Ghana’s trade performance in 2024 saw a significant boost, with total exports reaching GH₵294.9 billion, outpacing imports of GH₵250.2 billion and resulting in a trade surplus of GH₵44.7 billion. The latest data from the Ghana Statistical Service (GSS) highlights a robust external trade position, driven primarily by gold, petroleum, and cocoa exports.
Gold remained Ghana’s top export commodity, contributing 55.3% of total export revenue, followed by petroleum and oils (17.8%) and cocoa products (8.4%). The fourth quarter of 2024 alone recorded a GH₵20.5 billion trade surplus, a sharp increase from the GH₵6.1 billion surplus in Q4 2023.
The data also points to a shift in Ghana’s trading dynamics, with exports to African countries nearly doubling compared to imports. This trend reinforces Ghana’s growing role in intra-African trade, particularly under the African Continental Free Trade Area (AfCFTA), positioning the country as a key player in the regional market.
Key Q4 2024 trade figures:
- Total exports: GH₵92.9 billion
- Total imports: GH₵72.4 billion
- Gold exports: GH₵49.8 billion (53.6% of total exports)
- Petroleum, cocoa, and cocoa products: 26.4% of total exports
Despite stable import levels, mineral fuels and machinery remained the top imported goods, reflecting ongoing industrial and infrastructural development.
As Ghana strengthens its export-led growth strategy, economic analysts suggest that maintaining a favorable trade balance will be crucial in stabilizing the cedi, boosting foreign exchange reserves, and driving long-term economic growth.
With trade dynamics shifting in favor of increased regional commerce and resource-based exports, Ghana’s economy appears poised for sustained growth in 2025 and beyond.
