Ghana recorded a remarkable trade surplus of $3.8 billion by the end of October 2024, as reported in the Bank of Ghana’s November 2024 Summary of Economic and Financial Data.
This achievement highlights the nation’s resilience in driving export growth despite global economic challenges.
The surplus reflects a favourable balance of trade, fueled by strong performances in key export sectors, including gold, cocoa, and oil.
Gold exports surged impressively, reaching $9.58 billion in October, up from $8.44 billion in September.
Cocoa, a cornerstone of Ghana’s export economy, saw revenues increase from $989 million in September to $1.15 billion in October, supported by favourable global market conditions and improved supply chains.
Oil exports also followed an upward trajectory, with earnings rising from $3.05 billion in September to $3.33 billion in October. Non-traditional exports further boosted the economy, contributing $2.45 billion as part of Ghana’s diversification efforts.
On the import side, total imports climbed to $3.68 billion in October from $3.35 billion in September. Oil imports remained significant, reaching $8.99 billion by October, while non-oil imports increased to $3.85 billion, reflecting rising domestic demand.
Despite these gains, Ghana’s gross international reserves declined slightly, from $7.83 billion in September to $7.68 billion in October.
However, the country maintained a stable import cover of 3.5 months, ensuring a critical buffer against external shocks.
Source: Adomonline
