Ghana recorded a GH₵44.7 billion trade surplus in 2024, driven by robust gold, cocoa, and petroleum exports, but the latest Ghana Statistical Service (GSS) report reveals a startling reliance on imported fuel, machinery, and even animal byproducts.
While exports hit GH₵294.9 billion against imports of GH₵250.2 billion, the data underscores persistent vulnerabilities in domestic production and energy security.
Diesel imports topped the list at GH₵28.9 billion (11.6% of total imports), primarily for the Tema Oil Refinery, followed by motor spirit and light oils at GH₵24.1 billion (9.6%). Industrial machinery, including bulldozers and cement clinker, accounted for GH₵6.2 billion and GH₵4.8 billion respectively, reflecting ongoing infrastructure demands. However, the inclusion of used vehicles (GH₵4.2 billion) and animal guts, bladders, and stomachs (GH₵2.69 billion) among the top 10 imports raised eyebrows.
Analysts suggest the demand for used vehicles, predominantly between 1,500cc and 3,000cc engines, highlights affordability challenges in Ghana’s automotive market, where new cars remain out of reach for many. Meanwhile, the GH₵2.69 billion spent on animal offal—a staple in local cuisine and processed foods—signals gaps in meat-processing capacity despite Ghana’s livestock sector.
The surplus, though positive, masks deeper economic strains. Fuel imports alone consumed over 21% of the import bill, exposing lingering inefficiencies in energy refining and distribution. Cement clinker imports further indicate reliance on foreign materials for construction, despite Ghana’s limestone reserves.
“A trade surplus is encouraging, but the structure of our imports tells a story of missed opportunities,” said economist, noting that agricultural inputs like herbicides (GH₵2.6 billion) and processed cereals (GH₵3.4 billion) reveal dependency on foreign agro-industry.
The government has yet to comment on the report, but the data aligns with broader calls for industrialization policies to curb import dependency. With gold exports buoying revenues, critics argue Ghana must channel more resources into value-added sectors—like refining its own fuel or expanding meat processing—to transform trade dynamics.
As the nation eyes 2025, the GSS figures serve as a stark reminder: sustainable growth requires more than export prowess—it demands closing the gaps that keep Ghana tied to the global market’s whims.
