Ghana has achieved a significant trade surplus of GH¢11.5 billion in the first quarter of 2024, according to the Ghana Statistical Service (GSS).
This surplus is attributed to a substantial 20.4% increase in the average prices of exported goods from Q1 2023 to Q1 2024, resulting in export revenues of GH¢59.5 billion, outpacing imports of GH¢48.1 billion.
Gold bullion and crude petroleum led the export charge, with values of GH¢29.7 billion and GH¢12.2 billion, respectively. These two commodities accounted for a significant portion of Ghana’s export earnings, highlighting their economic importance. The top five export products, including gold, crude petroleum, cocoa beans, cashew nuts, and cocoa paste, contributed to 82.6% of total exports.
Professor Samuel Kobina Annim, the Government Statistician, highlighted this achievement during the launch of the Ghana 2023 Trade Report, emphasizing the positive trend of exports surpassing imports by GH¢11.5 billion. However, he also expressed concern over the decline in cocoa product exports, which dropped to $592.2 million in Q1 2024 compared to the average of $825.8 million for the corresponding quarters of 2021, 2022, and 2023.
Professor Annim stressed the urgency of addressing the underlying factors contributing to this decline in cocoa exports, emphasizing the importance of implementing immediate measures to bolster this crucial sector of Ghana’s economy.
The Ghana Cocoa Board (COCOBOD) is aware of the situation and has identified reasons for the decline, and efforts are expected to minimize vulnerabilities and sustain returns from cocoa exports.
Source: Apexnewsgh.com
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