Ghana ended 2024 with an impressive trade surplus of $4.98 billion, nearly doubling the $2.69 billion surplus recorded in December 2023.
Despite challenges in some sectors, this remarkable achievement underscores the country’s strengthened export performance.
The Bank of Ghana’s January 2025 Summary of Economic and Financial Data outlined this strong economic performance.
A major factor driving the surplus was a substantial 53.2% year-on-year increase in gold exports, which surged to $11.64 billion.
Total exports for the year grew by 21.06%, reaching $20.22 billion, a testament to the country’s ability to capitalise on its mineral wealth.
However, the performance across other export sectors varied.
While gold emerged as a standout performer, oil exports saw a slight decline of 0.7%, settling at $3.68 billion.
Cocoa exports faced more significant challenges, dropping from $2.15 billion in December 2023 to $1.7 billion in 2024.
Analysts have attributed the downturn in the cocoa sector to adverse weather conditions and the detrimental effects of illegal mining on production.
On the import side, Ghana’s total import bill rose to $15.24 billion, up from $14 billion in December 2023.
Despite this increase, the robust growth in gold exports played a pivotal role in driving the country’s substantial trade surplus.
Ghana also achieved a notable improvement in its gross international reserves, which stood at $8.98 billion by the end of 2024.
This marked an increase from $7.88 billion in November 2024 and $5.90 billion in December 2023, providing the country with four months of import cover—a significant buffer against external economic shocks.
The combination of a strong trade surplus and enhanced international reserves underscores Ghana’s resilience and adaptability in navigating economic challenges.
The country’s standout performance in the mining sector, particularly gold, highlights its potential to drive sustainable economic growth and enhance its financial stability in the years ahead.