Ghana has started the year on a positive note, as revealed by the latest report from the Ghana Statistical Service (GSS), showing that the country exported more goods and services than it imported in the first quarter. This has led to a trade surplus of GH¢11.5 billion, a substantial increase from GH¢4.5 billion in the same period last year.
The report indicates that Ghana’s total trade value for the first quarter of this year amounted to GH¢107.6 billion, with exports totaling GH¢59.5 billion and imports GH¢48.1 billion. This represents significant growth compared to the previous year, where the total trade value was GH¢86.6 billion, with GH¢45.4 billion in exports and GH¢40.9 billion in imports.
To keep track of Ghana’s trade performance, the GSS launched the 2023 Trade Report alongside the First Quarter of 2024 report in Accra. For the first time, the Export and Import Price Indices (XMPI), also known as the Unit Value Indices, were released. These indices measure changes over time in the relative prices of exported and imported products.
The XMPI revealed that export commodity prices increased by 20.4 percent between the first quarters of 2023 and 2024, while import commodity prices increased by 11.5 percent. This indicates that Ghana’s trade growth has been mainly driven by price increases rather than output increases.
During the launch, notable figures such as the Government Statistician, Professor Samuel Kobina Annim, and the Deputy Government Statistician, Dr. Faustina Frempong-Ainguah, were present. The report highlighted Asia’s increasing importance as Ghana’s top trading partner, surpassing Europe since the fourth quarter of 2023.
In terms of exports, the top five products from Ghana in the first quarter of this year were gold bullion, crude petroleum, cocoa beans, cashew nuts, and cocoa paste. On the import side, the top five products included diesel (AGO), motor spirit and super, light oils and super, gas oil, and cement clinkers.
Overall, the report underscores Ghana’s positive trade performance in the first quarter, driven by increased exports and favorable trade balances.
