It said the country’s export in 2024 stood at GH¢294.9 billion exceeding imports of GH¢250.2 billion.

The trade surplus, which was about eight times more the trade surplus recorded in 2023 estimat­ed at GH¢5.3 billion, the report said was driven by gold exports.

The value of Gold exports, which stood at GH¢162.98 billion, it said accounted for 55.3 per cent of total exports of the country.

Speaking at the launch of Ghana 2024 Trade Report and 2024 fourth quarter trade newsletter in

 Accra yesterday, the Government Statistician, Prof. Samuel K. Annim, said petroleum oils and oils drove the country’s exports, accounting for 17.8 per cent of exports at a value of GH¢54.2 billion.

Cocoa beans and product exports accounted for 5.1 per cent of exports last year, at a value of GH¢14. 96 billion.

Prof. Annim said exports recorded higher in­creases across all months in 2024 with an average month-on-month percentage change of 4.5 per cent compared to 3.7 per cent for imports.

He said in 2024, the highest trade surplus was recorded in December and May was the only month that recorded a deficit of GH¢14.7 billion.

Prof. Samuel Kobina Annim (middle) and other stakeholders launching the report Photo: Seth Osabukle

The Government Statistician said Asia re­mained the highest export destination, followed by Europe and Africa.

On imports, he said in 2024, mineral fuels and oils were mainly imported from Europe, account­ing for nearly 48.9 per cent of total imports.

He said a diverse range of commodities were imported from Asia with electrical equipment (20.5 per cent) and mineral fuels and oils (19.6 per cent) recording the highest shares.

“China (14.9 per cent), the United Arab Emir­ates (7.7 per cent) and India (13.7 per cent) were the primary source of imports from Asia in 2024, accounting for a combined 77.3 per cent of total imports from the continent,” Prof. Annim stated.

The Deputy Government Statistician, Faustina Frempong-Ainguah, said Ghana must take advan­tage of the Africa Continental Free Trade Area initiative to increase her exports.

She also said the country must take advantage of her competitive advantage to produce food for Africa.

The Deputy Government Statistician urged policymakers, academia and the business commu­nity to use the report to influence their policy and business decisions.

The President of Ghana Traders Union As­sociation (GUTA), Dr Joseph Obeng, expressed worry about the drop of cocoa as a major export commodity for the country.

He called for a study to ascertain the cause of the fall of cocoa as a major export commodity.