Ghana’s total import bill reached $15.24 billion by December 2024, marking an increase from $14.008 billion in the same month the previous year, according to data from the Bank of Ghana.
This rise in imports, along with a notable growth in exports, contributed to a generally healthier external sector.
Despite the increase in imports, the country’s trade balance showed a positive shift, recording a provisional surplus of $4.98 billion in December 2024. This was a significant improvement over the $2.694 billion surplus registered in the same period of 2023. The surplus was mainly driven by an exceptional rise in gold exports, which soared by 53.15% to total $11.64 billion.
However, gains from gold were somewhat offset by declines in other major export commodities. Crude oil exports saw a slight decline of 0.7%, totaling $3.68 billion, while cocoa exports dropped from $2.152 billion in December 2023 to $1.696 billion, mainly due to the impact of extreme weather conditions and illegal mining activities, commonly known as galamsey.
In a broader context, Ghana’s gross international reserves also saw a significant increase. By December 2024, reserves climbed by $1.101 billion, reaching $8.982 billion, equivalent to 4.0 months of import cover. This marked a sharp rise from the $6.31 billion recorded in January 2024, reflecting positive trends throughout the year.
The Bank of Ghana’s November 2024 Monetary Policy Committee (MPC) report noted the improvement in the external sector, driven by a higher current account surplus and reduced net financial outflows. This contributed to a strong buildup of gross international reserves.
Despite the increase in imports, the country’s trade performance and stronger reserves signal a positive trajectory for Ghana’s external sector. However, challenges remain in areas like cocoa production and the import bill, which could affect future economic stability.