Ghana’s statistics agency, the Ghana Statistical Service (GSS), reports a strong trade surplus in the first quarter (Q1) of 2024.
This positive trend follows a successful year in 2023, marking a turnaround from a trade deficit in 2022.
Key Takeaways:
- Surplus: Q1 2024 saw exports at GHȼ59.5 billion compared to imports of GHȼ48.1 billion.
- Gold Leads Exports: Gold dominated exports at 50%, followed by mineral fuels and oils (21%) and cocoa (12.1%).
- Imports Diversify: While mineral fuels and oils remain the top import (29.3%), machinery and electrical equipment (14.6%) and chemical products (10.9%) are gaining ground.
- 2023 Recovery: Ghana reversed its 2022 trade deficit with a GHȼ5.3 billion surplus in 2023, driven by higher exports and controlled imports.
Challenges and Opportunities:
- Export Concentration: Professor Samuel Kobina Annim, the Government Statistician, highlighted Ghana’s reliance on a few key exports like gold.
- Import Reliance: Ghana still imports a wider variety of goods compared to its exports.
Digitalization Push:
The GSS obtained this year’s data through digital collaboration with the Ghana Revenue Authority’s Customs division. This signifies a continued focus on digital data collection for future reports.
