Ghana ended 2024 with a trade surplus of $3.8 billion as of October. The Bank of Ghana revealed this in its November Summary of Economic and Financial Data. Strong exports of gold, cocoa, and oil drove this impressive performance.

Gold exports rose sharply, reaching $9.58 billion in October compared to $8.44 billion in September. Cocoa revenues also increased from $989 million in September to $1.15 billion by October. Oil exports followed the same trend, growing from $3.05 billion to $3.33 billion. These gains contributed significantly to the trade surplus.

Total imports increased as well, rising to $3.68 billion in October from $3.35 billion in September. Despite this growth in imports, the surge in export earnings kept the trade balance positive. Ghana’s export-driven strategy proved effective in achieving this surplus.

Gross international reserves, however, declined slightly during the same period. The reserves fell from $7.83 billion in September to $7.68 billion in October. Despite the drop, Ghana maintained an import cover of 3.5 months. This level of reserves highlights the country’s ability to finance imports and stabilize its currency.

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By the end of 2024, Ghana’s strong trade performance reflected its ability to leverage natural resources. The increase in gold, cocoa, and oil revenues demonstrated the resilience of the economy. It also highlighted the government’s efforts to strengthen export revenues amidst global challenges.

Although the final annual figures are yet to be confirmed, the data from January to October shows Ghana’s success in maintaining a trade surplus. The country’s strong export performance and significant reserves position it as a leading economic performer in the region.

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