As of October 2024, Ghana has achieved a significant trade surplus of $3.8 billion, according to the Bank of Ghana’s latest Summary of Economic and Financial Data for November 2024.
This reflects the country’s continued export growth despite challenging global economic conditions.
The surplus is driven by strong performances in key export sectors, including gold, cocoa, and oil. Gold exports saw a notable rise, reaching $9.58 billion in October, up from $8.44 billion in September.
Cocoa revenues also increased, climbing from $989 million in September to $1.15 billion in October. Oil export revenues rose from $3.05 billion in September to $3.33 billion in October.
Additionally, other exports contributed $2.45 billion, demonstrating Ghana’s efforts to diversify beyond traditional commodities and strengthen its economic position.
Total imports rose from $3.35 billion in September to $3.68 billion in October.
Oil imports accounted for a significant $8.99 billion by October while non-oil imports also grew to $3.85 billion, reflecting increased demand for goods and services.
Despite the positive export numbers, Ghana’s gross international reserves dropped slightly from $7.83 billion in September to $7.68 billion in October.
However, the import cover remained stable at 3.5 months, signaling a cushion against potential external shocks.
