Trade Surplus Hits $5 Billion as Total Exports Climb to $20.2 Billion
Ghana’s trade surplus surged to $5 billion in 2024, up from $2.7 billion the previous year, as gold exports soared by more than 50% to $11.6 billion, according to the Bank of Ghana.
The sharp increase in gold revenues underscores the pivotal role of commodities in the nation’s economic recovery amid lingering fiscal challenges.
Resilient Export Growth Offsets Import Expansion
Total exports climbed from $16.7 billion in 2023 to $20.2 billion in 2024, outpacing a more modest rise in imports, which grew from $14 billion to $15.2 billion. This expansion boosted the trade account to 5.9% of GDP in 2024, up from 3.5% the previous year.
However, performance across key export categories was uneven. While oil revenues rose slightly from $3.8 billion to $3.9 billion, cocoa exports—a traditional backbone of Ghana’s economy—declined from $2.2 billion to $1.7 billion.
Fiscal and External Accounts Strengthen
The country’s current account balance improved markedly, rising to $3.5 billion, or 4.2% of GDP, in 2024, from $1.4 billion, or 1.8% of GDP, in 2023. Inward remittances also grew, reaching $6.7 billion, compared with $5.1 billion a year earlier.
Gross international reserves increased by 52.5%, ending the year at $9 billion. Meanwhile, the Bank of Ghana expanded its gold holdings to 30.5 tons in December 2024 from 19.5 tons in 2023, bolstering the country’s reserve buffer.
Cedi Depreciates Amid Global Pressures
Despite the trade surplus, Ghana’s currency, the Cedi, depreciated by 3.2% in 2024 as global economic shifts, including the return of Donald Trump to the U.S. presidency, triggered a strengthening of the Dollar.
Financial Sector Gains Momentum
Ghana’s banking sector demonstrated resilience, with loans and advances rising from 77 billion cedis in 2023 to 95.7 billion cedis in 2024. The annual growth rate of loans accelerated to 24.3% from 13.8%, reflecting increased credit demand.
Mobile money transactions also recorded a significant uptick, with monthly transaction values climbing to 334.8 billion cedis in December 2024, compared with 199.3 billion cedis in December 2023.
Debt Levels Remain a Challenge
Public debt remained elevated, reaching 736.9 billion cedis ($48.5 billion), or 72.2% of GDP, in November 2024. This marks an increase from 599.2 billion cedis, or 72.5% of GDP, recorded in November 2023.
