- Ghana recorded a GH₵44.7 billion trade surplus in 2024, a significant rise from GH₵5.3 billion in 2023, driven largely by strong performances in gold, crude oil, and cocoa exports.
- Gold was the top export commodity, contributing 55.3% of total exports valued at GH₵163 billion, with Switzerland, the UAE, and South Africa emerging as the leading buyers.
- Mineral fuels and oils remained Ghana’s most imported goods, accounting for 25.7% of total imports, primarily diesel and motor spirit sourced from the UAE, UK, and Switzerland.
- Ghana’s trade with Asia saw substantial growth, with exports to the region increasing by 7.6%, mainly to the UAE (53.1%) and China (19.1%), while imports from Asia, especially China, rose by 8.3%.
- Intra-African trade posted a GH₵32.1 billion surplus, led by exports to South Africa (60.5%) and Burkina Faso (12.4%), reflecting growing regional trade under AfCFTA.
- Among neighbouring countries, Burkina Faso led in receiving Ghana’s exports, particularly iron and steel products valued at GH₵7.4 billion, while Togo accounted for 43.2% of Ghana’s diesel imports.
- Cocoa products made up 62.1% of Ghana’s food exports, while the country relied heavily on imported grains, meat, and sugar, 53.6% of total food imports, mainly from Asia and Europe.
- Three primary commodities, gold, crude oil, and cocoa, accounted for 83.4% of Ghana’s total exports, exposing the economy to risks associated with lack of diversification.
- Despite the large nominal trade surplus, Ghana recorded a real trade deficit of GH₵4.7 billion in 2024, due to currency volatility and high import dependence.
- The report recommends prioritizing export diversification, boosting local vegetable production to reduce reliance on Burkina Faso, and maximizing opportunities under the AfCFTA for regional trade expansion.
So what?
Ghana’s trade strength lies in raw materials, but value addition and market expansion are critical for sustainable growth.
