Ghana’s Trade Surplus Hits Record $5B in 2024 on Gold Boom

BREAKING NEWSJanuary 27, 2025 at 2:16 PM UTC

TLDR

Bank of Ghana reported a trade surplus of $5 billion in 2024, up from $2.7 billion the previous yea
The trade account improved to 5.9% of GDP from 3.5%, reflecting gains that could support Ghana’s currency
Total exports rose to $20.2 billion, while imports increased modestly to $15.2 billion.

The Bank of Ghana reported a trade surplus of $5 billion in 2024, up from $2.7 billion the previous year, driven by a 50% surge in gold exports to $11.6 billion. Total exports rose to $20.2 billion, while imports increased modestly to $15.2 billion.

The trade account improved to 5.9% of GDP from 3.5%, reflecting gains that could support Ghana’s currency, the cedi, which has struggled against the dollar, losing 3.2% in value after Donald Trump’s U.S. presidential victory.

Cocoa exports declined from $2.2 billion to $1.7 billion, while oil exports saw a modest rise to $3.9 billion. The current account balance rose from 1.8% to 4.2% of GDP, with remittances increasing to $6.7 billion.

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Key Takeaways

Ghana’s strong trade performance, driven by gold exports and increased remittances, has improved reserves to $9 billion and expanded the Bank of Ghana’s gold holdings to 30.5 tons. However, public debt remains high at $48.5 billion, or 72.2% of GDP. The financial sector also showed growth, with loans rising 24.3% year-over-year to 95.7 billion cedis and mobile money transactions climbing to 334.8 billion cedis in December 2024. These indicators highlight a mixed picture: while trade and financial inflows support recovery, structural challenges, including debt sustainability and currency volatility, persist. Balancing growth with economic stability will be key for Ghana’s progress in 2025.

Ghana

Economy

Bank of Ghana

Trade Surplus

Gold Exports

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