Ghana Achieves GH₵44.7bn Trade Surplus in 2024, with Gold Leading Exports

Ghana has achieved a remarkable trade surplus of GH₵44.7 billion in 2024, according to the latest figures from the Ghana Statistical Service. The country’s total export value reached GH₵294.9 billion, significantly exceeding imports, which totaled GH₵250.2 billion. This surplus marks a sharp increase compared to the previous year, underscoring Ghana’s growing economic strength in the global trade arena.

Gold has continued to dominate as Ghana’s leading export commodity, contributing an impressive 55.3% of the country’s total export earnings. The country’s rich reserves and thriving gold industry have ensured that the precious metal remains the cornerstone of its export sector. Following gold, petroleum and oils formed the second-largest export group, making up 17.8% of total exports. Cocoa and cocoa products, another key sector in Ghana’s economy, contributed 8.4% to the overall export revenue, further reinforcing the country’s position as a major exporter of these goods.

An interesting trend highlighted in the report is a significant shift in Ghana’s trading patterns, particularly in relation to its trading partners. Exports to African countries nearly doubled compared to imports, demonstrating a growing integration within the continent. This development aligns with Ghana’s strategic focus on strengthening its trade ties under the African Continental Free Trade Area (AfCFTA). The AfCFTA aims to promote intra-African trade by reducing trade barriers, and Ghana has clearly benefited from this initiative, playing a central role in fostering greater trade between African nations.

The data from the fourth quarter of 2024 further emphasizes the country’s positive trade performance. In this period, total exports amounted to GH₵92.9 billion, while imports stood at GH₵72.4 billion, resulting in a trade surplus of GH₵20.5 billion. This represents a sharp increase from the GH₵6.1 billion surplus recorded during the same quarter in 2023, highlighting an upward trajectory in Ghana’s trade balance.

Gold exports during the final quarter of 2024 were valued at GH₵49.8 billion, accounting for 53.6% of total export earnings. This reflects the continued dominance of gold in Ghana’s export portfolio. Other significant exports during this period included crude petroleum, cocoa, and cocoa products, which together contributed 26.4% of the country’s total export revenue. Despite fluctuations in global markets, Ghana’s export sectors have demonstrated resilience, with gold and petroleum continuing to lead the way.

Imports remained relatively stable in 2024, with mineral fuels and machinery being the largest categories. These goods are vital for supporting Ghana’s industrial and energy sectors, which are crucial to the country’s economic growth. The stability of imports suggests that while Ghana is seeing a healthy trade surplus, there is still a demand for critical imports to maintain the country’s infrastructure and industrial activities.

The trade surplus in 2024 is an encouraging sign for Ghana’s economic future. The growth in export revenue, particularly from gold, petroleum, and cocoa, has helped to counterbalance the costs of imports. Moreover, the increasing trade between Ghana and other African countries is a testament to the country’s strategic efforts to enhance its role in the African trade ecosystem. By participating actively in the AfCFTA, Ghana is positioning itself as a key player in the continent’s economic transformation.

Looking forward, Ghana’s trade performance in 2024 sets a strong foundation for continued economic growth. The sustained success of gold exports, coupled with the increasing importance of other sectors such as petroleum and cocoa, places Ghana in a favorable position to expand its global market share. At the same time, the shift towards more intra-African trade is a promising development that could open up new opportunities for the country’s businesses and industries.

In conclusion, Ghana’s trade surplus of GH₵44.7 billion in 2024 is a testament to the resilience and strength of its export sectors, particularly gold, petroleum, and cocoa. With a growing emphasis on intra-African trade under the AfCFTA, Ghana is well-positioned to continue its upward trajectory in global trade. The data from the fourth quarter of 2024, showing a substantial rise in the trade surplus, further underscores the country’s positive economic outlook for the future.