In 2023, Ghana's gold exports surged to $7.60 billion, marking a 15% increase compared to the previous year.

This growth was driven by a 9.2% rise in export volume and a 5.4% uptick in the average price, which stood at $1,843.13 per fine ounce.

The boost in volume stemmed from enhanced gold production, notably from the expansion of the Newmont Ahafo Mine, the resumption of operations at Anglogold Ashanti's Obuasi Mine, and higher output from small-scale miners, according to the Bank of Ghana's 2024 Annual Report.

In contrast, earnings from crude oil exports plummeted by 29.3%, falling to $3.84 billion from $5.43 billion in 2022.

This decline was due to reduced export volumes, which dropped by 13.4% to 46.9 million barrels, and a decrease in the average price per barrel, which fell by 18.4% to $81.78.

Lower production from the Jubilee and TEN fields was a key factor in the volume reduction.

Cocoa exports also faced a downturn, with total earnings dropping by 8.4% to $2.12 billion.

The value of cocoa beans exports alone slipped slightly by 1.1% to $1.31 billion, influenced by a minor 0.2% price drop and a 0.9% fall in export volumes, which ended the year at $2,465.47 per tonne and 533,056.34 tonnes respectively.

Cocoa products saw a 7.1% increase in average price to $3,289.39 per tonne, but a significant 23.8% decrease in volume to 240,896.35 tonnes resulted in an 18.4% decline in earnings to $792.40 million.

Timber exports experienced a reduction as well, with receipts falling by 11.7% to $142.55 million by the end of 2023.

This decrease was mainly due to a 15.5% drop in volume to 290,306.26 cubic meters.

Despite this, the average price per cubic meter of timber rose from $469.99 in 2022 to $491.02 in 2023.