Ghana recorded a trade surplus of $3.8 billion at the end of October 2024, reflecting robust export growth amid challenging global economic conditions, according to the Bank of Ghana’s November 2024 Summary of Economic and Financial Data.
The surplus was driven by strong performances in key export sectors, including gold, cocoa, and oil:
- Gold Exports: Revenue surged to $9.58 billion in October, up from $8.44 billion in September.
- Cocoa Exports: Earnings increased from $989 million to $1.15 billion, supported by favorable market trends and improved supply chain efficiencies.
- Oil Exports: Revenues rose to $3.33 billion in October, up from $3.05 billion in September.
- Non-Traditional Exports: Contributed $2.45 billion, demonstrating Ghana’s efforts to diversify its export base.
On the import front, total imports grew to $3.68 billion in October from $3.35 billion in September. Oil imports totaled $8.99 billion, while non-oil imports rose to $3.85 billion, reflecting increasing domestic demand.
Despite the strong export performance, Ghana’s gross international reserves declined slightly from $7.83 billion in September to $7.68 billion in October. However, the country maintained a stable import cover of 3.5 months, ensuring resilience against external shocks.
This trade performance underscores Ghana’s ability to leverage its export potential while navigating global economic challenges effectively.
