Ghana records GH₵44.7billion trade surplus in 2024 as exports surge

Ghana has recorded a significant trade surplus of GH₵44.7 billion in 2024, as total exports soared to GH₵294.9 billion, surpassing imports, which stood at GH₵250.2 billion, according to the latest Ghana Statistical Service (GSS) Trade Report.

The 2024 Annual Trade Report and the Quarter Four (Q4) Trade Newsletter, launched in Accra yesterday, highlighted Ghana’s strengthening position in global and intra-African trade. The surplus represents a sharp increase compared to the previous year, underpinned by strong performances in gold, petroleum, and cocoa exports.

Gold emerged as Ghana’s dominant export commodity, contributing 55.3 percent of total export revenue. Petroleum and oil exports accounted for 17.8 percent, while cocoa and cocoa-related products made up 8.4 percent of the total earnings.

Professor Samuel Kobina Annim, the Government Statistician, emphasized the importance of using accurate trade data to formulate policies that foster sustainable economic growth. “The report provides a clear and accessible overview of Ghana’s international trade performance and explains how the nation is expanding its role in the global market,” he stated.

The findings also indicate a shift in trade dynamics, with exports to African nations nearly doubling in comparison to imports. This trend, experts say, reinforces Ghana’s strategic role in the African Continental Free Trade Area (AfCFTA).

The Q4 2024 Trade Newsletter details a strong final quarter, with exports totaling GH₵92.9 billion, while imports stood at GH₵72.4 billion. The quarter’s trade surplus of GH₵20.5 billion marks a significant rise from the GH₵6.1 billion recorded in Q4 2023.

Gold exports for the quarter were valued at GH₵49.8 billion, making up 53.6 percent of total export earnings. Crude petroleum, cocoa, and other cocoa products contributed 26.4 percent collectively. Meanwhile, imports remained stable, with mineral fuels and machinery topping the list of imported goods.

Mr. Dominic Odoom, Head of Trade Statistics at the GSS, underscored the importance of precise trade data in shaping economic policies. “Ghana has deepened its participation in global trade, and the need for timely, comprehensive, and high-quality information is essential for effective decision-making,” he noted.