Gold Bullion Dominates Ghana’s Exports with GHS 46.5 Billion; GHS 3.9 Billion Trade Surplus Recorded in Q3 2024
Ghana recorded a trade surplus of GHS 3.9 billion in the third quarter of 2024, according to the Ghana Statistical Service (GSS). This development highlights a significant improvement compared to the GHS 2.3 billion trade deficit recorded during the same period in 2023.
In Q3 2024, Ghana’s total exports stood at GHS 74.8 billion, while imports amounted to GHS 70.9 billion. In US dollar terms, the trade volume was approximately $9.6 billion, consisting of $4.9 billion in exports and $4.7 billion in imports.
Gold Dominates Exports
Gold bullion emerged as Ghana’s top export product in Q3 2024, contributing GHS 46.5 billion to the country’s export earnings. This figure was over four times higher than crude petroleum, the second-leading export, which contributed GHS 11.6 billion.
The top five export products—gold, crude petroleum, cocoa paste, manganese ores, and tuna—accounted for 83.2% of total exports. Gold alone represented 62.1% of exports in Q3 2024, a sharp increase from its 42.5% share in Q3 2023.
Meanwhile, the contribution of mineral fuels and oils to exports halved during the same period, and the share of cocoa beans and related products saw a slight decline from 4.8% to 4.6%.
Mineral Fuels Dominate Imports
On the import side, mineral fuels and oils were the leading category, contributing GHS 12.9 billion in Q3 2024. Gas oil led the group with imports worth GHS 7.0 billion. Collectively, mineral fuels and oils accounted for 22.3% of total imports.
Machinery and electrical equipment represented 16.3% of total imports, while cereal grains were the fifth-largest import category, accounting for 1.7%.
The data indicates a stark difference in product concentration between exports and imports. While the top five export products accounted for 83.2% of exports, the top five import products constituted only 24.8% of imports.
Economic Significance
The trade surplus reflects improved export performance, largely driven by the mining and petroleum sectors, and controlled import expenditure.
The increased reliance on gold as a major export product underpins its critical role in stabilizing Ghana’s trade balance amidst global economic challenges.
