Ghana has achieved a record-high trade surplus of $5 billion in 2024, driven primarily by its thriving gold trade. According to the Bank of Ghana, the country's gold shipments rose by more than 50% to $11.6 billion in 2024, resulting in a significant increase in its trade balance.

The trade surplus, which represents the disparity between exports and imports, jumped to $5 billion in 2024, compared to $2.7 billion the year prior. This substantial growth is expected to provide some much-needed currency stability to the West African country, which has struggled economically in recent years.

Ghana's currency, the Cedi, has faced challenges, including a 3.2% dip in value following the US dollar increase that resulted from Donald Trump's presidential victory. However, the positive trade balance could help mitigate these effects and provide a more stable economic environment.

The Bank of Ghana's report revealed that total exports rose from $16.7 billion to $20.2 billion, while imports increased from $14 billion to $15.2 billion. Notably, cocoa exports decreased from $2.2 billion to $1.7 billion, while oil exports experienced a modest increase from $3.8 billion to $3.9 billion.

In addition to the trade surplus, the country's current account balance also improved, increasing from $1.4 billion to $3.5 billion. Inward remittances rose from $5.1 billion to $6.7 billion, and gross international reserves grew to $9 billion at the end of December, up from $5.9 billion a year earlier.

The Bank of Ghana's gold holdings also saw significant growth, increasing from 19.5 tons to 30.5 tons in December. This growth in gold reserves could provide an additional layer of economic stability to the country.

Furthermore, the report highlighted that total public debt reached 736.9 billion cedis ($48.5 billion), or 72.2% of GDP at the end of November, up from 599.2 billion cedis, or 72.5% of GDP, a year earlier. Banks' loans and advances in Ghana also increased from 77 billion cedis to 95.7 billion cedis, with an annual growth rate of loans jumping to 24.3% in December.

The growth in mobile money transactions was also notable, with the monthly value rising to 334.8 billion cedis in December 2024, up from 199.3 billion cedis in the same period the year before.

The record trade surplus is a significant development for Ghana's economy, and its implications could be far-reaching. As the country continues to navigate economic challenges, this growth in its gold trade could provide a much-needed boost to its currency and overall economic stability.