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Ghana recorded a significant trade surplus of GH₵44.7 billion in 2024, as total exports reached GH₵294.9 billion, surpassing imports, which stood at GH₵250.2 billion, according to the latest data from the Ghana Statistical Service (GSS).
The surplus represents a notable improvement from previous years and highlights the country’s growing strength in key export sectors. The mining industry played a crucial role, with gold remaining Ghana’s top export commodity, accounting for 55.3% of total export revenue. Petroleum and oil products followed at 17.8%, while cocoa and cocoa-related products contributed 8.4%.
The report also showed a positive trend in intra-African trade, as Ghana’s exports to African nations nearly doubled in comparison to imports. This aligns with the country’s efforts to leverage the African Continental Free Trade Area (AfCFTA) to boost regional trade and economic integration.
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In the fourth quarter of 2024 alone, Ghana recorded exports worth GH₵92.9 billion against imports of GH₵72.4 billion, resulting in a trade surplus of GH₵20.5 billion. This represents a significant increase from the GH₵6.1 billion surplus recorded in the same period in 2023.
Gold exports during the quarter contributed GH₵49.8 billion, making up 53.6% of total export earnings. Other key contributors included crude petroleum and cocoa, which together accounted for 26.4% of total exports.
On the import side, mineral fuels, machinery, and equipment remained the dominant categories, reflecting Ghana’s need for industrial inputs to support various sectors of the economy.
Analysts suggest that the strong trade performance could help stabilise Ghana’s foreign exchange reserves and ease pressure on the cedi. Additionally, the increased export revenue is expected to boost government revenues and support infrastructure projects, particularly in mining, agriculture, and energy.
Despite the positive outlook, economic experts caution that global commodity price fluctuations and external shocks could impact future trade performance. They advise policymakers to further diversify the economy by expanding non-traditional exports and adding value to raw materials before export.
The government has reaffirmed its commitment to strengthening Ghana’s position in international trade while maximising the benefits of AfCFTA to create more opportunities for local businesses.
With sustained growth in key sectors and strategic economic policies, Ghana is poised to maintain its trade surplus momentum in the coming years.
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