Ghana records trade surplus for third consecutive quarter despite slump in cocoa exports

Ghana has recorded a trade surplus for the third consecutive quarter, generating more from exports than it imported.

According to the latest trade statistics from the Ghana Statistical Service, total exports between April and June this year reached GHC 64.2 billion, compared to imports valued at GHC 58.8 billion, resulting in a surplus of GHC 5.4 billion.

This Q2 surplus of GHC 5.4 billion marks a substantial turnaround from the GHC 3.1 billion deficit recorded in the same period in 2023. However, it is less than half of the GHC 11.5 billion surplus reported in the first quarter of 2024.

Gold remains Ghana’s dominant export, contributing GHC 37.0 billion (57.6%) of total export value in the second quarter. Gold’s share of exports increased by about 10% from 47.5% in Q2 2023 to 57.6% in Q2 2024. The United Arab Emirates (UAE) has overtaken Switzerland as the leading destination for Ghana’s gold exports, with 39.9% going to the UAE, followed by Switzerland (35.6%), South Africa (16.2%), and India (7.5%).

In contrast, cocoa exports decreased by about GHC 4.0 billion between Q1 2024 and Q2 2024, marking the fifth consecutive quarterly decline in cocoa export values and reflecting a contraction in the cocoa sector, as indicated by recent GDP figures.

Overall, China remains the largest source of imported goods, contributing GHC 12.3 billion (20.9%) of total imports.

Ghana has recorded a trade surplus for the third consecutive quarter, generating more from exports than it imported.

According to the latest trade statistics from the Ghana Statistical Service, total exports between April and June this year reached GHC 64.2 billion, compared to imports valued at GHC 58.8 billion, resulting in a surplus of GHC 5.4 billion.

This Q2 surplus of GHC 5.4 billion marks a substantial turnaround from the GHC 3.1 billion deficit recorded in the same period in 2023. However, it is less than half of the GHC 11.5 billion surplus reported in the first quarter of 2024.

Gold remains Ghana’s dominant export, contributing GHC 37.0 billion (57.6%) of total export value in the second quarter. Gold’s share of exports increased by about 10% from 47.5% in Q2 2023 to 57.6% in Q2 2024. The United Arab Emirates (UAE) has overtaken Switzerland as the leading destination for Ghana’s gold exports, with 39.9% going to the UAE, followed by Switzerland (35.6%), South Africa (16.2%), and India (7.5%).

In contrast, cocoa exports decreased by about GHC 4.0 billion between Q1 2024 and Q2 2024, marking the fifth consecutive quarterly decline in cocoa export values and reflecting a contraction in the cocoa sector, as indicated by recent GDP figures.

Overall, China remains the largest source of imported goods, contributing GHC 12.3 billion (20.9%) of total imports.