Ghana’s economy records US$4.98 billion trade surplus in 2024, Gold exports surge by 53%

Ghana’s economy showed strong signs of recovery in 2024, driven by significant improvements in exports and a strengthened external sector. The country recorded a trade surplus of US$4.98 billion, representing 5.9% of GDP, compared to US$2.69 billion in 2023.

According to Mr. Isaac Kwesi Ewer, Chief Analyst at the Monitoring and Evaluation Division of the National Development Planning Commission (NDPC), the sharp rise was mainly due to a 21.1% increase in total exports, led by a 53.2% surge in gold exports to US$11.64 billion. Oil exports also increased slightly to US$3.87 billion, while imports rose by 8.8% to US$15.24 billion.

Mr. Ewer, however, cautioned that Ghana still faces structural vulnerabilities, particularly its dependence on a narrow commodity base, which poses long-term economic risks.

Unveiling the 2024 National Annual Progress Report (APR) in Accra, Dr. Nii Moi Thompson, Chairman of the NDPC and Presidential Advisor on Sustainable Development Goals (SDGs), described the report as the most comprehensive and reliable assessment of government performance, urging journalists to prioritise it over political manifestos.

Dr. Thompson emphasised the NDPC’s mandate to monitor, evaluate, and coordinate government policies and urged the media to help translate data into advocacy and combat misinformation.

Dr. Audrey Smock Amoah, Director-General of NDPC, said the report tracked progress across six dimensions: economic, social, environmental, infrastructure, governance, and public accountability, and also covered Covid-19 response and emergency planning.

The 2024 APR, the third under the “Agenda for Jobs II: Creating Prosperity and Equal Opportunities for All” (2022–2025), aims to promote inclusive development and sustainable prosperity. The full report will be published on the NDPC website and shared with key government institutions, including the Presidency, Parliament, and regional and district assemblies.