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Ghana posted an impressive trade surplus of $4.98 billion in December 2024, nearly double the $2.69 billion surplus recorded during the same period in 2023. This positive development was outlined in the Bank of Ghana’s January 2025 Summary of Economic and Financial Data.
The surplus was largely driven by a remarkable 53.2% year-on-year increase in gold exports, which totaled $11.64 billion. Overall, the country’s total exports grew by 21.06%, reaching $20.22 billion.
Despite the strong performance in gold, other export sectors showed mixed results. Oil exports experienced a slight decrease of 0.7%, dropping to $3.68 billion. Meanwhile, cocoa exports saw a significant decline, falling from $2.15 billion in December 2023 to $1.7 billion in December 2024. Analysts attribute the drop in cocoa exports to adverse weather conditions and the disruptive effects of illegal mining on production.
On the import side, Ghana’s total import bill rose to $15.24 billion, up from $14 billion in December 2023. However, the country’s robust export performance, particularly in gold, offset the increase in imports, allowing Ghana to achieve a substantial trade surplus.
Additionally, Ghana’s gross international reserves improved, reaching $8.98 billion at the close of 2024, providing four months of import cover. This marks an increase from $7.88 billion in November 2024 and $5.90 billion in December 2023.
The significant trade surplus and strengthened international reserves reflect Ghana’s strong performance in the mining sector and its resilience in tackling economic challenges.
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