The latest data from the Ghana Statistical Service (GSS) shows that Ghana achieved a trade surplus of GH¢5.4 billion in the second quarter of 2024.
This positive shift highlights the country’s improving economic position.
It represents a remarkable turnaround from a trade deficit of GH¢3.1 billion during the same period in 2023.
In Q2 2024, the country’s total trade value reached GH¢123.0 billion, comprised of GH¢64.2 billion in exports and GH¢58.8 billion in imports.
In US dollar terms, this total trade equalled approximately $9.0 billion.
The trade surplus represents a significant milestone for Ghana’s economy and reflects a decrease from the GH¢11.5 billion surplus recorded in the first quarter of 2024.
Gold remains the leading export, valued at GH¢37.0 billion, accounting for an impressive 57.6 percent of total exports.
Government Statistician. Professor Samuel Kobina Anim. highlighted price increases for both exports and imports during the quarter.
According to him, export prices surged by 40.5% year-on-year, primarily driven by the rising gold prices while import prices also increased by 18.9%.
“In the computation of nominal and real trade values, we have denominated it in cedis. The more than doubling of the nominal values were from GH¢46.3 billion around the second quarter of 2021 to the current figure of GH¢123 billion, so we have adjusted for price changes from a cedi-denominated perspective”, he said.
Other notable exports include crude petroleum at GH¢12.6 billion and cashew nuts at GH¢1.2 billion.
In total, Ghana exported goods worth GH¢64.2 billion in the second quarter, while imports were recorded at GH¢58.8 billion.
This balance highlights the country’s strong export performance, even as it adjusts from the higher surplus seen earlier in the year.