.0 0.0 0.1 0.1 0.1 
14 Precious stones and metals  30.6 31.8 41.6 40.8 35.6 37.0 
  71 Natural or cultured pearls, precious 
or semi - precious stones, precious 
metals  30.6 31.8 41.6 40.8 35.6 37.0 
   7108 Gold (including gold plated 
with platinum) unwrought or in 
semi-manufactured forms, or in 
powder form  30.2 31.8 41.6 40.8 35.6 37.0 
15 Base metals and articles thereof  1.2 1.1 1.1 1.1 1.1 1.2 
16 Machinery, electrical equipment  1.4 1.3 0.8 0.2 0.7 0.2 
17 Transport equipment  0.2 1.6 0.1 0.0 0.0 0.0 
18 Precision equipment  0.2 0.2 0.1 0.0 0.0 0.0 
19 Arms and ammunition  0.0 0.1 0.0 0.0 0.0 0.0 
20 Miscellaneous manufactured articles  0.7 0.1 0.1 0.2 0.1 0.1 
21 Works of art, etc.  0.0 0.0 0.0 0.0 0.0 0.0 
Other    0.0 0.0 0.0 0.0 0.0 0.0 
Source:  WTO Secretariat calculations, based on UN Comtrade.  
  WT/TPR/S/427 • Ghana  
 
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  Table A1. 2 Merchandise imports by HS section and major chapter subheading, 2014 -19 
HS section/chapter/subheading  2014  2015  2016  2017  2018  2019  
Total imports (USD  million)  16,786  14,687  11,361  12,718  11,880  10,440  
  
01 Live animals and products  3.4 3.3 4.8 4.0 4.3 4.2 
  03 Fish and crustaceans, molluscs 
and other aquatic invertebrates  1.5 1.6 2.6 1.9 2.0 2.0 
02 Vegetable products  10.2 6.3 4.7 6.5 7.5 6.8 
  10 Cereals  9.6 5.7 4.1 5.6 5.5 5.0 
     1006 Rice  7.7 3.6 2.5 3.2 3.8 3.6 
03 Fats and oils  1.6 1.4 1.4 2.7 2.4 1.7 
04 Prepared food, beverages and tobacco  6.0 4.6 4.2 5.6 6.5 5.7 
05 Mineral products  12.6 15.1 5.9 10.2 5.6 6.5 
  25 Salt; sulphur; earths and stone; 
plastering materials, lime and 
cement  5.3 3.5 4.1 7.7 3.2 3.6 
     2523 Portland cement, aluminous 
cement, slag cement, etc  4.9 3.1 3.7 7.2 2.7 3.1 
  27 Mineral fuels  7.3 11.6 1.7 2.4 2.1 2.9 
     2710 Petroleum oils and oils 
obtained from bituminous minerals, 
other than crude  2.6 3.5 0.8 1.7 1.6 2.3 
06 Chemicals and products thereof  7.3 9.1 8.2 9.6 10.5 10.5 
  38 Miscellaneous chemical products  2.0 2.2 2.2 2.1 2.4 2.2 
  30 Pharmaceutical products  1.7 2.6 1.4 2.1 2.4 2.2 
07 Plastics and rubber  5.6 6.7 4.8 5.1 6.6 6.5 
  39 Plastics and articles thereof  3.0 3.5 3.5 3.7 4.9 4.8 
08 Raw hides and skins; leather, furskins and 
articles thereof  0.2 0.2 0.2 0.2 0.2 0.2 
09 Wood, cork, straw  0.2 0.1 0.3 0.2 0.3 2.9 
10 Pulp of wood; paper and paperboard  3.4 3.1 5.0 6.4 2.7 2.1 
11 Textiles and textile articles  1.7 2.1 2.3 2.3 2.6 2.4 
12 Footwear, headgear, etc.  0.4 0.4 0.5 0.5 0.5 0.4 
13 Articles of stone, plaster, cement  1.3 1.5 1.7 1.4 1.3 1.4 
14 Precious stones and metals  0.0 0.0 0.0 0.0 0.0 0.0 
15 Base metals and articles thereof  8.5 9.0 10.5 10.1 9.9 9.6 
  73 Articles of iron or steel  4.0 4.2 4.5 4.1 4.1 3.7 
  72 Iron and steel  3.1 3.3 2.8 3.2 3.6 3.4 
16 Machinery, electrical equipment  20.5 20.0 22.2 17.1 19.1 19.6 
  84 Machinery and mechanical 
appliances; parts thereof  10.9 11.3 13.3 11.0 12.9 13.0 
  85 Electrical machinery and 
equipment and parts thereof  9.6 8.7 8.9 6.2 6.2 6.6 
17 Transport equipment  13.4 13.0 16.1 15.0 15.7 16.4 
  87 Vehicles  13.1 12.1 15.7 14.7 15.6 16.2 
     8703 Motor cars and other motor 
vehicles principally designed for the 
transport of persons  4.6 6.8 8.1 7.9 8.0 8.4 
     8704 Motor vehicles for the 
transport of goods  2.8 3.0 4.2 4.3 4.0 4.2 
18 Precision equipment  1.6 1.6 3.8 1.6 2.0 1.6 
19 Arms and ammunition  1.1 1.4 1.8 0.1 0.1 0.1 
20 Miscellaneous manufactured articles  1.1 1.3 1.7 1.4 1.9 1.3 
21 Works of art, etc.  0.0 0.0 0.0 0.0 0.0 0.0 
Other    0.0 0.0 0.0 0.0 0.1 0.0 
Source:  WTO Secretariat calculations, based on UN Comtrade.  
  WT/TPR/S/427 • Ghana  
 
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  Table A1.3 Merchandise exports by destination, 2014 -19 
 
2014  2015  2016  2017  2018  2019  
Total exports (USD  million)  15,504  13,756  10,656  14,358  17,100  16,768  
 (% of total)  
Americas  4.4 2.9 4.1 7.0 5.5 6.0 
 United  States  2.0 2.3 1.8 2.8 3.6 4.2 
 Other America  2.4 0.6 2.2 4.2 1.9 1.8 
 Canada  0.0 0.2 0.3 2.0 0.7 1.6 
Europe  38.2 41.4 31.9 30.0 31.8 33.4 
 EU-27 26.2 28.0 12.4 15.2 18.7 15.2 
 Netherlands  5.9 8.0 4.2 6.2 7.2 5.8 
 France  6.4 5.8 1.3 1.8 2.1 2.2 
 Italy 4.8 4.9 1.8 1.3 1.8 1.8 
 Germany  1.5 1.1 1.4 1.6 1.2 1.3 
 Belgium  1.5 2.6 0.9 1.1 0.9 1.2 
 Spain  3.7 1.1 1.4 1.5 3.4 1.0 
 EFTA 7.5 9.9 17.5 11.6 9.6 14.7 
 Switzerland  7.4 9.9 17.5 11.6 9.5 14.7 
 Other Europe  4.5 3.5 2.0 3.3 3.6 3.5 
 United Kingdom  3.3 2.3 0.9 2.3 2.9 2.5 
CISa 0.0 0.0 0.0 0.0 0.1 0.0 
Africa  27.0 15.4 16.3 14.2 15.0 17.7 
 South  Africa  16.1 4.3 3.3 6.3 10.2 11.8 
 Burkina Faso  3.6 2.4 4.0 3.4 1.6 1.7 
Middle East  8.1 3.8 13.8 6.1 4.2 5.4 
 United Arab Emirates  7.3 2.6 13.4 5.6 3.5 5.4 
Asia 22.3 36.5 33.9 42.6 43.5 37.4 
 China  5.4 8.1 8.8 16.6 11.9 16.7 
 Japan  0.7 0.9 1.4 0.9 1.0 1.8 
 Other Asia  16.2 27.4 23.6 25.2 30.6 18.9 
 India 5.2 17.1 14.6 18.7 21.5 14.2 
 Malaysia  2.3 1.9 2.0 3.2 6.5 1.6 
 Hong Kong, China  0.2 0.3 0.0 0.7 0.6 1.3 
Other  0.0 0.0 0.0 0.0 0.0 0.0 
a Commonwealth of Independent States, including certain associate and former member States.  
Source:  WTO Secretariat calculations, based on UN Comtrade.  
  WT/TPR/S/427 • Ghana  
 
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  Table A1. 4 Merchandise imports by origin, 2014 -19 
  2014  2015  2016  2017  2018  2019  
Total imports (USD  million)  16,786  14,687  11,361  12,718  11,880  10,440  
 (% of total)  
Americas  16.3 16.9 14.6 14.6 13.1 14.4 
 United  States  7.4 8.1 7.8 9.4 8.0 9.4 
 Other America  8.9 8.7 6.9 5.1 5.1 5.1 
 Canada  3.1 4.7 2.1 2.9 2.8 2.6 
Europe  29.9 26.8 35.1 35.8 30.8 31.8 
 EU-27 22.2 17.8 21.6 23.4 21.5 18.6 
 Belgium  4.2 5.1 5.1 5.7 5.8 5.1 
 Germany  2.7 2.2 3.9 2.7 2.6 2.4 
 Netherlands  2.4 1.5 2.4 1.9 2.2 2.2 
 Italy 1.9 1.8 1.8 2.3 2.5 2.2 
 France  4.4 1.6 3.4 1.5 2.4 1.5 
 EFTA 0.4 0.5 0.8 0.6 0.7 1.1 
 Other Europe  7.2 8.6 12.7 11.8 8.6 12.0 
 United Kingdom  4.0 5.4 9.7 8.6 5.1 6.6 
 Turkey  2.6 2.7 2.5 2.6 2.8 4.5 
CISa 0.5 0.5 0.6 1.1 1.5 1.4 
 Russian  Federation  0.5 0.5 0.6 1.1 1.5 1.4 
Africa  11.2 11.2 9.0 9.1 10.5 10.4 
 South  Africa  2.6 3.0 2.9 3.2 3.4 3.4 
Middle East  6.2 5.6 4.0 3.8 4.4 4.1 
 United Arab Emirates  4.1 1.9 2.5 2.4 2.6 2.6 
Asia 31.9 35.0 34.1 35.6 39.2 37.6 
 China  13.4 16.9 17.3 16.8 19.1 18.2 
 Japan  1.2 1.1 1.3 1.6 1.7 1.8 
 Other Asia  17.3 16.9 15.5 17.2 18.3 17.7 
 India 5.9 5.8 4.6 5.0 5.7 5.6 
 Viet Nam 1.8 2.8 1.9 2.3 2.9 3.0 
 Republic of Korea  1.7 1.8 2.4 2.4 2.5 2.4 
 Thailand  3.4 1.9 1.3 2.0 1.8 1.3 
Other  4.1 4.0 2.6 0.1 0.4 0.2 
a Commonwealth of Independent States, including certain associate and former member States.  
Source:  WTO Secretariat calculations, based on UN Comtrade.  
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