Ghana’s international trade sector experienced a historic turnaround in 2024, with the nation recording a trade surplus of GH₵44.7 billion a staggering increase from the GH₵5.3 billion surplus reported in 2023. According to the Ghana Statistical Service’s (GSS) newly released Trade Report, this surge is largely attributable to Ghana’s strengthening export performance in key sectors such as gold, crude petroleum, and cocoa products.
Total exports for the year reached GH₵294.9 billion, far surpassing the GH₵250.2 billion in imports. Gold bullion exports, which amounted to GH₵163 billion and accounted for 55.3% of total exports, continued to be the main driver behind the impressive figures. Key markets for gold included Switzerland, the United Arab Emirates, and South Africa. Complementing gold, crude petroleum exports brought in GH₵52.6 billion, while cocoa beans added GH₵14.9 billion to the nation’s export earnings.
On the import side, the profile shifted slightly as energy products and machinery maintained their dominance. Although mineral fuels and oils remained a significant category, their share of total imports declined from 32.1% in 2023 to 25.7% in 2024. Major imported items were diesel, light oils, motor spirit, and crude petroleum. China emerged as Ghana’s largest import partner, with import values increasing from GH₵33.9 billion in 2023 to GH₵56.8 billion in 2024. The United Arab Emirates, the United Kingdom, and India also featured prominently among Ghana’s key import sources.
Ghana’s regional trade dynamics reflected a similar upward trajectory. Exports to other African nations climbed to GH₵59.5 billion, while imports from the continent totaled GH₵27.4 billion, leading to an intra-African trade surplus of GH₵32.1 billion,an increase from GH₵20.7 billion the previous year. South Africa remained the foremost destination for Ghana’s intra-African exports, absorbing 60.5% of exports to the region. Meanwhile, countries such as Burkina Faso, Côte d’Ivoire, and Togo continued to serve as important trade partners. The African Continental Free Trade Area (AfCFTA) further augments these opportunities, offering potential for broader market expansion even as the number of African trading partners slightly decreased compared to 2023.
In the food trade sector, cocoa maintained its strong position. Cocoa beans and cocoa paste collectively contributed over 46.7% of total food exports, with the Netherlands emerging as the principal destination, capturing 29.3% of these exports. Other food items, including cashew nuts, tuna, and shea butter, also performed well. Despite the robust performance in exports, Ghana remains heavily reliant on food imports. A significant portion of these imports, 53.6%, comprises grains, fats and oils, cereals, meat, sugar, and fish, signaling potential for increased local agricultural investment and a drive toward enhanced import substitution.
Implications on the Business Community
The findings of the 2024 Trade Report carry important implications for policymakers and the broader business community. The findings suggest that efforts should be focused on boosting export value addition by shifting from raw material exports to more value-added products, particularly in sectors such as gold, cocoa, and cashew processing.
This approach is seen as a means to generate additional revenue and create more job opportunities. There is also need for expanding market access by deepening participation in AfCFTA and forging new trade partnerships beyond traditional markets. In tandem, enhancing import substitution through the promotion of local manufacturing is viewed as a critical strategy to reduce dependence on imported food and energy products. Addressing currency fluctuations to achieve exchange rate stability is another priority, as this would further enhance trade competitiveness and attract additional foreign investment.
Ghana’s record-breaking trade surplus in 2024 not only underscores the nation’s export strength but also highlights the transformative potential of strategic policy interventions. With careful planning and sustained efforts to diversify its trade portfolio, Ghana is well-positioned to continue its upward trajectory in the global market, fostering long-term economic growth and resilience amid evolving international market trends.
