In the second quarter (Q2) of 2024, Ghana's overall trade value reached GH₵123.0 billion, with exports totaling GH₵64.2 billion and imports amounting to GH₵58.8 billion.

This quarter, the nation reported a trade surplus of GH₵5.4 billion, a significant improvement from the GH₵3.1 billion deficit seen in the same timeframe last year. In terms of US dollars, the total trade value was $9.0 billion.

During the announcement of the Q2 trade statistics by the Ghana Statistical Service, Professor Samuel Kobina Annim, the Government Statistician, noted that the results reflect a trade surplus largely fueled by a marked increase in gold exports.

He also pointed out that Asia continued to be Ghana's primary trading partner, accounting for over 50% of both the country's imports and exports in Q2 of 2024.

“China plays a centralized role, contributing more than two-fifths of Asia’s exports to Ghana and about one-fifth of Ghana’s exports to Asia,” he added.

He noted that from the second quarter of 2023 to the second quarter of 2024, imports from Europe fell by 7.5%, whereas imports from Asia saw a significant rise of 8.5%.

The Government Statistician pointed out that gold bullion was the leading export for Ghana, valued at GH₵37.0 billion, which constituted 57.6% of all exports.

Other significant exports included crude petroleum worth GH₵12.6 billion and cashew nuts valued at GH₵1.2 billion.

He mentioned that the United Arab Emirates (UAE) continued to be Ghana’s largest export market, with exports totaling GH₵15.0 billion, accounting for 23.3% of total exports, followed closely by Switzerland at GH₵13.2 billion (20.5%), and South Africa at GH₵8.3 billion (12.9%).

Prof. Annim indicated that gas oil imports amounted to GH₵7.3 billion, while imports of motor spirit were GH₵7.2 billion, together representing 24.7% of the total import value of GH₵58.8 billion.

He stated that China was the largest supplier of imports for Ghana, contributing GH₵12.3 billion, which is 20.9% of total imports, followed by the UAE at GH₵9.1 billion (15.4%) and the United Kingdom at GH₵5.2 billion (8.8%).

The Export and Import Unit Value Indices (UVIs) showed changes in prices for key commodities.

Export prices experienced a year-on-year surge of 40.5%, primarily due to rising gold prices, while import prices rose by 18.9%.

He explained that during this period, real trade figures reflected a deficit of GH₵2.1 billion, with exports totaling GH₵22.5 billion and imports reaching GH₵24.6 billion.

In contrast, the nominal values indicated a different picture, showing nominal exports at GH₵64.2 billion and nominal imports at GH₵58.8 billion, which resulted in a trade surplus.

This surplus was attributed to the increase in export prices outpacing those of imports, particularly driven by the significant price rises of gold and crude oil.