Gold leads Ghana’s exports with a value of GH?37 bn

In Q2 2024, Ghana’s total trade value was GH?123.0 billion, with exports totaling GH?64.2 billion and imports totaling GH?58.8 billion, the Ghana Statistical Service (GSS) provisional newsletter on International Trade Statistics for the second quarter (Q2) of 2024. 

The country recorded a trade surplus of GH?5.4 billion, marking a substantial reversal from a deficit of GH?3.1 billion recorded in the same period in 2023. In US dollar terms, the total trade amounted to $9 billion.

Asia remains Ghana’s leading trade partner, contributing over half of the country’s imports and nearly half of its exports in Q2 2024. Between the second quarter (Q2) of 2023 and second quarter (Q2) 2024, the share of imports from Europe declined by 7.5 percent, while imports from Asia increased substantially by 8.5 percent.

Gold bullion led Ghana’s exports with a value of GH?37.0 billion, accounting for 57.6 percent of total exports. Other major exports included crude petroleum (GH?12.6 billion) and cashew nuts (GH?1.2 billion).

The United Arab Emirates (UAE) remained Ghana’s top export destination, accounting for GH?15.0 billion, representing 23.3 percent of total exports. Switzerland followed closely with exports valued at GH?13.2 billion representing 20.5%, while South Africa ranked third, with exports amounting to GH?8.3 billion (12.9%).

Ghana’s import market was predominated by gas oil (GH?7.3 billion) and motor spirit super (GH?7.2 billion), which together contributed a quarter (24.7%) of the total import value (GH?58.8 billion).

China remained the primary source of Ghana’s imports, contributing GH?12.3 billion (20.9% of total imports), followed by the UAE with a value of GH?9.1 billion (15.4%) and the United Kingdom with an import value of GH?5.2 billion (8.8%).

The Export and Import Unit Value Indices (UVIs) revealed price shifts in key commodities. Export prices recorded a 40.5 percent year-on-year increase, driven largely by surging gold prices while import prices increased by 18.9 percent.

The post Gold leads Ghana’s exports with a value of GH?37 bn first appeared on 3News.

Read Full Story