This strong performance was detailed in the Bank of Ghana’s January 2025 Summary of Economic and Financial Data.

The impressive surplus was largely driven by a sharp 53.2% year-on-year increase in gold exports, which reached $11.64 billion. Overall, total exports grew by 21.06%, hitting $20.22 billion.

However, the performance of other export sectors was mixed. While gold exports soared, oil exports saw a marginal decline of 0.7% to $3.68 billion.

Cocoa exports experienced a significant drop, falling from $2.15 billion in December 2023 to $1.7 billion in 2024.

Analysts attribute the cocoa sector’s challenges to adverse weather conditions and the impact of illegal mining on production.

On the import side, Ghana’s total import bill rose to $15.24 billion, up from $14 billion in December 2023. Despite the increase in imports, the country’s strong export performance—particularly in gold—helped achieve a substantial trade surplus.

Ghana also recorded an improvement in its gross international reserves, which stood at $8.98 billion at the end of 2024, providing four months of import cover. This was an increase from $7.88 billion in November 2024 and $5.90 billion in December 2023.

The significant trade surplus and improved international reserves highlight Ghana’s robust performance in the mining sector and the country’s resilience in addressing economic challenges.