Ghana emerged as the West Africa’s top performer in trade, recording a remarkable trade surplus of approximately $4.1 billion in 2024.
Côte d’Ivoire followed closely with a surplus of $2 billion, positioning the two countries as the strongest contributors to the region’s overall trade balance.
This data, released by advisory firm Bridgewater Advisors, highlights the varied economic dynamics across West African countries, underscoring the impact of commodity prices, exchange rate volatility, and internal policies on trade performance.
Ghana’s strong trade surplus reflects deliberate national strategies focused on boosting exports and managing imports effectively. The country’s success can be attributed to a combination of favorable global commodity prices, particularly in gold and cocoa, prudent fiscal management, and the ongoing implementation of trade-friendly policies under the Ghana Trade Policy and National Export Development Strategy.
Export earnings from gold, cocoa, and oil continued to rise in 2024, supported by stable production volumes and sustained international demand. At the same time, the Ghanaian government made efforts to reduce non-essential imports by promoting local production and enhancing customs regulations.
The surplus has provided a cushion for the Ghanaian economy amid global economic headwinds and domestic inflationary pressures. It also improves investor confidence and strengthens the country’s ability to support its currency and fiscal programs.
Côte d’Ivoire Strengthens Position with $2 Billion Surplus
Côte d’Ivoire, West Africa’s largest cocoa exporter, also showed strong trade performance. The country’s $2 billion surplus is largely driven by increased exports of cocoa, rubber, and cashew nuts. Like Ghana, Côte d’Ivoire benefited from rising commodity prices and a focused export agenda.
The Ivorian government has worked to diversify its export base while improving its logistics and port infrastructure, particularly around Abidjan, to facilitate international trade. These efforts have significantly contributed to its surplus and economic resilience.
Despite the successes of Ghana and Côte d’Ivoire, the broader West African region experienced mixed results. According to Bridgewater Advisors, West Africa recorded an overall trade balance of $1.6 billion, representing just 0.2% of its GDP.
However, this figure masks significant disparities among member states. Nigeria, the continent’s most populous country and largest economy, recorded a trade deficit of $1.8 billion, while Togo posted a deficit of $1.1 billion. These deficits were attributed to weak export performance, higher import bills, and currency depreciation.
Commodity price fluctuations and exchange rate volatility remain major concerns for many West African economies, which continue to rely heavily on raw material exports. Countries lacking strong export diversity or suffering from inefficient customs systems and poor infrastructure are particularly vulnerable.
Africa’s Broader Trade Outlook
The report also looked beyond West Africa, pointing to broader continental trends. Africa’s total exports reached $624 billion in 2024, yet the continent still recorded a trade deficit of $88 billion. This reflects structural weaknesses in many African economies and underlines the importance of diversifying exports and investing in value addition.
Bridgewater’s projections show that East and West Africa are likely to experience the highest current account deficits in 2025, driven mainly by Burundi and Liberia. On the other hand, North Africa is projected to have the smallest deficit of 1.6% in 2025, though this could worsen slightly in 2026. Central Africa is expected to improve its deficit from 2.3% in 2025 to 2.1% in 2026, led by Gabon and the Central African Republic.
Despite the challenges, the report emphasized that Africa’s trade environment is at a critical juncture. With a combined GDP of $3.4 trillion, a wealth of natural resources, and a youthful, fast-growing population, the continent has immense trade potential.
However, several barriers continue to hinder trade efficiency. These include poor transportation networks, inadequate ports, limited digital infrastructure, and complex customs procedures. Additionally, the dominance of raw materials in African exports makes many economies susceptible to global price shocks.
Encouragingly, the landscape is evolving. China remains Africa’s largest trading partner, but countries like India, the United Arab Emirates, and Turkey are emerging as important trade and investment allies. Strengthening partnerships with these nations could offer new opportunities for economic transformation.
Ghana’s $4.1 billion trade surplus in 2024 is a proof to the country’s sound economic planning and robust export performance. While regional disparities persist, success stories like Ghana and Côte d’Ivoire offer valuable lessons for neighboring countries. With the right policies and strategic investments, Africa’s trade environment can transition from vulnerability to sustained growth and shared prosperity.
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