Ghana records trade surplus in second quarter of 2024 driven by increase in gold exports

Ghana’s total trade value for the second quarter (Q2) of 2024 stood at GHC123.0 billion, comprising GHC64.2 billion in exports and GHC58.8 billion in imports.

The country recorded a trade surplus of GHC5.4 billion, marking a substantial reversal from a deficit of GHC3.1 billion recorded in the same period in 2023. In US dollar terms, the total trade amounted to US$9.0 billion.

Professor Samuel Kobina Annim, the Government Statistician, speaking at the release of the Ghana Statistics Service Q2 trade statistics on export and import inflows, values and price changes said the findings highlights a trade surplus, driven by a notable increase in export of gold.

He said Asia remained Ghana’s leading trade partner, contributing over half of the country’s imports and half of its exports in Q2 of 2024.

“China plays a centralised role, contributing more than two-fifths of Asia’s exports to Ghana and about one-fifth of Ghana’s exports to Asia,” he added.

He said between second quarter of 2023 and Q2 of 2024, the share of imports from Europe declined by 7.5%, while imports from Asia increased substantially by 8.5%.

The Government Statistician said gold bullion led Ghana’s exports with a value of GHC37.0 billion, accounting for 57.6% of total exports.

Other major exports included crude petroleum (GHC12.6 billion) and cashew nuts (GHC1.2 billion).

He said the United Arab Emirates (UAE) remained Ghana’s top export destination, accounting for GHC15.0 billion, representing 23.3% of total exports, while Switzerland followed closely with exports valued at GHC13.2 billion representing 20.5% and South Africa ranked third, with exports amounting to GHC8.3 billion (12.9%).

Prof Annim said Ghana’s import of gas oil (GHC7.3 billion) and motor spirit predominated market super (GHC7.2 billion), which together contributed a quarter (24.7%) of the total import value (GHC58.8 billion).

He said China remained the primary source of Ghana’s imports, contributing GHC12.3 billion (20.9% of total imports), followed by the UAE with a value of GHC9.1 billion (15.4%) and the United Kingdom with an import value of GHC5.2 billion (8.8%).

The Export and Import Unit Value Indices (UVIs) revealed price shifts in key commodities.

Export prices recorded a 40.5% year-on-year increase, driven by surging gold prices while import prices increased by 18.9%.

He said during the period real trade figures indicated a deficit of GHC2.1 billion, with exports at GHC22.5 billion and imports at GHC24.6 billion.

However, the nominal values revealed a contrasting narrative, where the nominal export value was GHC64.2 billion and nominal import value was GHC58.8 billion, indicating a trade surplus.

This is driven by export prices increasing more import prices, especially due to the high price increase of gold and crude oil.

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