Ghana recorded a trade surplus of GH₵20.5 billion in the fourth quarter of 2024, an increase from GH₵6.1 billion in the same period in 2023, according to data from the Ghana Statistical Service. The total trade value for the quarter stood at GH₵165.4 billion, with GH₵92.9 billion in exports and GH₵72.4 billion in imports.

The report shows that gold remained Ghana’s top export totaling GH₵49.8 billion or 53.6% of total exports. This represents an increase from 50.3% recorded in the fourth quarter of 2023. Other major exports included crude petroleum, cocoa beans, cocoa paste, and natural cocoa butter, respectively. Meanwhile, the share of mineral fuels and oils in total exports fell from 23.9% in Q4 2023 to 14.4% in Q4 2024.

On the import side, diesel, motor spirit (super), self-propelled bulldozers, shea oil and fractions, and crude petroleum were the top five products imported in the quarter.

The two leading import products, diesel and motor spirit (super), accounted for GH₵13.1 billion, with diesel alone amounting to GH₵7.2 billion, representing 23.4% of total imports.

However, this marks the third consecutive quarter in which Ghana recorded a nominal trade surplus, meaning the value of trade (exports and imports) was measured at current market prices without adjusting for inflation.

In contrast, real trade, which accounts for inflation, remained in deficit. Despite the reported surplus, the data reveals a GH₵2.2 billion real trade deficit in the fourth quarter of 2024.

Additionally, while the total nominal trade value increased by GH₵57.8 billion from the first to the fourth quarter, the increase in real terms was only GH₵7.0 billion.