Ghana records GH₵5.4billion trade surplus in Q2 2024

Ghana's economy experienced a boost in the second quarter of 2024, with a trade surplus driven by a surge in gold exports.

According to the Ghana Statistical Service, the country's total trade value reached GH₵123.0 billion during the period, with exports exceeding imports by GH₵5.4 billion. 

This marked an improvement compared to the trade deficit recorded in the same quarter of 2023 (GH₵3.1billion) but a slowdown on the GH₵11.5 billion recorded in the first quarter of 2024.

Gold emerged as the primary driver of Ghana's export earnings, accounting for over half of the total exports. 

Other key exports included crude petroleum and cashew nuts. The United Arab Emirates remained Ghana's top export destination, followed by Switzerland and South Africa.

While China continued to be Ghana's primary source of imports, the share of imports from Europe declined, while imports from Asia increased. Gas oil and motor spirit super were the leading import commodities.

The Export and Import Unit Value Indices indicated a significant rise in export prices, primarily due to the surge in gold prices, while import prices also experienced a notable increase.