The Ghana Statistical Service (GSS) has the launched of the 2024 Annual Trade Report and the Q4 2024 Trade Newsletter. These publications provide a clear and accessible overview of Ghana’s international trade performance and explain how the nation is expanding its role in the global market.
At the launch event, the Head of Trade Statistics, Mr. Dominic Odoom, emphasized the importance of accurate and reliable trade data in guiding economic policies. He noted that as Ghana deepens its participation in global trade, the need for timely, comprehensive, and high-quality information is essential for effective decision making.
During the event, The Government Statistician Professor Samuel Kobina Annim delivered a presentation that offered an in-depth analysis of the report’s findings. He emphasized the importance of using reliable trade data to shape policies that promote sustainable economic progress and global competitiveness.
The 2024 Annual Trade Report presents a comprehensive analysis of Ghana’s trade performance over the 12month period. The findings highlight Ghana’s increasing export strength, with total exports reaching GH₵294.9 billion compared to imports of GH₵250.2 billion. This resulted in a trade surplus of GH₵44.7 billion, increasing astronomically in comparison to the previous year’s performance. Gold emerged Ghana’s top export commodity, contributing 55.3 percent of total export revenue. Exports of Petroleum and oils followed, making up 17.8 percent, while cocoa and cocoa products accounted for 8.4 percent. The report also indicates a change in trading patterns, with exports to African countries nearly doubling compared to imports, strengthening Ghana’s role in intra-African trade under the African Continental Free Trade Area.
The Q4 2024 Trade Newsletter also provides a detailed analysis of trade activities during the final quarter of the year. Exports stood at GH₵92.9 billion, while imports accounted for GH₵72.4 billion, resulting in a trade surplus of GH₵20.5 billion. This represents a rise from the GH₵6.1 billion surplus recorded in Q4 2023. Gold exports in the quarter was valued at GH₵49.8 billion, making up 53.6 percent of total export earnings. Crude petroleum, cocoa and other cocoa products also contributed 26.4 percent. Imports remained stable, with mineral fuels and machinery being the most imported products
The launch event featured engaging discussions, presentations, and interactive sessions that allowed stakeholders to delve deeper into the findings of the report and discuss strategies for strengthening Ghana’s trade position.
The Ghana Statistical Service encourages policymakers, business leaders, researchers, and the general public to explore the full report and newsletter. By leveraging this data, Ghana can continue to build a resilient trade sector that fosters economic growth and global competitiveness.
Source: myjoyonline.com