The Ghana Statistical Service (GSS) has disclosed that Ghana experienced a trade surplus of US$200 million in the first half of 2023, marking a notable reversal from the US$400 million deficit recorded during the same period in the previous year.
As per the data outlined in Ghana’s 2023 Mid-Year Trade Report, the country’s expenditure on imports increased to GH¢85 billion from January to June 2023, in comparison to GH¢65.4 billion spent in the corresponding period of 2022.
Conversely, the export value for the first half of 2023 surged to GH¢87.4 billion from GH¢63.1 billion in the first half of 2022.
This resulted in a GH¢2.4 billion trade surplus for the first half of 2023, a significant contrast to the GH¢2.3 billion deficit recorded in the first half of 2022.
While both exports and imports showed an increase in Cedi terms, the figures denominated in US dollars were lower in 2023 than in 2022.
Import values in US dollars dropped significantly from $9.6 billion in 2022 to $7.9 billion, and exports also saw a decrease from $9.2 billion to $8.1 billion.
During the presentation of the findings at the commemoration of the 2023 African Statistics Day, Government Statistician Professor Samuel Kobina Anim attributed the decline in dollar valuation to the adverse effects of the depreciation of the Ghana Cedi.