Ghana’s trade story in 2024 is one of remarkable progress, marked by a record-breaking trade surplus of GH₵44.7 billion—eight times higher than the previous year.
This dramatic turnaround, fueled by booming exports of gold, petroleum, and cocoa, signals a shift from decades of trade deficits to a more balanced economic footing. However, beneath the surface of this success lie critical challenges that could hinder sustained growth if not addressed.
The surge in exports, which totaled GH₵294.9 billion, was driven largely by gold, which alone contributed GH₵163 billion. Switzerland, the United Arab Emirates, and South Africa were the top buyers, reinforcing Ghana’s position as a global leader in gold exports. Petroleum exports also played a significant role, generating GH₵54.2 billion, while cocoa and its derivatives brought in GH₵28.6 billion. The Netherlands remained the largest importer of Ghanaian cocoa, with the United States, Malaysia, and Spain also key players.
This export boom represents a significant milestone for Ghana, which has long struggled with a trade imbalance skewed heavily toward imports. For the first time in years, the country is selling more to the world than it is buying, a shift that underscores its growing competitiveness in global markets.
However, the import side of the equation reveals a more nuanced picture. While total imports reached GH₵250.2 billion, there were notable changes in what Ghana was buying and from whom. The share of mineral fuel and oil imports dropped from 32.1% in 2023 to 25.7% in 2024, reflecting a shift in energy sourcing strategies. Diesel and light oils remained the top imported goods, but the decline in petroleum-related purchases suggests a move toward greater energy efficiency and diversification.
China continued to dominate Ghana’s import market, supplying GH₵50 billion worth of machinery, electrical equipment, and vehicles. However, Nigeria and Morocco emerged as key regional suppliers, overtaking traditional partners like Togo and Côte d’Ivoire. This shift highlights Ghana’s growing focus on intra-African trade under the African Continental Free Trade Agreement (AfCFTA), which aims to boost economic integration across the continent.
AfCFTA’s impact on Ghana’s trade was unmistakable in 2024. Exports to African countries reached GH₵59.5 billion, more than double the GH₵27.4 billion spent on imports from the continent. South Africa led the charge, absorbing 60.5% of Ghana’s exports to Africa, while Burkina Faso, Côte d’Ivoire, and Togo remained strong regional partners. On the import side, Egypt and Nigeria solidified their roles as major suppliers, further integrating West Africa’s economies.
While this growing trade surplus with Africa is a positive sign, it also raises questions about Ghana’s reliance on neighboring nations for key agricultural and industrial inputs. For example, Burkina Faso supplied shea nuts and shea oil, Côte d’Ivoire sent petroleum bitumen and palm oil, and Togo provided diesel and cement clinkers. This dependency on regional imports, particularly for essential goods, underscores the need for greater self-sufficiency and industrial diversification.
One of the most pressing concerns, however, is Ghana’s reliance on imported food. Despite its vast agricultural potential, the country spent GH₵38.9 billion on food imports in 2024, including cereal grains, frozen poultry, and sugar. Over half of these imports came from just three countries, highlighting a growing vulnerability to external food supply chains. Meanwhile, food exports, led by cocoa, cashew nuts, tuna, and shea butter, reached GH₵46.1 billion. This imbalance points to systemic issues in local food production and distribution, which must be addressed to ensure long-term food security.
The 2024 trade figures paint a picture of a nation on the rise, but one that must navigate complex challenges to secure lasting economic growth. While the record trade surplus is a cause for celebration, it also underscores the need for structural reforms. Ghana’s export portfolio remains heavily reliant on raw materials, with limited value-added processing. Industrialization and local manufacturing must be prioritized to reduce dependency on imported finished goods and create higher-value export opportunities.
Additionally, the growing reliance on imported food underscores the urgency of agricultural transformation. Without significant investment in domestic food production, Ghana risks remaining vulnerable to global market fluctuations and supply chain disruptions.
As Ghana continues to leverage AfCFTA and expand its global trade footprint, the focus must shift from raw material exports to building a diversified, resilient economy capable of competing on the global stage. The road ahead is fraught with obstacles, but with strategic planning and bold reforms, Ghana’s trade transformation could mark the beginning of a new era of prosperity. The challenge now is not just to maintain this momentum, but to transform it into lasting economic growth that benefits all Ghanaians.
