Gold, crude oil, and cocoa dominate Ghana’s 2024 export earnings

Ghana’s export sector recorded remarkable growth in 2024, with total exports reaching GH₵294.9 billion.

This significantly outpaced the country’s imports, which stood at GH₵250.2 billion, resulting in a trade surplus of GH₵44.7 billion, according to the latest Ghana Statistical Service (GSS) Trade Report.

The GSS report reveals that gold, petroleum, and cocoa collectively accounted for 78.2% of Ghana’s total export revenue.

Gold bullion emerged as the country’s top export, generating an impressive GH₵162.99 billion and contributing 55.3% of total exports.

Crude petroleum oils followed, earning GH₵52.58 billion, which represented 17.8% of the nation’s export earnings.

Cocoa, a staple of Ghana’s economy, also played a significant role, with cocoa beans and cocoa paste collectively bringing in GH₵21.55 billion, making up 8.4% of total export revenue.

Rank Export Item Value (GH₵ Billion) Percentage Share (%)

Rank	Export Item	Value (GH₵ Billion)	Percentage Share (%)
1	Gold bullion	162.99	55.3
2	Crude petroleum oils	52.58	17.8
3	Cocoa beans (superior quality raw beans)	14.95	5.1
4	Cocoa paste (not defatted)	6.60	2.2
5	Manganese ores and concentrates	3.43	1.2
6	Natural cocoa butter	3.18	1.1
7	Cashew nuts (in shell)	2.65	0.9
8	Tuna, skipjack, and Atlantic bonito (prepared/preserved, not minced)	2.23	0.8
9	Iron/Steel (h/r, irregular coils, not further forged)	1.93	0.7
10	Shea (karate) oil and fractions, crude	1.93	0.7

The strong export performance underscores Ghana’s robust commodities market and its continued reliance on gold, crude oil, and cocoa as major revenue drivers.

With the trade surplus of GH₵44.7 billion, economic analysts are optimistic that the country’s export sector will continue to thrive, bolstered by stable global demand for these key commodities.