Trade surplus soars to GH?44.7bn in 2024

…but real trade deficit persists

By Juliet ETEFE ([email protected])

The country recorded a significant trade surplus of GH?44.7 billion in 2024, an eight-fold increase from the GH?5.3billion excess of 2023, according to the latest trade report.

The report, presented by Government Statistician Prof. Samuel Kobina Annim, noted that the surge was driven by strong export performance, particularly in gold, minerals, fuels & oils and cocoa beans and products.

“The findings highlight Ghana’s increasing export strength, with total exports reaching GH?294.9billion compared to imports of GH?250.2billion. This resulted in a trade surplus of GH?44.7billion, increasing astronomically in comparison to the previous year’s performance,” the Government Statistician noted.

However, despite this nominal surplus the country continues to face a real trade deficit, raising concerns about long-term sustainability of the trade dynamics.

This indicates that while the figures reflect strong export growth, inflationary pressures and rising commodity prices were the primary factors driving higher export values rather than actual increases in production.

“While Ghana’s total trade value increased from GH?186billion in 2023 to                  GH?294.9billion in 2024, the gains were largely driven by rising global commodity prices rather than actual increases in production or export volume.

“In 2024, Ghana’s real trade balance recorded a deficit of GH?4.7billion, in contrast to a nominal trade surplus of GH?44.7billion. After posting real trade surpluses of           GH?1.9billion in 2022 and GH?1.4billion for 2023, the trade balance reverted to a deficit of GH?4.7billion in 2024,” the report stated.

Exports dominate

The major export commodities – gold, minerals, fuels & oils and cocoa beans and products – accounted for 83.4 percent of total exports.

“Three products accounted for 83.4 percent of all exports in 2024: gold                           (GH?163billion), mineral fuels & oils (GH?54.2billion) and cocoa beans and products (GH?28.6billion) compared to 80.6 percent in 2023. The share of mineral fuels & oil imports, decreased from 32.1 percent in 2023 to 25.7 percent in 2024 despite an increase in value of GH?6.3billion,” the reported expatiated.

Gold remained Ghana’s top export commodity, with three countries – Switzerland (36.5%), the UAE (36.5%) and South Africa (18.0%) – receiving 91% of total gold exports.

Meanwhile, cocoa products were exported mainly to the Netherlands (29.3%), the United States (11.5%), Malaysia (7.6%) and Spain (7.5%). Meanwhile, China, Canada and South Africa accounted for nearly 60% of Ghana’s petroleum exports.

Imports remain high

On the import side, the country’s biggest expenditure remained on mineral fuels & oils, which accounted for 25.7 percent of total imports – down from 32.1 percent in 2023. Other key imports included machinery, electrical equipment, vehicles and chemical products

Asia dominated Ghana’s imports, with 49.5 percent of total imports coming from the continent. China remained Ghana’s largest import partner, contributing 45.9 percent of total imports followed by the UAE (17.7 percent) and India (13.7 percent). China was also the leading source for iron and steel (65.2 percent), machinery and electrical equipment (44.0 percent), plastics (33.4 percent) and vehicles (25.5 percent).

 

Key partners and policy implications

The country’s exports continue to be highly concentrated in a few countries, with five key nations – the UAE, Switzerland, South Africa, Brazil and the United States – accounting for more than 50 percent of exports to their respective regions.

Similarly, China dominates imports across multiple product categories, raising concerns about over-reliance on a limited number of trade partners.

The report also highlighted concerns regarding high food import bill, which rose from GH?26.7billion in 2023 to GH?38.9billion in 2024. Food inflation remains a major concern, emphasising the need for stronger investment in local food production and agribusiness.

The road ahead

As the country seeks to sustain its positive trade balance, experts caution that long-term growth depends on diversifying exports beyond gold and cocoa while reducing reliance on imports from key Asian economies. The report also underscores the need for policies that promote value addition in agriculture and industry, rather than continued dependence on raw commodity exports.

Additionally, with  the African Continental Free Trade Area’s (AfCFTA) establishment, Ghana has an opportunity to expand intra-African trade and reduce its dependence on a limited number of global trading partners. However, achieving this will require strategic investments in infrastructure, manufacturing and regional trade policies.

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