Ghana Achieves GH₵3.9 Billion Trade Surplus in Q3 2024

The Ghana Statistical Service (GSS) has announced that Ghana recorded a trade surplus of GH₵3.9 billion in the third quarter of 2024. During this period, exports reached GH₵74.8 billion, while imports stood at GH₵70.9 billion.

This performance marked a significant turnaround compared to the third quarter of 2023, which saw a trade deficit of GH₵2.3 billion.

In US dollar terms, total trade for the quarter amounted to $9.6 billion, comprising $4.9 billion in exports and $4.7 billion in imports.

Gold Dominates Exports

Gold bullion emerged as Ghana’s top export in Q3 2024, valued at GH₵46.5 billion. This value was more than four times higher than the second-leading export, crude petroleum, which was worth GH₵11.6 billion.

The top five export products—gold, crude petroleum, cocoa paste, manganese ores, and tuna—collectively accounted for 83.2% of total exports.

The export share of gold rose significantly from 42.5% in Q3 2023 to 62.1% in Q3 2024. Conversely, the share of mineral fuels and oils dropped by nearly half, while the share of cocoa beans and related products slightly declined from 4.8% to 4.6% over the same period.

Key Import Categories

Mineral fuels and oils were the leading import category in Q3 2024, with the top two products in this group totaling GH₵12.9 billion. Gas oil alone accounted for GH₵7.0 billion. Overall, mineral fuels and oils made up 22.3% of total imports.

Machinery and electrical equipment represented a notable share of imports at 16.3%, while cereal grains ranked fifth, contributing 1.7% to the total.

Export-Import Concentration

Ghana’s exports were highly concentrated, with the top five products contributing 83.2% of total exports. In contrast, imports were more diversified, with the top five products accounting for 24.8% of total imports.

Source: TheDotNews