Ghana’s economy experienced a boost in the second quarter of 2024, with a trade surplus driven by a surge in gold exports.
According to the Ghana Statistical Service, the country’s total trade value reached GH₵123.0 billion during the period, with exports exceeding imports by GH₵5.4 billion.
This marked an improvement compared to the trade deficit recorded in the same quarter of 2023 (GH₵3.1billion) but a slowdown on the GH₵11.5 billion recorded in the first quarter of 2024.
Gold emerged as the primary driver of Ghana’s export earnings, accounting for over half of the total exports.
Other key exports included crude petroleum and cashew nuts. The United Arab Emirates remained Ghana’s top export destination, followed by Switzerland and South Africa.
While China continued to be Ghana’s primary source of imports, the share of imports from Europe declined, while imports from Asia increased. Gas oil and motor spirit super were the leading import commodities.
The Export and Import Unit Value Indices indicated a significant rise in export prices, primarily due to the surge in gold prices, while import prices also experienced a notable increase.
Highlights of Q2 2024 Trade Statistics
– In Q2 2024, the total trade value was 123.0 billion Ghana Cedis, comprising 64.2 billion in exports and 58.8 billion in imports,
– Trade surplus was recorded for the third consecutive quarter although the value was more than halved from GHC11.5 billion to GHC5.4 billion between the first and second quarters of 2024
– The dominance of gold as the main export commodity has been further consolidated with an increase in its share of about 10.0 percentage points (from 47.5% to 57.6%) between Q2 2023 and Q2 2024.
– The export value of cocoa products decreased by about GHC4.0 billion between Q2 2024 and Q1 2024
– China remains Ghana’s main origin of imported commodities with dominance in five of the 10 product classifications
– United Arab Emirates surpasses Switzerland as Ghana’s main gold destination
– Year-on-year export and import prices changes for Q2 2024 were 40.5 percent and 18.9 percent respectively.
– Nominal trade values have more than doubled in the last three years, but real trade values have recorded marginal increases over the same period.
