Ghana achieved trade surplus of $3.8 billion at the end of October 2024 - BoG report

Recent figures released by the Bank of Ghana show that the country's trade surplus at the end of October this year reached $3.8 billion.

The surplus indicates a positive balance between exports and imports, driven by strong performances in key export commodities, particularly gold, cocoa, and oil.

The latest gains were secured by the country's sustained export growth amidst challenging global economic conditions.

For instance, the key export commodity, gold, increased to $9.58 billion in October from $8.44 billion in September 2024.

On the other hand, Ghana's cocoa export portfolio witnessed substantial growth, with revenues increasing from $989 million in September to $1.15 billion in October 2024.

This is attributed to favourable global market dynamics and improvements in supply chain efficiencies.

Additionally, oil exports witnessed a similar upward trend as earnings rose from $3.05 billion in September to $3.33 billion in October 2024.

For non-traditional exports, the portfolio contributed $2.45 billion, depicting efforts to diversify commodities beyond the traditional model.

In terms of imports, Ghana's total earnings rose to $3.68 billion in October, up from $3.35 billion in September. Primarily, oil imports remained a key driver in this gain, as they reached $8.99 billion by October.

The country currently boasts a stable import cover of 3.5 months, providing a significant cushion against potential external shocks.

Meanwhile, non-oil imports reached $3.85 billion, showcasing increased domestic demand for goods and services.

Despite these gains in the export portfolio, Ghana's gross international reserves declined slightly, dropping from $7.83 billion in September to $7.68 billion in October 2024.

MA

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