According to the most recent data from the Ghana Statistical Service, the nation’s total exports in 2024 were GH₵294.9 billion (with gold leading), which was more than its total imports of GH₵250.2 billion.
As a result, there was GH₵44.7 billion in trade surplus, which was a considerable rise over the prior year.
With 55.3% of total export earnings coming from gold, it was the most popular export commodity. Petroleum and oils came in second with 17.8%. 8.4% of all exports were made up of cocoa and cocoa products.
Ghana’s position in intra-African commerce under the African Continental Free commerce Area (AfCFTA) is further supported by the report’s mention of a change in trading patterns, with exports to African nations almost doubling in comparison to imports.
In the fourth quarter of 2024, exports totaled GH₵92.9 billion, while imports amounted to GH₵72.4 billion, resulting in a trade surplus of GH₵20.5 billion. This marks a substantial rise from the GH₵6.1 billion surplus recorded in Q4 2023.
Gold exports in this quarter were valued at GH₵49.8 billion, representing 53.6% of total export earnings. Crude petroleum, cocoa, and other cocoa products together accounted for 26.4% of exports. Imports remained stable, with mineral fuels and machinery being the top imported goods.
Looming Crisis Over Illegal Mining:
Despite the positive trade figures, Ghana faces a looming crisis due to illegal mining, as this contaminates rivers and soil.
Galamsey has been in practice for many years, but prices of gold that rose globally to an all-time high (close to $3,000 per gram) in late 2024 caused a corresponding surge in illegal mining across Ghana, and in effect, more intense devastation of water bodies.
Small-scale miners use lots of water by digging up soil around riverbeds in forested areas and washing it off to reveal gold ore. They use toxic chemicals such as mercury and cyanide to separate the gold from the ore, and those chemicals flow into rivers that hundreds of communities depend on for drinking and domestic use. Some people say they earn about $70 to $100 a day.
Formerly called the “Gold Coast”, the West African nation is bending under pressure from widespread, incessant small-scale mining of the shiny metal. Much of that artisanal activity falls under what locals call “galamsey”, or in full “gather them and sell”. The term once referred to illegal mining, carried out by mostly untrained young men and women, but now more loosely encompasses licensed small-scale operations that mine unsustainably.
In a 2024 report, WaterAid warned that Ghana might have to import water by 2030 in a business-as-usual scenario as drinking water sources shrink. The heavy reliance on gold exports, therefore, comes at a significant environmental cost.
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