Ghana’s total exports saw a remarkable increase of 21.06% in December 2024, reaching $20.22 billion, a significant boost driven by a sharp rise in gold exports, according to data from the Bank of Ghana.

Gold exports surged by an impressive 53.15%, accounting for $11.64 billion of the total export value by the end of December. However, the gains in gold were offset by declines in other major export commodities, such as crude oil and cocoa.

Crude oil exports fell slightly by 0.7% to $3.68 billion, while cocoa exports dropped to $1.696 billion from $2.152 billion in December 2023. The decline in cocoa was attributed to the adverse effects of extreme weather conditions and illegal mining activities (galamsey), which have strained production.

The trade balance also showed notable improvement, recording a provisional surplus of $4.98 billion in December 2024—almost double the $2.694 billion surplus recorded in the same period of the previous year. The robust trade performance was primarily bolstered by the increased export earnings from gold.

On the import side, Ghana’s total import bill rose to $15.24 billion in December 2024, compared to $14.008 billion in December 2023. This growth in imports, coupled with the strong export performance, contributed to a healthier external sector position for the country.

The Bank of Ghana highlighted the overall improvement in the external sector in its November 2024 Monetary Policy Committee (MPC) report, noting that the progress was supported by a higher current account surplus and reduced net financial outflows, which led to a substantial buildup of gross international reserves.

Ghana’s gross international reserves climbed by $1.101 billion in December 2024 to $8.982 billion, equivalent to 4.0 months of import cover. This was a considerable increase from the $6.31 billion recorded in January 2024, demonstrating a consistent upward trend throughout the year.