Ghana recorded a trade surplus of GH¢3. 9 billion in the third quarter of this year, the Ghana Statistical Service (GSS) has stated.
In the period under review, the country recorded a trade value of GH¢145.7 billion, comprising GH¢74. 8 billion in exports and GH¢70. 9 billion in imports.
“This marks a significant improvement, with a turnaround of a trade deficit of GH¢c2.3 billion in third quarter 2023 to a surplus of GH¢3.9 billion in third quarter 2024,” the GSS Third Quarter Trade Statistics said.
Presenting the highlights of the Third Quarter 2024 Trade Statistics at a news conference in Accra yesterday, the Government Statistician, Professor Samuel K. Annim, said in dollar terms, the total trade amounted to $9.6 billion, consisting of $4.9 billion in exports and $4.7billion in imports.
He said the data for the crafting of the Trade Statistics was import and export data from Customs Division of the Ghana Revenue Authority.
He said the third quarter 2024 trade surplus was lower than the trade surplus recorded in the second quarter of this year.
In the second quarter this year, he said the country recorded a trade surplus of GH¢6. 1 billion.
Prof. Annim said gold remained the major export commodity in the period under review with an increase of 19.5 percentage points from 42.5 per cent to 62.1 per cent between third quarter 2023 and fourth quarter 2024.
The Government Statistician said the United Arab Emirates had remained Ghana’s top gold export destination since overtaking Switzerland in the first quarter of 2023.
“Gold bullion, valued at GH¢46.5 billion, was the top export product in third quarter 2024, with a value more than four times that of the second-highest export, crude petroleum, which was valued at GH¢11.6 billion,” Prof. Annim, stated.
He said together, the top five export products – gold, crude, petroleum, cocoa paste, manganese ores and tuna accounted for 83.2 per cent of total exports.
He added that the export of mineral fuels and oils decreased by about GHc4.0 billion between second quarter and third quarter of this year.
In the top quarter of 2024, Prof. Annim said the top two most import products, both within the category of mineral fuels and oils totalled GH¢12.9 billion, with gas and oil leading at GH¢7.0 billion, adding that overall, minerals fuels and oils accounted for 22.3 per cent of total imports.
The Government Statistician said cereal grains were the fifth-largest import, accounting for 1.7 per cent of imports, saying machinery and electrical equipment on the other hand contributed a share of 16.3 per cent to total imports.
“China remains Ghana’s main origin of imported commodities with dominance in the five of the 10 products classifications,” Prof. Annim, stated.
He said China was the leading source of imports contributing GH¢17.0 billion, which accounted for 24.0 per cent of total imports, adding that the United Kingdom followed with GH¢5.8 billion.
BY KINGSLEY ASARE
