Many Ghanaian importers have turned to imports from China due to the high quality and fair prices, according to a report released by the Stanbic Bank, an Africa-focused financial services organization.
The Africa Trade Barometer 2023 report, released on Wednesday, said China has become the primary source of inputs for the group of importers surveyed in Ghana.
“Imports from China make up 31 percent of the average importer’s gross imports, which is consistent with data at the aggregate country level. China is Ghana’s top import partner, accounting for 17 percent of Ghana’s total imports,” said the report, the third in the series.
The report noted that the most critical considerations driving the decision by Ghanaian importers to source goods from China were the relatively lower cost of products, the perception that Chinese products are of high quality, and the capacity of Chinese manufacturers to provide inputs at a large scale. Despite the fact that some European countries also serve as important sources of imports into Ghana, the importers believed that imports from China would increase on average by about 47 percent over the current volume in the next two years.
The report also pointed out that China is one of the top export destinations for Ghanaian products, primarily raw materials. “China, Switzerland, India, and South Africa are the top five destinations for Ghanaian exports. Most of Ghana’s exports to these markets are primary products such as gold and oil, sold by a few large corporations that make up the bulk of exports at the national level,” said the report.
The Africa Trade Barometer surveyed 2,500 businesses in 10 countries, namely Angola, Ghana, Kenya, Mozambique, Namibia, Nigeria, South Africa, Tanzania, Uganda and Zambia.