Ghana’s trade story in 2024 is one of remarkable transformation. For years, the country has battled a persistent trade imbalance, importing far more than it exported. But in an unexpected shift, Ghana ended the year with a record trade surplus of GH₵44.7 billion; eight times higher than the previous year.
This turnaround was fueled by a surge in gold, petroleum, and cocoa exports, alongside changing import patterns and increasing trade within Africa under the Africa Continental Free Trade Agreement (AfCFTA).
The 2024 Trade Full Year Report from the Ghana Statistical Service (GSS) offers a deep dive into this shift, painting a picture of an economy that is making strategic gains but still faces critical challenges. The numbers tell a compelling story: exports hit GH₵294.9 billion, surpassing the GH₵250.2 billion spent on imports. Ghana has moved into a new phase where it is selling more to the world, but can this momentum be sustained?
Gold Reigns Supreme as Exports Boom
One thing was clear in 2024; Ghana’s gold is more valuable than ever. The metal brought in GH₵163 billion, making up more than half of the country’s total exports. Switzerland, the United Arab Emirates (UAE), and South Africa were the biggest buyers, reinforcing Ghana’s status as a top global gold supplier.
Beyond gold, petroleum exports hit GH₵54.2 billion, while cocoa and its derivatives generated GH₵28.6 billion. The Netherlands remained the largest buyer of Ghana’s cocoa, with the United States, Malaysia, and Spain also playing key roles. With demand for these commodities rising on the global market, Ghana found itself in a strong position to capitalize.
This shift toward export dominance marks a significant moment for Ghana. For decades, the country has been heavily reliant on imports, but 2024 showed that it can hold its own in global trade.
Imports Shift as Ghana Buys Smarter
While exports soared, Ghana’s approach to imports saw some interesting changes. The share of mineral fuel and oil imports dropped from 32.1% in 2023 to 25.7% in 2024, signaling a shift in how the country sources its energy needs. Diesel and light oils still topped the list of imported goods, but there was a noticeable decline in petroleum-related purchases.
China remained Ghana’s biggest import partner, sending GH₵50 billion worth of goods, including machinery, electrical equipment, and vehicles. But an interesting development emerged, Nigeria and Morocco overtook Togo and Côte d’Ivoire as key suppliers, reflecting Ghana’s evolving regional trade strategy.
AfCFTA Brings Africa Closer
Ghana’s growing trade ties within Africa tell a promising story. Under AfCFTA, exports to Africa hit GH₵59.5 billion, more than double the GH₵27.4 billion spent on imports from the continent.
South Africa led the pack, receiving 60.5% of Ghana’s exports to the continent, while Burkina Faso, Côte d’Ivoire, and Togo remained strong trade partners.
Meanwhile, Egypt and Nigeria solidified their positions as major suppliers of goods to Ghana, further integrating West Africa’s economies.
The growing trade surplus with Africa highlights Ghana’s ability to compete within the region, moving beyond traditional trade routes and deepening economic ties across the continent.
Trading With Neighbors: A Tale of Two Trends
Trade with Burkina Faso, Côte d’Ivoire, and Togo continued to favor Ghana, with exports far exceeding imports.
Burkina Faso alone bought GH₵7.4 billion worth of Ghanaian goods, mostly iron and steel, while Côte d’Ivoire’s imports of Ghanaian products, including gin, napkins, and paving tiles, totaled GH₵3.9 billion. Togo followed with GH₵3.4 billion in purchases, led by steel and industrial materials.
On the import side, Burkina Faso supplied shea nuts and shea oil, Côte d’Ivoire sent petroleum bitumen and palm oil, and Togo provided diesel and cement clinkers. While Ghana remains a key player in regional exports, these trade patterns raise questions about why Ghana continues to rely on neighboring countries for key agricultural and industrial inputs.
Food Trade: Cocoa Still King, but Imports Raise Concerns
Despite its strong export performance, Ghana’s dependence on imported food remains a concern. Food exports reached GH₵46.1 billion, dominated by cocoa, cashew nuts, tuna, and shea butter. At the same time, food imports climbed to GH₵38.9 billion, largely made up of cereal grains, frozen poultry, and sugar.
The worrying trend is that over half of Ghana’s food imports came from just three countries, highlighting a growing reliance on external food supplies. Despite Ghana’s vast agricultural resources, it continues to spend billions on imported food, raising questions about how to strengthen domestic food production and reduce dependency on imports.
What This Means for Ghana’s Economy
The numbers from 2024 tell an encouraging story: Ghana is shifting towards an export-driven economy. The record trade surplus is a milestone, but the country still faces key challenges. While exports are growing, they remain heavily concentrated in raw materials, such as gold, crude oil, and cocoa, with little value-added processing.
Industrialization and local manufacturing will be critical to sustaining Ghana’s trade success. Without it, the country risks remaining a supplier of raw materials while continuing to import finished goods at high costs.
There is also the issue of food security. Ghana’s increasing reliance on imported food suggests an urgent need for agricultural investment, infrastructure improvements, and better local production policies to ensure long-term sustainability.
The challenge now is not just to maintain Ghana’s trade momentum, but to transform it into lasting economic growth.
