Ghana recorded its first-ever trade surplus of $5 billion in 2024, driven by a significant rise in gold exports, according to data from the Bank of Ghana. The trade balance widened from $2.7 billion in 2023, reflecting a more than 50% increase in gold shipments, which reached $11.6 billion last year. As the top gold producer in Africa, this growth contributed to a stronger export performance, with total exports rising to $20.2 billion, up from $16.7 billion in 2023.
The surplus could help stabilize the cedi, which has depreciated by 3.2% against the US dollar this year, partially due to a stronger US currency following Donald Trump’s re-election. Ghana’s gross international reserves increased to $9 billion, providing four months of import cover, which could further support the cedi’s stability in the months ahead.
The favorable trade balance, combined with increased reserves, may provide crucial buffers for the economy as the nation navigates global financial pressures. Ghana’s current account balance also improved significantly, widening to $3.5 billion, or 4.2% of GDP, from $1.4 billion, or 1.8% of GDP, in the previous year.
In other key economic indicators, oil exports grew slightly to $3.9 billion, and inward remittances advanced to $6.7 billion from $5.1 billion in 2023. However, cocoa exports declined to $1.7 billion from $2.2 billion.
Ghana’s total public debt reached 736.9 billion cedis, or 72.2% of GDP, by the end of November, reflecting a rise from the previous year. Meanwhile, mobile money transactions surged, growing to 334.8 billion cedis in December 2024 from 199.3 billion cedis a year earlier, highlighting the expanding digital economy.
The combination of a strong trade surplus, improved reserves, and efforts to control public debt positions Ghana to potentially stabilize its currency and boost economic confidence.
