The Government Statistician, Professor Samuel Annim, says that Ghana’s economy continued its positive recovery in the second quarter of 2024, recording a trade surplus for the third consecutive quarter.
Presenting the report on Trade Statistics for the second quarter of this year in Accra on Tuesday, Prof. Annim stated that this development marks a turnaround from the deficit experienced in the same period last year.
The Government Statistician said that the total trade value in second quarter of 2024 reached GH¢123 billion.
He explained that it was made up of GH¢64.2 billion in exports and GH¢58.8 billion in imports, with exports surpassing imports by GH¢5.4 billion, a feat also known as trade surplus.
According to him, the surplus is a turnaround from the GH¢3.1 billion trade deficit recorded in second quarter of last year, but a slowdown on the GH¢11.5 billion surplus recorded in the first quarter of 2024.
Prof. Annim disclosed that gold remained the driving force behind the country’s export earnings, accounting for 57.6 per cent of the total exports, while the share of cocoa beans and products to total trade declined slightly during the quarter from 21 per cent to 20 per cent.
The report added that the export value of cocoa beans declined from GH¢5.1 billion in the first quarter of 2024 to GH¢1.1 billion for the same period, a slowdown of GH¢4 billion in the export value.
On major trading partners, the report said that Asia and Europe continued to be Ghana’s primary trading partners, with Asia maintaining its lead as the country’s top export destination, while the share of imports from Europe has been decreasing and imports from Asia have been rising steadily, indicating a significant shift in Ghana’s trading patterns.
According to local media reports, the United Arab Emirates (UAE) emerged as the leading destination for Ghana’s gold exports, accounting for 39.9 per cent of gold exports, surpassing Switzerland, which received 35.6 per cent; South Africa, with 16.2 per cent and India, 7.5 per cent.
GIK/APA