The Ghana’s 2024 Trade Report according to the Ghana Statistical Service (GSS), revealed an increasing export strength, with total exports of GH¢294.9 billion compared to imports of GH¢250.2 billion.

The figure resulted in a trade surplus of GH¢44.7 billion, increasing astronomically in comparison to the previous year’s performance.

Gold emerged Ghana’s top export commodity, contributing 55.3 per cent of total export revenue.

Exports of Petroleum and oils followed, making up 17.8 per cent, while cocoa and cocoa products accounted for 8.4 percent.

This was announced at the launch of the 2024 Annual Trade Report and the Quarter four (Q4) 2024 Trade Newsletter in Accra.

Professor Samuel Kobina Annim, the Government Statistician, emphasized the importance of using reliable trade data to shape policies that promoted sustainable economic progress and global competitiveness.

The report, he said, indicated a change in trading patterns, with exports to African countries nearly doubling compared to imports, strengthening Ghana’s role in intra-African trade under the African Continental Free Trade Area.

The reports, he stressed, provided a clear and accessible overview of Ghana’s international trade performance and explain how the nation is expanding its role in the global market.

Mr Dominic Odoom, the Head of Trade Statistics, GSS, emphasised the importance of accurate and reliable trade data in guiding economic policies.

He noted that Ghana had deepened its participation in global trade, adding that the need for timely, comprehensive, and high-quality information was essential for effective decision making.

The Q4 2024 Trade Newsletter provides a detailed analysis of trade activities during the final quarter of the year.

Exports stood at GH¢92.9 billion, while imports accounted for GH¢72.4 billion, resulting in a trade surplus of GH₵20.5 billion.

This represents a rise from the GH¢6.1 billion surplus recorded in Q4 2023.

Gold exports in the quarter were valued at GH¢49.8 billion, making up 53.6 percent of total export earnings.

Crude petroleum, cocoa, and other cocoa products also contributed 26.4 percent.

Imports remained stable, with mineral fuels and machinery being the most imported products.

The 2024 Annual Trade Report presents a comprehensive analysis of Ghana’s trade performance over the 12-month period.

Source: GNA