Ghana achieved a notable trade surplus of GH¢11.5 billion in the first quarter of 2024, buoyed by a 20.4% increase in the average prices of export commodities compared to Q1 2023, according to a recent report by the Ghana Statistical Service (GSS).
This surge indicates a promising economic trend for the nation.
In Q1 2024, exports totaled GH¢59.5 billion, while imports stood at GH¢48.1 billion, resulting in the substantial trade surplus.
Gold bullion emerged as the leading export product, valued at GH¢29.7 billion, more than twice the value of crude petroleum, the second-highest export at GH¢12.2 billion.
The top five exports—gold, crude petroleum, cocoa beans, cashew nuts, and cocoa paste—collectively accounted for 82.6% of all exports.
During the launch of the Ghana 2023 Trade Report, Government Statistician Professor Samuel Kobina Annim highlighted the strong export performance.
He noted, “Total exports in the first quarter of 2024 are GH¢59.5 billion relative to GH¢48.1 billion. Our trade balance in the first quarter of 2024 was GH¢11.5 billion, which is a trade surplus that is exports being higher than imports by GH¢11.5 billion.”
However, the report also revealed a decline in the export value of cocoa products to $592.2 million in Q1 2024, compared to an average of $825.8 million for the same period in 2021, 2022, and 2023.
Prof. Annim stressed the urgent need for measures to address the challenges affecting cocoa exports.
“In 2022, the highest was in the first quarter. In 2023, the highest was in the first quarter, averaging about US$ 875 million for these quarters in the last three years. Then suddenly, we see a sharp decline to about $585 million in the first quarter of 2023.
“A significant decline from about $ 870 million to about US$ 580 million in the first quarter of 2023. This a situation that the agency [COCOBOD] is aware of and has found reasons that led to it, our expectation is that we minimise the vulnerabilities associated with whatever led to it [the decline in cocoa exports], and going forward we can sustain the returns from cocoa,” Prof. Anim noted.
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