According to the most recent data from the Ghana Statistical Service, Ghana had a trade surplus of GH¢5.4 billion in the second quarter of 2024, a significant improvement over the GH¢3.1 billion deficit that was recorded during the same time the previous year.
With GH¢64.2 billion in exports and GH¢58.8 billion in imports, the total value of commerce in the second quarter was GH¢123.0 billion. The total volume of trade in dollars was $9.0 billion.
The surplus shows that Ghana’s external accounts are improving, but it is still significantly less than the GH¢11.5 billion surplus reported in the first quarter of 2024, highlighting the unevenness of the trading performance of the nation.
With GH¢37.0 billion, or 57.6% of all outbound commerce, gold was the main export engine. Crude petroleum came in second with GH¢12.6 billion, while cashew nuts came in third with GH¢1.2 billion.
Ghana’s export base is still largely dependent on commodities notwithstanding the surplus’s shrinkage, underscoring the structural obstacles to trade diversification that still exist.
Source: newsthemegh.com