Ghana Records GH¢44.7bn Trade Surplus in 2024— GSS Report
Ghana recorded a trade surplus of GH¢44.7 billion in 2024, as total exports reached GH¢294.9 billion, surpassing imports of GH¢250.2 billion, according to the Ghana Statistical Service’s (GSS) 2024 Annual Trade Report. The surplus marks a significant increase from the previous year’s performance.
Gold maintained its position as Ghana’s top export commodity, contributing 55.3% of total export revenue. Petroleum and oils followed with a 17.8% share, while cocoa and cocoa products accounted for 8.4%.
The report was unveiled at the launch of the 2024 Annual Trade Report and the Q4 2024 Trade Newsletter in Accra. Government Statistician, Professor Samuel Kobina Annim, highlighted the importance of reliable trade data in shaping policies that drive sustainable economic growth and enhance Ghana’s global competitiveness.
He noted a shift in trading patterns, with exports to African countries nearly doubling compared to imports. This, he said, underscores Ghana’s growing role in intra-African trade under the African Continental Free Trade Area (AfCFTA).
Head of Trade Statistics at the GSS, Mr. Dominic Odoom, emphasized the necessity of accurate trade data for economic decision-making. He noted that Ghana had deepened its participation in global trade, making comprehensive and timely trade information crucial for policymakers.
The Q4 2024 Trade Newsletter provided further insights, revealing that exports in the last quarter of the year totaled GH¢92.9 billion, while imports stood at GH¢72.4 billion, resulting in a GH¢20.5 billion surplus. This represents a significant increase from the GH¢6.1 billion recorded in Q4 2023.
Gold exports in Q4 2024 were valued at GH¢49.8 billion, contributing 53.6% of total export earnings, while crude petroleum, cocoa, and cocoa products made up 26.4%. Imports remained stable, with mineral fuels and machinery being the most imported products.
The 2024 Annual Trade Report provides a comprehensive analysis of Ghana’s trade performance over the 12-month period, offering key insights into the country’s expanding role in global commerce.
