Ghana’s Q2 Trade Surplus Shrinks to GH¢5.4 Billion, Down from GH¢11.5 Billion in Q1

Ghana recorded a trade surplus of GH¢5.4 billion in the second quarter of 2024, according to the latest data from the Ghana Statistical Service, a marked reversal from the GH¢3.1 billion deficit recorded during the same period last year.

Total trade in Q2 reached GH¢123.0 billion, with exports standing at GH¢64.2 billion and imports at GH¢58.8 billion. In dollar terms, trade amounted to $9.0 billion.

While the surplus signals a positive shift for Ghana’s external accounts, it represents a sharp decline from the GH¢11.5 billion surplus posted in the first quarter of 2024, underscoring the uneven nature of the country’s trade performance.

Gold was the primary driver of exports, contributing GH¢37.0 billion, or 57.6% of total outbound trade, followed by crude petroleum at GH¢12.6 billion and cashew nuts at GH¢1.2 billion.

Despite the contraction in the surplus, Ghana’s export base remains heavily reliant on commodities, highlighting ongoing structural challenges in trade diversification.

Source:norvanreports.com