The International Trade Council reports that Ghana’s trade surplus grew significantly in the first half of 2024, driven primarily by a substantial rise in gold export revenue. This increase helped mitigate the effects of a decline in cocoa income.
Ghana’s trade surplus increased by 12.5% from the previous year, reaching $1.8 billion. Total exports rose by 13.6% to $9.2 billion, largely due to a 47% surge in gold export revenue, which reached $5 billion. At the same time, total imports rose to $7.4 billion from $6.5 billion.
Cocoa production, however, faced significant challenges. Ghana, the world’s second-largest cocoa producer, saw its cocoa export revenue drop by 48% to $760 million in the first six months. This decline was due to adverse weather conditions, disease, and a shortage of fertilizer, affecting both Ghana and the leading producer, Ivory Coast.
Forecasts predict that Ghana’s cocoa harvest for the season ending in September will total 501,000 tons, down from 654,000 tons the previous year. The reduction in cocoa revenue has also affected the performance of the Ghanaian cedi, which has weakened by 23% against the dollar in 2024, compared to a 10% depreciation during the same period in 2023.
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