External balance on goods and services in Ghana
Ghana: External balance on goods and services was 1.1% in 2024. ◆ Volatile
External balance on goods and services in Ghana, 1960–2024
Source: Country official statistics, National Statistical Organizations and/or Central Banks. Measured in % of GDP.
Analysis
Ghana recorded 1.1% for external balance on goods and services in 2024.
Compared with earlier readings it is up 235.3% on the previous year and up 115.5% over ten years.
Over the whole period, external balance on goods and services in Ghana peaked at 5.5% in 1972 and was at its lowest, -25.3%, in 2005.
That places Ghana 70th out of 193 countries with data for 2024, putting it in the middle of the range.
The series is highly variable year to year, so single readings are best treated with caution.
External balance on goods and services in Ghana, year by year
| Year | % of GDP | Change |
|---|---|---|
| 1960 | -7.2% | — |
| 1961 | -10.3% | +42.4% |
| 1962 | -4.3% | -58.8% |
| 1963 | -6.3% | +47.4% |
| 1964 | -4.0% | -36.8% |
| 1965 | -9.6% | +142.6% |
| 1966 | -5.0% | -47.9% |
| 1967 | -2.5% | -49.5% |
| 1968 | -0.5% | -81.4% |
| 1969 | -0.6% | +27.4% |
| 1970 | -1.4% | +128.8% |
| 1971 | -4.5% | +226.5% |
| 1972 | 5.5% | -222.9% |
| 1973 | 5.1% | -8.2% |
| 1974 | -3.5% | -168.8% |
| 1975 | 0.9% | -126.7% |
| 1976 | -0.3% | -136.3% |
| 1977 | -1.0% | +210.9% |
| 1978 | -1.3% | +26.8% |
| 1979 | 0.1% | -105.3% |
| 1980 | -0.7% | -1071.4% |
| 1981 | -0.6% | -17.6% |
| 1982 | 0.4% | -162.8% |
| 1983 | -0.4% | -221.6% |
| 1984 | -2.7% | +529.6% |
| 1985 | -2.9% | +7.6% |
| 1986 | -3.6% | +21.3% |
| 1987 | -6.5% | +83.3% |
| 1988 | -5.9% | -9.9% |
| 1989 | -7.6% | +29.3% |
| 1990 | -9.0% | +18.0% |
| 1991 | -8.6% | -4.6% |
| 1992 | -11.5% | +34.8% |
| 1993 | -16.2% | +40.0% |
| 1994 | -11.5% | -28.8% |
| 1995 | -8.4% | -26.7% |
| 1996 | -8.0% | -5.3% |
| 1997 | -20.6% | +157.9% |
| 1998 | -12.9% | -37.5% |
| 1999 | -17.5% | +36.5% |
| 2000 | -18.4% | +5.1% |
| 2001 | -19.6% | +6.2% |
| 2002 | -12.3% | -37.4% |
| 2003 | -15.9% | +30.0% |
| 2004 | -21.1% | +32.2% |
| 2005 | -25.3% | +20.0% |
| 2006 | -15.2% | -39.8% |
| 2007 | -16.3% | +7.2% |
| 2008 | -19.5% | +19.3% |
| 2009 | -13.0% | -33.1% |
| 2010 | -16.4% | +26.2% |
| 2011 | -12.4% | -24.4% |
| 2012 | -12.4% | +0.2% |
| 2013 | -9.9% | -20.7% |
| 2014 | -7.4% | -25.4% |
| 2015 | -8.9% | +20.1% |
| 2016 | -5.5% | -38.0% |
| 2017 | -2.8% | -49.1% |
| 2018 | -1.0% | -62.5% |
| 2019 | -1.9% | +83.6% |
| 2020 | -3.5% | +83.0% |
| 2021 | -2.6% | -26.3% |
| 2022 | -0.8% | -69.7% |
| 2023 | -0.8% | +7.5% |
| 2024 | 1.1% | -235.3% |
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 1960s | -5.0% | -10.3% | -0.5% | 10 |
| 1970s | -0.0% | -4.5% | 5.5% | 10 |
| 1980s | -3.1% | -7.6% | 0.4% | 10 |
| 1990s | -12.4% | -20.6% | -8.0% | 10 |
| 2000s | -17.7% | -25.3% | -12.3% | 10 |
| 2010s | -7.9% | -16.4% | -1.0% | 10 |
| 2020s | -1.3% | -3.5% | 1.1% | 5 |
Countries ranked near Ghana
More economy & growth data for Ghana
- Africa's Development Dynamics (AfDD) Table 04 - Annual real GDP 3.15 Percent per annum (2029)
- Africa's Development Dynamics (AfDD) Table 02 - Annual real GDP 5 Percent per annum (2029)
- Total reserves minus gold (current US$), annual growth rate 46.91 % change on previous year (2024)
- Total reserves minus gold (current US$), per unit of GDP 0.0537 current US$ per US$ of GDP (2024)
- Total reserves minus gold (current US$), per capita 129.91 current US$ per person (2024)
- General government final consumption expenditure (current US$) -9.71 % change on previous year (2024)
- General government final consumption expenditure (current US$), per 0.048 current US$ per US$ of GDP (2024)
- General government final consumption expenditure (current US$), per 116.18 current US$ per person (2024)
- General government final consumption expenditure (current LCU) 16.35 % change on previous year (2024)
- General government final consumption expenditure (current LCU), per 0.682 current LCU per US$ of GDP (2024)
Frequently asked questions
- What is external balance on goods and services in Ghana?
- External balance on goods and services in Ghana was 1.1% in 2024, according to Country official statistics, National Statistical Organizations and/or Central Banks.
- What is the highest external balance on goods and services recorded in Ghana?
- The highest recorded value was 5.5% in 1972.
- What is the lowest external balance on goods and services recorded in Ghana?
- The lowest recorded value was -25.3% in 2005.
- How does Ghana rank for external balance on goods and services?
- Ghana ranks 70th out of 193 countries with data for 2024.
- Is external balance on goods and services rising or falling in Ghana?
- Over the last ten years it is up 115.5%. The long-run trend across the full record is volatile.
- Where does this Ghana data come from?
- The figures come from Country official statistics, National Statistical Organizations and/or Central Banks, published as part of External balance on goods and services (% of GDP). Statizoid updates them automatically from the source API.
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About this data
The balance of international trade in goods and services is the difference between the exports and imports of goods and services. This indicator is expressed as a percentage of Gross Domestic Product (GDP) which is the total income earned through the production of goods and services in an economic territory during an accounting period.