Ghana’s trade surplus soared to an impressive $3.8 billion by the end of October 2024, as revealed in the Bank of Ghana’s November 2024 Summary of Economic and Financial Data.
This milestone highlights the nation’s resilience and export-driven growth amidst global economic challenges.
The surplus represents a strong balance between exports and imports, driven by stellar performances in Ghana’s key export commodities: gold, cocoa, and oil.
Gold exports, a major contributor, surged from $8.44 billion in September to $9.58 billion in October.
Cocoa, a cornerstone of the economy, saw revenues rise significantly, jumping from $989 million to $1.15 billion during the same period.
These gains reflect favourable global market conditions and improved supply chain efficiencies.
Oil exports followed suit, climbing from $3.05 billion in September to $3.33 billion in October, underpinned by rising demand and stable production.
Non-traditional exports also played a crucial role, contributing $2.45 billion as Ghana continued its push toward diversifying its export base.
On the import front, total imports increased from $3.35 billion in September to $3.68 billion in October, fuelled by higher domestic demand.
Oil imports accounted for $8.99 billion by October, while non-oil imports rose to $3.85 billion.
Despite this robust trade performance, Ghana’s gross international reserves edged down slightly, from $7.83 billion in September to $7.68 billion in October.
However, the nation maintained a solid import cover of 3.5 months, ensuring a vital buffer against external shocks.
This strong trade performance reflects Ghana’s strategic economic management and commitment to strengthening its export sector while addressing import needs and positioning the country as a key player in regional and global markets.