Ghana celebrated a notable achievement with a substantial trade surplus of GH¢11.5 billion in the first quarter of 2024, marking a promising economic upturn for the nation.
The Ghana Statistical Service (GSS), which announced this said the surplus was sustained by a significant 20.4% rise in the average prices of exported goods from Q1 2023 to Q1 2024.
Export revenues soared to GH¢59.5 billion during this period, outpacing imports which stood at GH¢48.1 billion, resulting in the noteworthy trade surplus.
Leading the charge in exports was gold bullion, commanding a value of GH¢29.7 billion, followed by crude petroleum at GH¢12.2 billion.
Together, these two commodities accounted for a substantial portion of Ghana’s export earnings, underscoring their economic significance.
Professor Samuel Kobina Annim, the Government Statistician, highlighted this achievement during the launch of the Ghana 2023 Trade Report, emphasizing the positive trend of exports surpassing imports by GH¢11.5 billion.
The top five export products, comprising gold, crude petroleum, cocoa beans, cashew nuts, and cocoa paste, collectively contributed to 82.6% of total exports.
However, amidst this success, there was a concerning decline in the export value of cocoa products, which dipped to $592.2 million in Q1 2024 compared to the average of $825.8 million for the corresponding quarters of 2021, 2022, and 2023.
Professor Annim stressed the urgency of addressing the underlying factors contributing to this decline in cocoa exports, underscoring the importance of implementing immediate measures to bolster this crucial sector of Ghana’s economy.
“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. Annim noted.
