Ghana’s exports hit a record US$16.5 billion by Oct. 2024, achieving a US$3.8 billion trade surplus, boosting economic resilience and growth.
The value of total exports of the country as of October 2024 rose to US$16.5 billion marking a significant improvement in Ghana’s global trade.
The US$16.5 billion recorded in October this year is a record-breaking achievement, in 2024, demonstrating the resilience of the country’s export sector despite domestic and global economic threats.
The Bank of Ghana’s (BoG) latest Summary of Economic and Financial Data reveals a consistent export growth trajectory which has been steadily increasing monthly. From US$1.4 billion in January 2024, the value has steadily risen to US$16.5 billion in a period of 10 months. This 10-month rise represents a 1078% increase signifying huge export earnings for the economy.
This strong and resilient growth in exports was mainly driven by the strong performance in gold which was supported by steady growth in crude oil production, and cocoa exports, alongside diversification into Non-Traditional Export (NTE) products.
Total Imports on the other hand, also recorded steady growth but below the total exports leading to a trade surplus over the period.
As of October 2024, while total exports increased to US$16.5 billion, imports also increased to US$12.6 billion. This led to a significant trade balance of US$3.8 billion representing a whopping 4.6% of GDP which is unprecedented, at least in 2024.
Economists explain that this growing positive trade balance if sustained over time can help the country to accumulate foreign exchange which can stabilize the cedi, improve foreign reserves, and significantly reduce Ghana’s reliance on external borrowing.
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Moreover, such a trade surplus, if sustained, could provide revenue for the government to invest in critical infrastructure projects and programmes for the benefit of Ghanaians.
The gains made and their accompanied benefits make it imperative for the government to consciously sustain this momentum by addressing structural inefficiencies in the economy.
