- Ghana's trade performance in 2023 was positive
- The report reveals a trade surplus of GH¢5.3 billion
- The trend seems to be continuing in 2024
Ghana’s trade performance in 2023 was positive, according to the Ghana Statistical Service (GSS) Trade Report.
The report reveals a trade surplus of GH¢5.3 billion, indicating the country exported more than it imported.
Exports on the Rise
Ghana’s exports reached a new high of GH¢186.0 billion in 2023, a significant increase of GH¢42.2 billion (30%) compared to 2022.
Gold was the star performer, generating GH¢84.4 billion in revenue, followed by cocoa (GH¢20.9 billion) and mineral fuels and oils (GH¢44.6 billion).
Shifting Trade Landscape
The report also highlights a changing import landscape. Asia overtook Europe as Ghana’s primary import source in 2023.
China emerged as the leading import partner with a value of GH¢33.9 billion, while the overall share of imports from Asia reached 41.3%. Mineral fuels and oils remained the top import category, accounting for 32.1% of the total import value.
Positive Outlook
The trend seems to be continuing in 2024. The first quarter report shows a trade surplus of GH¢11.5 billion, more than double the figure recorded in the same period of 2023.
However, Professor Annim, the Government Statistician, cautioned that the rise in export value might be due to price hikes rather than increased production.
Importance of Trade Data
The GSS Trade Report is seen as a valuable tool for policymakers. Professor Kwaku Appiah-Adu, Senior Policy Advisor at the Office of the Vice President, commended the report for informing national development planning and decision-making.
The GSS plans to integrate data from other government agencies to provide even more comprehensive insights in the future.
