Ghana Records GH₵3.9 Billion Trade Surplus in Q3 2024

The Ghana Statistical Service (GSS) has announced that Ghana recorded a trade surplus of GH₵3.9 billion in the third quarter of 2024. This marks a significant turnaround from the GH₵2.3 billion trade deficit recorded in the same period last year.

According to the GSS, exports in Q3 2024 amounted to GH₵74.8 billion, while imports totaled GH₵70.9 billion. In US dollar terms, the total trade volume reached US$9.6 billion, comprising US$4.9 billion in exports and US$4.7 billion in imports.

Gold bullion emerged as the top export product, valued at GH₵46.5 billion, which is more than four times the value of the second-highest export, crude petroleum, at GH₵11.6 billion. The top five export products – gold, crude petroleum, cocoa paste, manganese ores, and tuna – collectively accounted for 83.2% of total exports.

The share of gold exports rose significantly from 42.5% in Q3 2023 to 62.1% in Q3 2024. Conversely, the share of mineral fuels and oils in exports has nearly halved over the same period. The export share of cocoa beans and products also saw a slight decline from 4.8% to 4.6%.

In terms of imports, the top two products, both within the category of mineral fuels and oils, totaled GH₵12.9 billion, with gas oil leading at GH₵7.0 billion. Overall, mineral fuels and oils accounted for 22.3% of total imports. Machinery and electrical equipment made up 16.3% of total imports, while cereal grains were the fifth-largest import, accounting for 1.7%.

Export products showed higher concentration, with the top five accounting for 83.2% of exports, compared to a more diversified import portfolio, with the top five imports constituting 24.8%.

This trade surplus reflects Ghana’s robust export performance, particularly in the gold sector, and underscores the country’s evolving trade dynamics.