Ghana's export sector has experienced remarkable growth in 2024, with a total export value of GH₵294.9 billion, according to the latest Ghana Statistical Service (GSS) Trade Report. This far exceeds the country's import bill of GH₵250.2 billion, resulting in a trade surplus of GH₵44.7 billion.

The report highlights that gold, petroleum, and cocoa collectively accounted for 78.2% of Ghana's total export revenue. Gold bullion maintained its position as Ghana's leading export, generating GH₵162.99 billion, representing 55.3% of total exports. Crude petroleum oils ranked second, earning GH₵52.58 billion, which constituted 17.8% of export earnings. Cocoa products, including cocoa beans, paste, and butter, brought in a combined GH₵21.55 billion, making up 8.4% of total export revenue.

The top 10 export items and their contributions are: gold bullion (GH₵162.99 billion, 55.3%), crude petroleum oils (GH₵52.58 billion, 17.8%), cocoa beans (GH₵14.95 billion, 5.1%), cocoa paste (GH₵6.60 billion, 2.2%), manganese ores and concentrates (GH₵3.43 billion, 1.2%), natural cocoa butter (GH₵3.18 billion, 1.1%), cashew nuts (GH₵2.65 billion, 0.9%), tuna, skipjack, and Atlantic bonito (GH₵2.23 billion, 0.8%), iron/steel (GH₵1.93 billion, 0.7%), and shea (karite) oil and fractions, crude (GH₵1.93 billion, 0.7%).

The strong performance of Ghana's export sector in 2024 highlights the nation's dependence on its key commodities. The trade surplus of GH₵44.7 billion indicates positive economic momentum, with global demand for gold, petroleum, and cocoa remaining stable.

Analysts believe that Ghana's export industry could further expand if value-added processing is increased, especially in cocoa and minerals. The demand for Ghana's natural resources remains strong, and with favourable market conditions, exports could continue to drive economic growth. Efforts to diversify export earnings beyond traditional commodities could boost revenue streams and reduce dependence on gold, oil, and cocoa.

Ghana's export sector remains a vital pillar of its economy, and with strategic policies and investments, the country could further enhance its trade performance in the coming years. The growth of the export sector is expected to have a positive impact on the country's economy, creating jobs and increasing revenue.

In conclusion, Ghana's export sector has shown remarkable growth in 2024, driven by gold, petroleum, and cocoa. The country's trade surplus and strong export performance indicate positive economic momentum, and with strategic policies and investments, Ghana could further enhance its trade performance in the coming years.