Ghana's trade surplus reaches record US$5 billion driven by gold surge
Ghana's annual trade surplus reached a record $5 billion in 2024, driven by a significant increase in gold exports.
Total exports rose by 13.6% to $9.2 billion, largely due to a 47% surge in gold export revenue, which reached $5 billion. At the same time, total imports increased to $7.4 billion from $6.5 billion.
This milestone underscores the pivotal role of gold in Ghana's economy, solidifying its position as Africa's leading gold producer.
The surge in gold exports has been instrumental in achieving this unprecedented trade surplus.
In August 2024, Ghana inaugurated its first commercial gold refinery, the Royal Ghana Gold Refinery, in Accra. The facility can process 400 kilograms of gold per day, aiming to add value to the country’s gold exports by refining it locally.
This initiative is expected to curtail gold smuggling and enhance national earnings.
While the gold sector thrives, other areas like cocoa production have faced challenges. In the first half of 2024, cocoa export revenue dropped by 48% to $760 million due to adverse weather conditions, disease, and fertilizer shortages.
Overall, the record trade surplus highlights the importance of gold exports in bolstering Ghana's economy amidst challenges in other sectors.
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