The Ghana Statistical Service (GSS) has released its International Trade Statistics report for the second quarter (Q2) of 2024, revealing a significant increase in gold exports.
The country recorded gold trade valued at GH¢37.0 billion, which accounts for 57.6 percent of total exports. Ghana’s overall trade value stood at GH¢123.0 billion, with exports totaling GH¢64.2 billion and imports at GH¢58.8 billion.
Notably, the country achieved a trade surplus of GH¢5.4 billion, a remarkable turnaround from the deficit of GH¢3.1 billion reported during the same period in 2023. In U.S. dollar terms, total trade amounted to $9.0 billion.
Other significant exports included crude petroleum which recorded GH¢12.6 billion and cashew nuts, GH¢1.2 billion. Asia continues to be Ghana’s leading trade partner, accounting for over half of the country’s imports and nearly half of its exports in Q2 2024.
Between Q2 2023 and Q2 2024, imports from Europe decreased by 7.5%, while imports from Asia saw a substantial increase of 8.5%.
The report highlights that the United Arab Emirates (UAE) remains Ghana’s top export destination, with exports valued at GH¢15.0 billion, representing 23.3% of total exports.
Switzerland closely follows with exports worth GH¢13.2 billion (20.5%), while South Africa ranks third with exports amounting to GH¢8.3 billion (12.9%). Ghana’s import market is dominated by gas oil GH¢7.3 billion, and motor spirit super GH¢7.2 billion, which together account for 24.7 percent of the total import value of GH₵58.8 billion.
China is the primary source of Ghana’s imports, contributing GH¢12.3 billion (20.9% of total imports), followed by the UAE at GH¢9.1 billion (15.4%) and the United Kingdom at GH¢5.2 billion (8.8%).
The Export and Import Unit Value Indices (UVIs) indicate notable price shifts in key commodities.
The report further stated that export prices experienced a year-on-year increase of 40.5 percent, largely driven by rising gold prices, while import prices rose by 18.9 percent.
By Prince Fiifi Yorke