Ghana Trade Surplus Reaches GH₵44.7 Billion in 2024
Ghana achieved a remarkable trade surplus of GH₵44.7 billion in 2024, primarily driven by a significant surge in gold exports. The latest data from the Ghana Statistical Service reveals that the country’s total exports in 2024 reached GH₵294.9 billion, surpassing imports of GH₵250.2 billion.
Trade Performance Overview
This surplus marks a substantial increase compared to the previous year. Gold was the leading export commodity, accounting for 55.3% of total export revenue. Petroleum and oils followed, contributing 17.8%, while cocoa and cocoa products made up 8.4% of total exports.
Shift in Trading Patterns
The report highlights a shift in trading patterns, with exports to African countries nearly doubling compared to imports. This trend reinforces Ghana’s role in intra-African trade under the African Continental Free Trade Area (AfCFTA).
Fourth Quarter Highlights
In the fourth quarter of 2024, exports totaled GH₵92.9 billion, while imports amounted to GH₵72.4 billion. This resulted in a trade surplus of GH₵20.5 billion, a significant rise from the GH₵6.1 billion surplus recorded in Q4 2023.
Gold exports in this quarter were valued at GH₵49.8 billion, representing 53.6% of total export earnings. Crude petroleum, cocoa, and other cocoa products together accounted for 26.4% of exports. Imports remained stable, with mineral fuels and machinery being the top imported goods.
Insights from the Ghana Statistical Service
The Ghana Statistical Service (GSS) reported that gold exports in the fourth quarter alone accounted for over half of the country’s total export earnings. The Q4 2024 Trade Newsletter further highlighted Ghana’s strong export performance and increasing trade surplus.
Economic Policy Implications
The Government Statistician, Professor Samuel Kobina Annim, emphasized the importance of accurate trade data in formulating effective economic policies. He noted that Ghana’s deepened participation in global trade necessitates timely and comprehensive information for informed decision-making.
This impressive trade performance underscores Ghana’s strategic role in international commerce and highlights the pivotal contribution of gold exports to the nation’s economic growth.
