Ghana ends 2024 with $5bn trade surplus, $9bn in gross international reserves — BoG report

Ghana recorded a significant trade surplus of $4.98 billion in December 2024, nearly doubling the $2.69 billion surplus recorded during the same period in 2023. This strong performance is highlighted in the Bank of Ghana’s January 2025 Summary of Economic and Financial Data.

The impressive trade balance was primarily driven by a sharp rise in gold exports, which surged by 53.2% year-on-year to $11.64 billion.

Overall, total exports rose by 21.06%, reaching $20.22 billion. However, not all export sectors performed equally well.

Oil exports experienced a marginal decline of 0.7%, totaling $3.68 billion.

Cocoa exports saw a notable drop, falling from $2.15 billion in December 2023 to $1.7 billion in 2024.

Analysts attribute this decline to challenges such as extreme weather conditions and illegal mining activities affecting production.

On the import side, Ghana’s total import bill rose to $15.24 billion, up from $14 billion in December 2023.

Despite this increase, the trade surplus highlights the country's improved export performance, particularly in the mining sector.

In addition to the trade surplus, Ghana’s gross international reserves stood at $8.98 billion at the end of 2024 which translated into four months of import cover.

It was an increase from the $7.88 billion in November 2024 and the $5.90 billion compared to December 2023.

-Citinewsroom