Ghana Records Impressive GH¢11.5bn Trade Surplus in Q1 2024
The Ghana Statistical Service (GSS) has announced a significant trade surplus of GH¢11.5 billion for the first quarter of 2024, indicating a notable improvement in the country's trade balance.
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According to the GSS trade report, Ghana's exports exceeded imports by GH¢11.5 billion, representing a substantial increase from the GH¢4.5 billion surplus recorded in the same period last year. The total trade value for the quarter stood at GH¢107.6 billion, comprising GH¢59.5 billion in exports and GH¢48.1 billion in imports.
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The report highlighted Asia as Ghana's top trading partner, surpassing Europe, with a 48% import share and 35% export share. The top five export products were gold bullion, crude petroleum, cocoa beans, cashew nuts, and cocoa paste, accounting for 82.6% of all exports.
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The Export and Import Price Indices (XMPI) report showed a 20.4% increase in export prices and an 11.5% increase in import prices between Q1 2023 and Q1 2024. However, the trade surplus was attributed to price increases rather than output increases, with a significant decline in cocoa exports.
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The Government Statistician, Professor Samuel Kobina Annim, urged agencies to research and work hard to increase outputs to cushion the economy. The Senior Policy Advisor at the Office of the Vice-President, Professor Kwaku Appiah-Adu, commended the GSS for the detailed report and encouraged the use of artificial intelligence in their research and reports.
This development indicates a positive trend in Ghana's trade balance and highlights the need for continued efforts to increase output and diversify exports to maintain a sustainable trade surplus.
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