Ghana recorded a trade surplus of GH₵3.9 billion in quarter three of 2024, the Ghana Statistical Service (GSS) has stated.

According to the GSS, exports in the third quarter of 2024 amounted to GH₵74.8 billion, while imports totalled GH₵70.9 billion.

This marked a significant improvement, with a turnaround of a trade deficit of GH₵2.3 billion in quarter 3 2023 to a surplus of GH₵3.9 billion in Q3 2024.

In US dollar terms, the total trade amounted to US$9.6 billion, consisting of US$4.9 billion in exports and US$4.7 billion in imports.

Gold Bullion Is Top Exporter

Gold bullion, valued at GH₵46.5 billion, was the top export product in the third quarter of 2024, with a value more than four times that of the second-highest export, crude petroleum, which was valued at GH₵11.6 billion.

Together, the top five export products - gold, crude petroleum, cocoa paste, manganese ores and tuna, accounted for 83.2% of total exports.

The export share of gold increased from 42.5% in the third quarter of 2023 to 62.1% in the third quarter of 2024.

In contrast, the share of mineral fuels and oils has reduced by approximately half over the same period. The share of cocoa beans and products has also decreased from 4.8% to 4.6% over this period.

In the third quarter of 2024, the top two import products, both within the category of mineral fuels and oils, totalled GH₵12.9 billion, with gas oil leading at GH₵ 7.0 billion. Overall, mineral fuels and oils accounted for 22.3% of total imports.

Cereal grains were the fifth-largest import, accounting for 1.7% of imports.

On the other hand, machinery and electrical equipment contributed a share of 16.3% to total imports. Exports products are more concentrated with the top five accounting for 83.2% compared to 24.8% for imports.