The total trade value for Ghana in the first quarter of 2024 has been reported at GH₵107.6 billion, according to a recent trade report. In dollar terms, this equates to $8.8 billion, with exports amounting to $4.8 billion and imports totaling $3.9 billion.
Professor Samuel Kobina Annim, the Government Statistician, unveiled these figures during the release of the 2024 Quarterly Trade Newsletter in Accra. This newsletter provides provisional international trade statistics, specifically focusing on the first quarter of 2024. The report utilizes aggregated trade statistics using the Export and Import Price Indices (XMPI), also known as the Unit Value Indices. These indices track changes over time in the relative price of exported and imported products compared to the quantities of exports and imports.
Key highlights from the report include a trade surplus of GH₵11.5 billion in the first quarter of 2024, more than double the GH₵4.5 billion recorded in the same period in 2023. The XMPI indicates that average prices for export commodities rose by 20.4% between the first quarters of 2023 and 2024, while prices for imported commodities increased by 11.5%.
Professor Annim noted that the increased trade flow was predominantly driven by upward price changes rather than output increases. Additionally, the report highlighted a decrease in the export value of cocoa products in the first quarter of 2024 compared to previous years.
Regarding the 2023 Annual Trade Report, Professor Annim mentioned that Ghana experienced a nominal trade surplus of GH₵5.3 billion, a reversal from the GH₵4.8 billion deficit recorded in 2022. Gold emerged as the main export product in 2023, while mineral fuels and oils saw a decrease. On the import side, Asia’s share of imports surpassed Europe’s, with China emerging as Ghana’s largest import partner.
The release of the Quarterly Trade Newsletter marks the third trade report issued by the Statistical Service in the past year. These reports aim to provide updated trade statistics to support informed decision-making and are based mainly on data from the Customs Division of the Ghana Revenue Authority.
Professor Kwaku Appiah-Adu, Senior Policy Advisor at the Office of the Vice President, emphasized the importance of efficient trade to maintain a balanced payment system and prevent financial malfeasance. He further stated that international trade expansion and integration into the global economy were crucial for creating new, higher-productivity jobs and facilitating economic growth, especially in developing countries like Ghana.
The report also underscored the significance of the trade surplus in stimulating economic activity and potentially attracting foreign investment. Additionally, it highlighted the need for continued efforts to diversify Ghana’s export base and reduce dependence on a few key commodities. Looking ahead, stakeholders in the Ghanaian economy will closely monitor trade developments and policy measures to navigate potential challenges and capitalize on emerging opportunities in the global market.
Stay updated with supply chain logistics news on The Supply Chain Report. Free international trade tools are available at ADAMftd.com.
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