The Ghana Statistical Service (GSS) has revealed Ghana recorded a trade surplus of GH¢11.5 billion for the First Quarter(Q1) of 2024.
This is a turnaround from the GH¢4.5 billion recorded for the same period last year.
One of its key findings is a stark disparity between exports and imports—with exports exceeding imports by approximately GH₵11.4 billion in 2024.
Thus, the total value of the country’s exports stood at GH₵59.5.billion and exports at GH₵48.1billion.
This trade surplus, it highlighted, is a mark of good direction.
However, according to GSS 2023 Trade Report figures, the first quarter of 2024 recorded the lowest export value of cocoa products since 2021.
The export value of cocoa products in Q1 2024 decreased to US$592.2 million relative to the average (US$825.8 million) for the first quarters of 2021, 2022 and 2023.
Gold bullion, valued at GH₵29.7 billion, was the top export product in Q1 2024, with a value more than twice that of the second highest export, crude petroleum, at GH₵12.2 billion.
The top five export products (gold, crude petroleum, cocoa beans, cashew nuts, and cocoa paste) together accounted for 82.6% of all exports.
The export share of gold increased from 40.1% in Q1 2023 to 50.0% in Q1 2024.
In terms of imports, Asia’s share of imports (41.3%) surpassed Europe (37.3%), with China emerging as Ghana’s largest import partner with GH₵33.9 billion.
The GSS maiden report on Export and Import Price Indices (XMPI) shows that general prices for export commodities on average increased by 20.4% between Q1 2023 and Q1 2024.
But, prices for imported commodities increased by 11.5 percent.
In Q1 2024, the top four import products, all within the category of mineral fuels and oils, totalled GH₵12.5 billion, with diesel leading with GH₵ 5.1 billion.
Altogether, mineral fuels and oils accounted for 29.3 percent of imports.
Cement clinkers, valued at GH₵0.9 billion, were the fifth-largest import, making up 1.9 percent of imports.
The top five exports made up 82.6% of total exports, while the top five imports accounted for 27.8% of total imports.
GSS said the quarterly trade statistics newsletter is being institutionalised by the Service to routinely provide updated statistics on trade to support informed decision-making.
The XMPI, which were computed using administrative data from the Customs Division of the Ghana Revenue Authority, are featured in the maiden quarterly trade statistics newsletter released by GSS on 30th May 2024.
The report highlights the importance of taking strategic measures to enhance trade resilience, foster economic diversification and promote sustainable growth in the economy.