In Q1 2024, Ghana saw a substantial trade surplus of GH¢11.5 billion
In Q1 2024, Ghana achieved a noteworthy trade surplus of GH¢11.5 billion, reflecting a 20.4% increase in average export commodity prices compared to Q1 2023.
The latest quarterly report from the Ghana Statistical Service (GSS) suggests a positive economic trajectory for the country.
Exports totaled GH¢59.5 billion, while imports stood at GH¢48.1 billion, resulting in the trade surplus.
Gold bullion, valued at GH¢29.7 billion, emerged as the top export, followed by crude petroleum at GH¢12.2 billion.
The top five export items, including cocoa beans, cashew nuts, and cocoa paste, accounted for 82.6% of all exports.
During the launch of the Ghana 2023 Trade Report, Government Statistician Professor Samuel Kobina Annim highlighted the trade surplus and stressed the need to address weaknesses in cocoa exports.
While cocoa product exports in Q1 2024 decreased to $592.2 million, Prof. Annim urged immediate action to mitigate vulnerabilities and sustain cocoa returns.