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In 2024’s first quarter, Ghana recorded a noteworthy GH¢11.5 billion trade surplus. This excess is occurring in the context of a large 20.4% rise in the average export commodity prices from Q1 2023 to Q1 2024.
This rise indicates a positive economic trajectory for the country, according to the Ghana Statistical Service’s (GSS) most recent quarterly report.
GH¢11.5 billion was the trade surplus in the first quarter of 2024, with GH¢59.5 billion in exports and GH¢48.1 billion in imports.
With a value of GH¢29.7 billion, gold bullion surpassed crude petroleum, which was the second-highest export, by over twice, making it the top product in Q1 2024.
Together, the top five export commodities—which make up 82.6 percent of total exports—are gold, crude oil, cashew nuts, cocoa beans, and cocoa paste.
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,” during the launch of the Ghana 2023 Trade Report. In the first quarter of 2024, our trade surplus—a trade balance of GH¢11.5 billion—came from exports being greater than imports by that same amount.
Comparing the first quarter of 2024 to the average of $825.8 million for the first quarters of 2021, 2022, and 2023, the export value of cocoa products dropped to $592.2 million.
Prof. Annim commented on this and emphasized the necessity for quick action to address the issues behind the drop in cocoa exports.
“In 2022, the highest was in the first quarter. In 2023, the highest was in the first quarter, averaging about US$ 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. Anim stated.
Source: Ghanatodayonline.com
