Ghana has achieved a notable trade surplus of GH¢11.5 billion in the first quarter of 2024, reflecting a 20.4% increase in the average prices of export commodities compared to Q1 2023.
This encouraging economic performance was highlighted in the latest quarterly report from the Ghana Statistical Service (GSS).
In Q1 2024, Ghana’s exports totaled GH¢59.5 billion, while imports stood at GH¢48.1 billion, resulting in the GH¢11.5 billion trade surplus.
The top export product, gold bullion, reached a value of GH¢29.7 billion, more than double the second-highest export, crude petroleum, which was valued at GH¢12.2 billion.
Other key exports included cocoa beans, cashew nuts, and cocoa paste, collectively accounting for 82.6% of all exports.
During the launch of the Ghana 2023 Trade Report, Government Statistician Professor Samuel Kobina Annim stated, “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, with exports exceeding imports by GH¢11.5 billion.”
However, the export value of cocoa products in Q1 2024 decreased to $592.2 million, compared to an average of $825.8 million for the first quarters of 2021, 2022, and 2023. Prof. Annim emphasized the need for immediate measures to address the decline in cocoa exports.
“In 2022 and 2023, the highest export values were in the first quarter, averaging about $875 million for these quarters over the last three years. Suddenly, we see a sharp decline to about $585 million in the first quarter of 2024,” he noted. “This significant drop from about $870 million to $580 million in Q1 2024 is concerning. The agency [COCOBOD] is aware of the reasons behind this decline. We must address the vulnerabilities that led to this decrease to sustain future returns from cocoa exports.”
