Ghana achieved a notable trade surplus of $3.8 billion by the end of October 2024, as reported in the Bank of Ghana’s recent Summary of Economic and Financial Data for November 2024. This accomplishment highlights the nation’s consistent export growth, even amidst challenging global economic circumstances.
The surplus indicates a favorable balance between exports and imports, propelled by strong performances in essential export commodities, particularly gold, cocoa, and oil. Gold exports experienced a significant increase, rising to $9.58 billion in October from $8.44 billion in September. Cocoa, a vital element of Ghana’s export sector, also saw substantial growth, with revenues escalating from $989 million in September to $1.15 billion in October. This growth can be attributed to favorable global market conditions and enhancements in supply chain efficiencies.
Oil exports mirrored this upward trend, with earnings climbing from $3.05 billion in September to $3.33 billion in October. Additionally, non-traditional exports contributed $2.45 billion, reflecting the country’s efforts to diversify its export base beyond conventional 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 significant factor, amounting to $8.99 billion by October. Non-oil imports also rose, reaching $3.85 billion, indicative of increased domestic demand for various goods and services.
Despite the strong export performance, Ghana’s gross international reserves experienced a slight decline, decreasing from $7.83 billion in September to $7.68 billion in October. Nonetheless, the country sustained a stable import cover of 3.5 months, which serves as an essential safeguard against potential external economic shocks.
