Ghana Records Trade Surplus of GH₵3.9bn in Q3 2024

Ghana has achieved a remarkable trade surplus of GH₵3.9 billion in the third quarter of 2024, marking a significant recovery in the country’s trade balance.

According to the Ghana Statistical Service (GSS), exports in this period reached GH₵74.8 billion, while imports totalled GH₵70.9 billion, signalling a positive shift from the previous year.

This surplus stands in sharp contrast to the trade deficit of GH₵2.3 billion recorded in the same quarter of 2023, highlighting a strong year-on-year turnaround.

When converted to US dollars, Ghana’s total trade amounted to US$9.6 billion, with exports at US$4.9 billion and imports at US$4.7 billion.

The biggest contributor to this export performance was gold bullion, which accounted for a significant GH₵46.5 billion.

This single commodity made up a dominant share of total exports, with its value more than four times that of crude petroleum, the second-highest export product, valued at GH₵11.6 billion.

In total, the top five exports—gold, crude petroleum, cocoa paste, manganese ores, and tuna—represented 83.2% of all exports.

The gold sector’s share of total exports has grown impressively, from 42.5% in Q3 2023 to 62.1% in Q3 2024.

Meanwhile, the export share of cocoa and mineral fuels has seen a slight decrease, with cocoa falling from 4.8% to 4.6%.

On the import side, mineral fuels and oils were the top categories, totalling GH₵12.9 billion, with gas oil leading the charge at GH₵7.0 billion.

Notably, machinery and electrical equipment contributed 16.3% to imports, while cereal grains made up 1.7% of the total.

This trade surplus is an encouraging sign for Ghana’s economy, indicating that the nation’s export sector continues to perform strongly while imports remain manageable.