Ghana’s trade sector demonstrated remarkable resilience and growth in 2024, with exports surpassing imports by GH₵ 44.7 billion, marking a significant improvement from the GH₵ 5.3 billion trade surplus recorded in 2023. The latest Ghana 2024 Trade Report from the Ghana Statistical Service highlights an increasingly competitive export sector that has propelled the country toward economic stability and expansion.
Throughout 2024, Ghana’s total exports amounted to GH₵ 294.9 billion, exceeding imports of GH₵ 250.2 billion. Notably, the country’s trade balance improved eightfold compared to 2023, reflecting sustained growth in export-driven industries. Monthly trade data further illustrates this progress, with exports consistently recording higher increases than imports.
The highest monthly trade surplus was recorded in December (GH₵ 7.5 billion), while May was the only month with a trade deficit (GH₵ 1.7 billion). November saw the highest trade value of GH₵ 60.2 billion, underscoring the steady expansion of Ghana’s trade sector.
Key Export Drivers
Three key commodities accounted for 83.4% of Ghana’s total exports in 2024:
• Gold – GH₵ 163.0 billion
• Mineral fuels and oils – GH₵ 54.2 billion
• Cocoa beans and products – GH₵ 28.6 billion
This marks an increase from 80.6% in 2023, reaffirming Ghana’s stronghold in gold, energy, and cocoa exports.
Ghana’s commitment to regional trade integration was evident in its trade relations with 52 African countries, where it recorded a trade surplus of GH₵ 32.1 billion, up from GH₵ 20.7 billion in 2023. As the host of the African Continental Free Trade Area (AfCFTA) Secretariat, Ghana continues to lead Africa’s economic cooperation efforts, fostering stronger intra-African trade ties.
Trade With Neighboring Countries
Ghana maintained a strong export position with neighboring countries, recording a surplus in trade with Burkina Faso, Côte d’Ivoire, and Togo.
• Burkina Faso: Exports – GH₵ 7.4 billion, Imports – GH₵ 3.6 billion
• Côte d’Ivoire: Exports – GH₵ 3.9 billion, Imports – GH₵ 1.5 billion
• Togo: Exports – GH₵ 3.4 billion, Imports – GH₵ 1.8 billion
These figures reinforce Ghana’s trade dominance in the West African sub-region.
Ghana’s 2024 trade performance underscores a stable and thriving trade economy, with exports consistently outpacing imports. The strong trade surplus reflects the country’s growing competitiveness in global markets, positioning it for sustained economic growth and development.