Ghana’s trade surplus reached $3.8 billion as of the end of October 2024.
The development which is according to the Bank of Ghana’s latest Summary of Economic and Financial Data for November 2024, highlights the country’s sustained export growth amidst challenging global economic conditions.
The surplus reflects a positive balance between exports and imports, bolstered by strong performances in key export commodities, including gold, cocoa and oil.
Gold exports surged impressively, reaching $9.58 billion in October, up from $8.44 billion in September.
Cocoa, another cornerstone of Ghana’s export portfolio, saw revenues climb from $989 million in September $1.15 billion in October.
The rise signals a favorable market demand, likely influenced by global price dynamics and supply chain efficiencies.
Oil export revenues increased from $3.05 billion in September to $3.33 billion in October while other exports also contributed $2.45 billion dollars, demonstrating diversification beyond traditional commodities.
Total imports rose from $3.35 billion in September to $3.68 billion in October.
Oil imports accounted for a significant $8.99 billion by October while non-oil imports also grew to $3.85 billion, reflecting increased demand for goods and services.
Despite the positive export numbers, Ghana’s gross international reserves dropped slightly from $7.83 billion in September to $7.68 billion in October.
However, the import cover remained stable at 3.5 months, signaling a cushion against potential external shocks.