At a press conference today, the Government Statistician, Professor Samuel Kobina Annim, presented an overview of Ghana’s trade performance for the third quarter of 2024 (July–September).
He highlighted key data derived from administrative records provided by the Customs Division of the Ghana Revenue Authority, underscoring the government’s efforts to strengthen data accuracy and its use for economic planning.
Total Trade Value and Surplus
In Q3 2024, Ghana’s total trade value amounted to GHS 145.7 billion, comprising GHS 74.8 billion in exports and GHS 70.9 billion in imports.
This resulted in a trade surplus of GHS 3.9 billion, marking the fourth consecutive surplus since the first quarter of 2023.
However, the trade surplus has shown a declining trend over the last three quarters, starting at GHS 11.5 billion in Q1 2024, GHS 6.1 billion in Q2, and dropping further to GHS 3.9 billion in Q3.
Dominance of Gold in Exports
Gold continues to dominate Ghana’s export portfolio, with its share increasing significantly by 19.5 percentage points year-on-year.
Between Q3 2023 and Q3 2024, gold’s contribution to total export value rose from 42.5% to 62.1%, solidifying its position as Ghana’s leading export commodity.
On the other hand, the export value of minerals, fuels, and oils has seen a decline. For instance, their export value dropped to GHS 4.0 billion in Q2 2024, compared to the same period in 2023.
He stated that, China remains Ghana’s top source of imported goods, dominating five out of ten major product classifications.
“On the export front, the United Arab Emirates has maintained its position as the leading destination for Ghana’s gold exports since overtaking Switzerland in Q1 2023”, he said.
Year-on-Year Export and Import Price Changes
In Q3 2024, export prices increased by 53.9%, while import prices rose by 26.3% year-on-year.
These figures he said are based on nominal and real trade value adjustments, calculated using import and export price indices derived from Ghana Revenue Authority data.
Real Trade Perspective: A Deficit Emerges
Despite consistent nominal trade surpluses throughout 2024, the real trade data reveals a different picture.
Adjusted for price changes, Ghana recorded a trade deficit of GHS 4.6 billion in Q3 2024.
In conclusion, Prof. Annin noted thta while Ghana continues to record nominal trade surpluses, the declining trend and the emergence of a real trade deficit highlight challenges that need addressing.
The dominance of gold in exports underscores its importance to the economy, but the narrowing surplus calls for diversification and enhanced competitiveness in other sectors.
