Ghana registered a trade surplus of GH₵3.9 billion in the third quarter (Q3) of 2024, marking a continuation of its trade balance gains for the year. However, this figure represents a decline from the GH₵6.1 billion surplus recorded in Q2 2024, according to the Ghana Statistical Service’s (GSS) latest quarterly report.
Trade volumes and export dominance
The total trade value for the quarter reached GH₵145.7 billion, comprising GH₵74.8 billion in exports and GH₵70.9 billion in imports. The surplus was driven by a significant increase in the export value of gold, which accounted for 62.1 percent of total exports. The country’s gold exports rose by GH₵27.8 billion year-on-year, consolidating its dominance in the export sector.
Crude petroleum ranked as the second-largest export, contributing 15.5%, while cocoa paste, manganese ores, and tuna collectively added 5.6 percent to the export mix.
Import trends and key trading partners
On the import side, mineral fuels and oils dominated, accounting for 22.3% of total imports. Gas oil and motor spirit led this category with a combined value of GH₵12.9 billion. Machinery, electrical equipment, and cereal grains also featured prominently among imports.
China continued to be Ghana’s top source of imports, contributing 24% of the total, followed by the United Kingdom at 8.2%. Meanwhile, the United Arab Emirates (UAE) maintained its position as Ghana’s top export destination, receiving 25.1% of the country’s total exports, largely driven by gold trade.
Inflation impacts real trade performance
Despite positive nominal figures, real trade data for Q3 2024 painted a contrasting picture. When adjusted for inflation, Ghana recorded a trade deficit of GH₵4.6 billion. Real export values stood at GH₵23.0 billion, compared to real imports of GH₵27.6 billion, highlighting the significant impact of rising export prices, particularly for gold.
Year-on-year export and import price trends
The export unit value index (UVI) increased by 53.9% year-on-year, reflecting higher global commodity prices. Import prices also rose, albeit at a slower rate of 26.3%. Gold’s export price surged by 73.8% compared to the same period last year, underscoring its influence on Ghana’s trade dynamics.
The GSS emphasised the need to address the growing disparity between nominal and real trade values. Measures to stabilise inflation and diversify export commodities are critical to sustaining Ghana’s trade balance in the long term.
