Ghana Achieves Record $5 Billion Trade Surplus in 2024 Driven by Gold Exports

Ghana Achieves Record $5 Billion Trade Surplus in 2024 Driven by Gold Exports

Ghana recorded a historic $5 billion trade surplus in 2024, bolstered by a sharp increase in gold exports, according to the Bank of Ghana.

The surplus marked a significant jump from the $2.7 billion recorded in 2023, underscoring the country’s financial progress.

Gold exports soared by more than 50% to $11.6 billion, solidifying the country’s reputation as a major gold producer.

This strong trade performance is expected to provide much-needed stability to Ghana’s economy, which has faced currency challenges in recent years.

The cedi, Ghana’s currency, recently depreciated by 3.2%, partly due to global dollar pressures following political shifts in the United States.

The Bank of Ghana reported an improvement in the trade account, which grew to 5.9% of GDP in 2024, up from 3.5% in 2023.

Key Report Highlights

  • Exports and Imports: Total exports rose from $16.7 billion in 2023 to $20.2 billion in 2024, while imports increased from $14 billion to $15.2 billion.
  • Sector Performance: Cocoa exports fell to $1.7 billion from $2.2 billion, while oil exports experienced a modest rise from $3.8 billion to $3.9 billion.
  • Current Account and Remittances: The current account balance increased from $1.4 billion (1.8% of GDP) to $3.5 billion (4.2% of GDP). Inward remittances also grew significantly, from $5.1 billion to $6.7 billion.
  • Reserves and Debt: Gross international reserves climbed to $9 billion at the end of 2024, up from $5.9 billion the previous year. The Bank of Ghana’s gold holdings also rose to 30.5 tons from 19.5 tons in 2023. Total public debt reached 736.9 billion cedis ($48.5 billion), representing 72.2% of GDP, a slight improvement from 72.5% in 2023.

Banking Sector and Mobile Transactions

  • Loans and Advances: Loans increased from 77 billion cedis to 95.7 billion cedis, with annual loan growth accelerating to 24.3% in December 2024 from 13.8% the previous year.
  • Mobile Money: Monthly mobile money transactions surged to 334.8 billion cedis in December 2024, up from 199.3 billion cedis in December 2023.

With robust export performance and improved fiscal indicators, Ghana’s 2024 trade surplus signals a positive step toward economic recovery and resilience.

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