Ghana ends 2024 with a remarkable trade surplus

Ghana achieved a remarkable trade surplus of US$4.98 billion in December 2024, nearly doubling the US$2.69 billion surplus recorded in the same period in 2023.
This strong performance was detailed in the Bank of Ghana’s January 2025 Summary of Economic and Financial Data.
The impressive surplus was largely driven by a sharp 53.2% year-on-year increase in gold exports, which reached US$11.64 billion. Overall, total exports grew by 21.06%, hitting US$20.22 billion.
However, the performance of other export sectors was mixed. While gold exports soared, oil exports saw a marginal decline of 0.7% to US$3.68 billion.
Cocoa exports experienced a significant drop, falling from US$2.15 billion in December 2023 to US$1.7 billion in 2024.
Analysts attribute the cocoa sector’s challenges to adverse weather conditions and the impact of illegal mining on production.
On the import side, Ghana’s total import bill rose to US$15.24 billion, up from US$14 billion in December 2023. Despite the increase in imports, the country’s strong export performance, particularly in gold, helped achieve a substantial trade surplus.
Ghana also recorded an improvement in its gross international reserves, which stood at US$8.98 billion at the end of 2024, providing four months of import cover. This was an increase from US$7.88 billion in November 2024, and US$5.90 billion in December 2023.
The significant trade surplus and improved international reserves highlight Ghana’s robust performance in the mining sector and the country’s resilience in addressing economic challenges.