Gold, crude oil, and cocoa drive Ghana’s export boom, securing GH₵44.7 billion trade surplus

Ghana’s export sector witnessed remarkable growth in 2024, with total exports hitting GH₵294.9 billion, surpassing imports of GH₵250.2 billion. This resulted in a trade surplus of GH₵44.7 billion, signaling a strong economic performance.

Key export drivers

Gold: Maintained its dominance, generating GH₵162.99 billion and accounting for 55.3% of total exports.
Crude Petroleum Oils: Contributed GH₵52.58 billion, representing 17.8% of export earnings.
Cocoa Products: Including superior quality raw beans and cocoa paste, brought in GH₵21.55 billion, making up 8.4% of total revenue.

Economic growth and policy initiatives

The export boom has played a crucial role in Ghana’s economic recovery, with GDP growth averaging 5.8% in the first half of 2024, a significant improvement from 2.9% recorded in 2023.

To further solidify this progress, the government is actively engaging in economic policy revisions. A national economic dialogue was held in March to discuss strategies for reversing economic stagnation while maintaining fiscal discipline. This includes reviewing existing financial agreements to ensure sustainable economic growth.

By: Linda Akite