Ghana’s exports hit GH₵294.9 billion in 2024, driving record trade surplus

Ghana recorded a trade surplus of GH₵44.7 billion in 2024, with total exports reaching GH₵294.9 billion, surpassing imports of GH₵250.2 billion, according to the latest data from the Ghana Statistical Service. This marks a significant increase from the previous year’s surplus.

Key Exports

Gold remained Ghana’s top export, generating GH₵162.9 billion and accounting for 55.3% of total export revenue. Petroleum and oils followed with GH₵52.5 billion (17.8%), while cocoa and cocoa products contributed GH₵24.8 billion (8.4%).

The data also highlights a growing shift in trade patterns, with exports to African countries nearly doubling compared to imports, reinforcing Ghana’s role in intra-African trade under the African Continental Free Trade Area (AfCFTA).

Q4 2024 Trade Performance

In the fourth quarter of 2024, Ghana’s exports totalled GH₵92.9 billion, while imports stood at GH₵72.4 billion, resulting in a quarterly trade surplus of GH₵20.5 billion. This represents a sharp rise from the GH₵6.1 billion surplus recorded in Q4 2023.

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Gold exports for the quarter were valued at GH₵49.8 billion, making up 53.6% of total export earnings. Crude petroleum, cocoa, and cocoa products together contributed 26.4% of exports. Meanwhile, imports remained stable, with mineral fuels and machinery ranking as Ghana’s top imported goods.