Ghana recorded a trade surplus of $3.8 billion by the end of October 2024, demonstrating sustained export growth despite global economic challenges. This milestone, highlighted in the Bank of Ghana’s November 2024 Summary of Economic and Financial Data, underscores the country's resilience in maintaining a positive balance between exports and imports.

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The surplus was driven by strong performances in key export commodities, including gold, cocoa, and oil. Gold exports soared to $9.58 billion in October, up from $8.44 billion in September, marking a remarkable surge. Cocoa revenues also showed significant growth, increasing from $989 million in September to $1.15 billion in October, boosted by favorable global market conditions and improved supply chain efficiencies.

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Oil exports followed a similar trend, rising from $3.05 billion in September to $3.33 billion in October. Meanwhile, non-traditional exports contributed $2.45 billion, reflecting Ghana’s ongoing efforts to diversify its export portfolio. On the import side, total imports climbed to $3.68 billion in October, compared to $3.35 billion in September. Oil imports, a significant component, amounted to $8.

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99 billion by October, while non-oil imports reached $3.85 billion, indicating heightened domestic demand for goods and services. Despite the robust export performance, Ghana’s gross international reserves dipped 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, providing a crucial buffer against external economic shocks.

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