Ghana recorded a trade surplus of GH₵3.9 billion in the third quarter of 2024, according to provisional data from the Ghana Statistical Service.
The total trade value stood at GH₵145.7 billion, with exports contributing GH₵74.8 billion and imports accounting for GH₵70.9 billion. This positive trade balance highlights the resilience of Ghana’s export sector and its strategic trade partnerships amidst global economic uncertainties.
Gold dominated Ghana’s export landscape, earning GH₵46.5 billion and accounting for 62.1% of total exports. This performance far outpaced crude petroleum, the second-highest export product, which generated GH₵11.6 billion (15.5%).
Other key exports included cocoa paste (GH₵2 billion), manganese ore (GH₵2 billion), and tuna (GH₵0.6 billion). Together, these top five export products contributed 83.2% of total export revenues, underscoring the critical role of gold and a few key commodities in sustaining Ghana’s trade position.
The export share of gold rose significantly from 42.5% in Q3 2023 to 62.1% in Q3 2024, reflecting its growing importance in the export basket. However, the contribution of other export commodities, such as cocoa and mineral fuels declined over the same period, emphasizing the need for diversification to reduce dependence on gold.
On the import side, Ghana spent GH₵70.9 billion, with gas oil leading as the largest import product, valued at GH₵7 billion (9.9%). Motor spirit followed with GH₵5.9 billion (8.4%), while self-propelled bulldozers, shea nuts, and cereals made up smaller shares of the import bill.
Machinery and electrical equipment accounted for a significant 16.3% of total imports, driven by demand for industrial growth and infrastructure development. The concentration of imports in a few categories increased, with the top five products accounting for 32.7% of imports compared to 24.8% in the previous year.
Trade destinations played a pivotal role in Ghana’s export success. The United Arab Emirates emerged as the top destination, accounting for GH₵18.7 billion, or 25.1% of total exports. Other significant partners included Switzerland (18.7%), South Africa (15.3%), India (7.9%), and China (7.2%).
These five destinations collectively absorbed 74.2% of Ghana’s export products, reflecting strong trade ties with Asia and Europe. Asia alone accounted for 72.7% of exports in Q3 2024, continuing to surpass Europe as Ghana’s leading export market since Q4 2023.
China led as the top origin of imports, contributing GH₵17 billion, or 24% of total imports, followed by the United Kingdom with GH₵5.8 billion.
The United Arab Emirates, India, and the Netherlands rounded out the top five import sources, together accounting for 26.1% of Ghana’s import bill. Notably, nearly half (48.7%) of Ghana’s imports originated from Asia in Q3 2024, marking a slight decline of 2.1 percentage points from Q2.
While gold’s strong performance secured a favorable trade balance, the country’s heavy reliance on a single commodity exposes it to risks from global price fluctuations. Meanwhile, the increasing concentration of imports in essential goods highlights the need to strengthen domestic production capabilities, particularly in manufacturing and agriculture.
