The Bank of Ghana revealed that the disparity between exports and imports jumped to $5 billion in 2024, compared to $2.7 billion the year prior, highlighting significant financial growth.
According to the bank’s report, gold shipments from what has now come to be known as the Gold Coast rose by more than 50% to $11.6 billion in the previous year.
This positive trade balance could aid the West African country which has struggled economically in the last few years, find some currency stability.
Ghana’s currency, Cedi, recently dipped by 3.2% in value following the Dollar increase that resulted from Donald Trump’s victory.
The Bank of Ghana also reported that the trade account improved to 5.9% of GDP in 2024 from 3.5% the previous year.
Details from the report
In 2024, total exports rose from $16.7 billion to $20.2 billion, while imports went from $14 billion to $15.2 billion, according to data from the Bank.
Cocoa exports decreased from $2.2 billion a year ago to $1.7 billion, in the year under review, also, oil exports increased from $3.8 billion to $3.9 billion, a modest increase.
From $1.4 billion, or 1.8% of GDP, to $3.5 billion, or 4.2% of GDP, the current account balance increased, and from $5.1 billion to $6.7 billion, inward remittances increased.
“Gross international reserves increased to $9 billion at the end of December from $5.9 billion a year earlier.
Bank of Ghana’s gold holdings grew to 30.5 tons in December from 19.5 tons a year earlier,” as seen on Bloomberg.
“Total public debt reached 736.9 billion cedis ($48.5 billion), or 72.2% of GDP at the end of November from 599.2 billion cedis, or 72.5% of GDP, a year earlier.”
In 2024, banks’ loans and advances in Ghana increased from 77 billion cedis to 95.7 billion cedis.
The annual growth rate of loans jumped to 24.3% in December from 13.8% year over year, while the capital adequacy ratio marginally increased to 14% in December from 13.9% year over year.
The monthly value of mobile money transactions rose to 334.8 billion cedis in December 2024 from 199.3 billion cedis in the same period the year before.
