The Ghana Statistical Service (GSS) has announced that the country recorded a trade surplus of GH₵3.9 billion in the third quarter of 2024. This significant improvement marks a turnaround from a trade deficit of GH₵2.3 billion in the same quarter of 2023.
According to the GSS, exports in the third quarter of 2024 totalled GH₵74.8 billion, while imports amounted to GH₵70.9 billion. In US dollar terms, the total trade value was US$9.6 billion, comprising US$4.9 billion in exports and US$4.7 billion in imports.
Gold Bullion Leads Exports
Gold bullion emerged as the top export product in the third quarter of 2024, valued at GH₵46.5 billion. This figure is more than four times the value of the second-highest export, crude petroleum, which was valued at GH₵11.6 billion. The top five export products – gold, crude petroleum, cocoa paste, manganese ores, and tuna – accounted for 83.2% of total exports.
The export share of gold increased significantly from 42.5% in the third quarter of 2023 to 62.1% in the same quarter of 2024. In contrast, the share of mineral fuels and oils decreased by approximately half over the same period. The share of cocoa beans and products also decreased from 4.8% to 4.6%.
Imports Dominated by Mineral Fuels and Oils
In the third quarter of 2024, the top two import products, both within the category of mineral fuels and oils, totalled GH₵12.9 billion. Gas oil led with a value of GH₵7.0 billion. Overall, mineral fuels and oils accounted for 22.3% of total imports. Cereal grains were the fifth-largest import, accounting for 1.7% of imports, while machinery and electrical equipment contributed 16.3% to total imports.
The GSS noted that export products are more concentrated, with the top five accounting for 83.2% of total exports, compared to 24.8% for imports.
