Ghana’s trade surplus surges 60.8 pct in Q1 2024: GSS

Ghana’s trade surplus increased by 60.8 percent year on year in the first quarter (Q1) of 2024, compared with the same period last year, according to data released by the Ghana Statistical Service (GSS) on Thursday.

   Samuel Kobina Annim, government statistician at the GSS, announced this during the maiden release of the quarterly trade newsletter.

   Annim said the total trade surplus for Q1 2024 amounted to 11.5 billion Ghana cedis (0.93 billion U.S. dollars), compared with 4.5 billion cedis (0.36 billion dollars) for the same period last year.

   “Total exports and imports for the quarter under review stood at 59.5 billion cedis and 48.1 billion cedis, respectively, leading to a trade surplus of 11.5 billion cedis,” Annim said.

   He said the top five export commodities in Q1 2024 were gold, crude petroleum, cocoa beans, cashew nuts, and cocoa paste, accounting for 82.6 percent of all exports.

   On the other hand, the government statistician said the four top imports during the cited period were all within the mineral fuels and oils group, accounting for 29.3 percent of all imports.

   Europe, led by Switzerland, retained its position as the largest export destination for Ghanaian products, and Asia, led by China, has become the major source of imports coming to the West African country.

   “China leads as the main source of imports, contributing 10.5 billion cedis, or 21.8 percent of total imports, and 45.8 percent of imports from Asia,” Annim added.

   The exchange rate was 1 U.S. dollar to 12.39 Ghana cedis as of February.