Ghana recorded a real trade deficit of GH¢4.7 billion in 2024, despite achieving a nominal trade surplus of GH¢44.7 billion. This is according to the Ghana Statistical Service’s (GSS) full-year trade report.
The disparity highlights the effect of inflation and currency volatility on the country’s actual trade performance.
While nominal trade data showed exports reaching GH¢294.9 billion, outpacing imports of GH¢250.2 billion, inflation-adjusted figures told a different story, revealing Ghana’s trade balance slipped into deficit territory after two years of modest real surpluses.
In 2022 and 2023, Ghana posted real trade surpluses of GH¢1.9 billion and GH¢1.4 billion, respectively. However, the 2024 reversal marks a concerning shift, with domestic price pressures eroding the real value of trade gains.
The report underscores the importance of viewing trade performance through both nominal and real lenses. While high export prices, particularly for gold, crude oil, and cocoa, bolstered the headline surplus, their real purchasing power gains were offset by inflationary impacts on imports and weakening terms of trade.
The findings raise questions about the resilience of Ghana’s external sector amid persistent macroeconomic challenges. From the GSS report, over-reliance on commodity exports leaves the economy vulnerable to price fluctuations, real trade metrics offer a more accurate picture of Ghana’s exposure to global and domestic cost pressures.
As Ghana works to stabilise its currency and improve export diversification, the gap between nominal and real trade outcomes serves as a reminder that strong figures on paper may not always translate into real economic gains.
