The Ghana Statistical Service’s (GSS) 2024 Trade Report shows that the nation’s trade surplus last year was GH¢44.7 billion.
It stated that the nation’s 2024 exports were GH¢294.9 billion, which was more than its GH¢250.2 billion in imports.
The research said that gold exports were the main driver of the trade surplus, which was around eight times higher than the trade surplus estimated at GH¢5.3 billion in 2023.
With a total value of GH¢162.98 billion, gold exports were reported to make up 55.3% of the nation’s overall exports.
Petroleum oils and oils drove the nation’s exports, accounting for 17.8% of exports at a value of GH¢54.2 billion, according to Government Statistician Prof. Samuel K. Annim, who spoke yesterday at the publication of Ghana’s 2024 Trade Report and 2024 fourth quarter trade bulletin in Accra.
At GH¢14.96 billion, exports of cocoa beans and products made up 5.1% of total exports last year.
According to Prof. Annim, exports increased more than imports in 2024, with an average monthly percentage change of 4.5% vs 3.7% for imports.
According to him, May was the only month in 2024 to have a deficit of GH¢14.7 billion, and December had the largest trade surplus.
Asia continues to be the top export destination, followed by Europe and Africa, according to the Government Statistician.
Regarding imports, he stated that in 2024, mineral fuels and oils accounted for roughly 48.9% of all imports, with the majority coming from Europe.
He claimed that while a wide variety of goods were imported from Asia, the largest percentages were recorded by mineral fuels and oils (19.6%) and electrical equipment (20.5%).
“China (14.9 per cent), the United Arab Emirates (7.7 per cent) and India (13.7 per cent) were the primary source of imports from Asia in 2024, accounting for a combined 77.3 per cent of total imports from the continent,” Prof. Annim stated.
Ghana needs to boost its exports by utilizing the Africa Continental Free Trade Area proposal, according to Faustina Frempong-Ainguah, the Deputy Government Statistician.
She added that in order to generate food for Africa, the nation had to capitalize on its competitive advantage.
The Deputy Government Statistician encouraged the business community, academia, and policymakers to use the report to inform their business and policy choices.
Dr. Joseph Obeng, the president of the Ghana Traders Union Association (GUTA), voiced concern over the decline of cocoa as a significant export good for the nation.
He demanded research to determine the reason for cocoa’s decline as a significant export good.
Source: newsthemegh.com