Speaking at the Graphic Business/Ecobank Breakfast Meeting in Accra on Tuesday, Dr. Asiama stated that exports had grown by over 60 percent year-on-year—an outcome he described as a clear sign of renewed trade confidence and resilience in the Ghanaian economy.

He also disclosed that the current account surplus reached GH₵2.12 billion by the end of the first quarter of 2025, crediting the improvement to robust commodity earnings and enhanced export competitiveness.

“These outcomes represent more than just statistical improvement; they are a restoration of macroeconomic credibility—the kind that markets, investors, and citizens respond to with confidence,” Dr. Asiama noted.

He attributed the surplus to several policy measures instituted by the central bank, saying the BoG had “maintained a firm disinflation stance since we came in, raising and holding the monetary policy rate at 28 percent. We conducted active market operations to absorb excess liquidity and enforced discipline in the foreign exchange market through structured efforts and options.”

On remittances, Dr. Asiama added that if external loans remain stable and resilient, the broader trade environment will continue to improve—further boosting foreign exchange inflows and sustaining economic growth.

Source: Graphic Business

According to the GSS, exports in the third quarter of 2024 amounted to GH₵74.8 billion, while imports totalled GH₵70.9 billion.

This marked a significant improvement, with a turnaround of a trade deficit of GH₵2.3 billion in quarter 3 2023 to a surplus of GH₵3.9 billion in Q3 2024.

In US dollar terms, the total trade amounted to US$9.6 billion, consisting of US$4.9 billion in exports and US$4.7 billion in imports.

Gold Bullion Is Top Exporter

Gold bullion, valued at GH₵46.5 billion, was the top export product in the third quarter of 2024, with a value more than four times that of the second-highest export, crude petroleum, which was valued at GH₵11.6 billion.

Together, the top five export products – gold, crude petroleum, cocoa paste, manganese ores and tuna, accounted for 83.2% of total exports.

The export share of gold increased from 42.5% in the third quarter of 2023 to 62.1% in the third quarter of 2024.

In contrast, the share of mineral fuels and oils has reduced by approximately half over the same period. The share of cocoa beans and products has also decreased from 4.8% to 4.6% over this period.

In the third quarter of 2024, the top two import products, both within the category of mineral fuels and oils, totalled GH₵12.9 billion, with gas oil leading at GH₵ 7.0 billion. Overall, mineral fuels and oils accounted for 22.3% of total imports.

Cereal grains were the fifth-largest import, accounting for 1.7% of imports.

On the other hand, machinery and electrical equipment contributed 16.3% to total imports.

Export products are more concentrated, with the top five accounting for 83.2% compared to 24.8% for imports.

Source: Myjoyonline

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This achievement highlights the nation’s resilience in driving export growth despite global economic challenges.

The surplus reflects a favourable balance of trade, fueled by strong performances in key export sectors, including gold, cocoa, and oil.

Gold exports surged impressively, reaching $9.58 billion in October, up from $8.44 billion in September.

Cocoa, a cornerstone of Ghana’s export economy, saw revenues increase from $989 million in September to $1.15 billion in October, supported by favourable global market conditions and improved supply chains.

Oil exports also followed an upward trajectory, with earnings rising from $3.05 billion in September to $3.33 billion in October. Non-traditional exports further boosted the economy, contributing $2.45 billion as part of Ghana’s diversification efforts.

On the import side, total imports climbed to $3.68 billion in October from $3.35 billion in September. Oil imports remained significant, reaching $8.99 billion by October, while non-oil imports increased to $3.85 billion, reflecting rising domestic demand.

Despite these gains, Ghana’s gross international reserves declined slightly, from $7.83 billion in September to $7.68 billion in October.

However, the country maintained a stable import cover of 3.5 months, ensuring a critical buffer against external shocks.

Source: Adomonline

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According to the Bank of Ghana, the stock of Gross International Reserves increased by $275 million $6.865 billion in June 2024, compared to $5.344 billion during the same period in 2023.

This represented 3.1 months of import cover.

The Gross International Reserves (excluding encumbered and petroleum assets) also increased to $4.522 billion in June 2024, from $4.32 billion in April 2024.

The net international reserves were however slightly lower at $4.500 billion, as against $2.332 billion a year ago.

Trade balance records higher surplus of $1.805bn

Meanwhile, the balance of trade recorded a surplus of a higher $1.805 billion for the first half of 2024, compared to a surplus of $1.602 billion in the corresponding period of last year.

Total exports increased by 13.33% year-on-year to $9.22 billion in June 2024. This was driven mainly by significant growth in gold exports and a modest increase in crude oil exports.

Earnings from gold exports increased by 46.3%% year-on-year to $5.041 billion in June 2024.

The value of crude oil exports, in comparison, increased by 19.38% to $1.981 billion, on the back of both volume and price increases.

Exports of cocoa, both beans and products, dropped by 47.7% to $760.o million in June 2024.

Other exports, including non-traditional exports, also decreased slightly to $1.445 billion in June 2024.

Total imports increased by to $7.423 billion in June 2024, compared to $6.538 billion in June 2023.

This is equivalent to 2% of Gross Domestic Product.

According to the Summary of Economic and Financial Data of the Bank of Ghana, the country bagged $9.0 billion in six months of this year, triggered by increases in gold and crude oil exports.

Total imports, however, stood at $7.56 billion. This was dominated by oil imports of $5.28 billion.

For exports, the data further revealed that gold dominated the total value of exports, recording $3.01 billion in June 2022, followed by oil which registered $2.83 billion in June 2022.

This is compared with $2.66 billion and $1.75 billion during the same period last year

The impressive outing for crude oil exports so far in 2022 is as a result of the higher price of the commodity. Crude oil is presently hovering around $102 per barrel.

Again, increased gold production has resulted in a surge in gold exports.

For imports, non-oil imports was estimated at $5.28 billion in June 2022, whilst oil imports accounted for $2.28 billion.

Also, the current account balance as of June 2022 stood at a deficit of $1.09 billion, -1.8% of GDP. This is far higher than the deficit of $128.2 million recorded in April 2022.

The overall balance of payment however stood at -$2.49 billion in June 2022, as against %2.36 billion during the same period last year in 2022.