Ghana’s gold export prices surged by 73.8% in Q3 2024, boosting export earnings, while rising import costs may worsen inflation, especially for essential goods.
Ghana’s gold export prices experienced a remarkable 73.8% year-on-year increase in Q3 2024, according to data from the Ghana Statistical Service.
Quarter-on-quarter, gold export prices rose by 17.0%, cementing the commodity’s status as a major contributor to the country’s trade earnings.
The surge in gold prices was accompanied by growth in other key export categories, such as mineral fuels and oils, which recorded a 5.2% quarter-on-quarter increase and a 31.1% year-on-year rise.
Other export products also saw a 22.6% year-on-year price increase, reflecting broader positive trends in Ghana’s export performance.
On the import side, Ghana recorded significant price increases across several categories.
Machinery and electrical equipment imports rose by 7.7% quarter-on-quarter and 32.6% year-on-year, while vehicle and automotive parts saw a 8.8% quarterly rise and a 33.6% year-on-year increase. Other notable increases included:
- Vegetable products: Up 10.6% quarter-on-quarter and 35.3% year-on-year.
- Chemical products: Up 10.7% quarterly and 30.0% year-on-year.
- Plastics: Up 12.9% quarterly and 36.1% year-on-year.
These price hikes reflect global market dynamics and domestic demand for these products, adding to the cost of imports for businesses and consumers alike.
The sharp rise in gold export prices is expected to boost Ghana’s export earnings, providing much-needed foreign exchange to support the cedi. However, the corresponding increase in import prices could exacerbate inflationary pressures, particularly for machinery, vehicles, and essential goods like vegetable products.
Economists caution that while rising export prices are a positive development, the overall trade balance will depend on how the country manages increasing import costs.
