Ghana achieved a significant trade surplus of GH¢11.5 billion in the first quarter of 2024. This surplus comes amidst a notable 20.4% increase in the average prices of export commodities between Q1 2023 and Q1 2024.
According to the latest quarterly report released by the Ghana Statistical Service (GSS), this increase signals a promising economic trajectory for the nation.
Exports in the first quarter of 2024 amounted to GH¢59.5 billion, while imports were GH¢48.1 billion, leading to a trade surplus of GH¢11.5 billion.
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 are gold, crude petroleum, cocoa beans, cashew nuts, and cocoa paste, which together account for 82.6 per cent of all exports.
Speaking during the launch of the Ghana 2023 Trade Report, Government Statistician, Professor Samuel Kobina Annim said “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 G¢11.5 billion, which is a trade surplus that is exports being higher than imports by GH¢11.5 billion”.
Meanwhile, the export value of cocoa products in the first quarter of 2024 decreased to $592.2 million relative to the average of $825.8 million for the first quarters of 2021, 2022 and 2023.
Commenting on this, Prof. Annim emphasised the need for immediate measures to tackle the weaknesses surrounding the decline of cocoa exports
“In 2022, the highest was in the first quarter. In 2023, the highest was in the first quarter, averaging about US$ 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.