Ghana achieved a remarkable trade surplus of $3.8 billion by the end of October 2024, according to the Bank of Ghana’s November 2024 Summary of Economic and Financial Data. This milestone highlights the nation’s sustained export growth amid challenging global economic conditions.
The surplus reflects a strong balance between exports and imports, driven by significant gains in key export commodities such as gold, cocoa, and oil. Gold exports led the charge, soaring to $9.58 billion in October from $8.44 billion in September. Cocoa exports also experienced substantial growth, with revenues rising from $989 million to $1.15 billion over the same period, attributed to favorable global market dynamics and improved supply chain efficiencies. Oil exports followed suit, increasing from $3.05 billion in September to $3.33 billion in October.
Additionally, non-traditional exports contributed $2.45 billion, underscoring efforts to diversify Ghana’s export portfolio beyond traditional commodities.
On the import front, total imports increased to $3.68 billion in October, up from $3.35 billion in September. Oil imports remained a dominant factor, reaching $8.99 billion by October, while non-oil imports grew to $3.85 billion, reflecting a rise in domestic demand for goods and services.
Despite the robust export performance, Ghana’s gross international reserves dipped slightly, declining from $7.83 billion in September to $7.68 billion in October. However, the country maintained a stable import cover of 3.5 months, offering a critical safeguard against potential external shocks.
