Ghana’s trade surplus reached an impressive $3.8 billion at the end of October 2024, according to the Bank of Ghana’s latest Summary of Economic and Financial Data for November 2024.
This achievement underscores the country’s sustained export growth despite challenging global economic conditions.
The surplus reflects a positive balance between exports and imports, driven by robust performances in key export commodities, particularly gold, cocoa, and oil.
Gold exports saw a remarkable surge, climbing to $9.58 billion in October from $8.44 billion in September. Cocoa, a cornerstone of Ghana’s export portfolio, also experienced significant growth, with revenues rising from $989 million in September to $1.15 billion in October.
This increase is attributed to favourable global market dynamics and improvements in supply chain efficiencies.
Oil exports followed a similar upward trajectory, with earnings increasing from $3.05 billion in September to $3.33 billion in October.
Meanwhile, non-traditional exports contributed $2.45 billion, highlighting efforts to diversify beyond traditional commodities.
On the import side, total imports rose to $3.68 billion in October, up from $3.35 billion in September. Oil imports remained a significant component, totalling $8.99 billion by October. Non-oil imports also grew, reaching $3.85 billion, reflecting heightened domestic demand for goods and services.
Despite the robust export performance, Ghana’s gross international reserves dipped slightly, falling from $7.83 billion in September to $7.68 billion in October.
Nevertheless, the country maintained a stable import cover of 3.5 months, providing a critical buffer against potential external shocks.
