Ghana’s trade sector showed remarkable performance in the second quarter (Q2) of 2024, driven by a surge in gold exports, according to provisional figures released by the Ghana Statistical Service (GSS). The country’s total trade value reached GH₵123.0 billion, with exports totaling GH₵64.2 billion and imports amounting to GH₵58.8 billion. This resulted in a trade surplus of GH₵5.4 billion—a sharp turnaround from the GH₵3.1 billion deficit recorded in Q2 2023.
Gold exports, which amounted to GH₵37.0 billion and represented 57.6% of total exports, were the primary driver of this surplus. Other key exports included crude petroleum (GH₵12.6 billion) and cashew nuts (GH₵1.2 billion). The United Arab Emirates (UAE) maintained its position as Ghana’s top export destination, accounting for GH₵15.0 billion (23.3% of exports), followed by Switzerland (GH₵13.2 billion) and South Africa (GH₵8.3 billion).
On the import front, gas oil (GH₵7.3 billion) and motor spirit super (GH₵7.2 billion) were the leading commodities, together contributing 24.7% of total imports. China remained Ghana’s largest import partner, providing goods worth GH₵12.3 billion (20.9% of total imports), followed by the UAE (GH₵9.1 billion) and the United Kingdom (GH₵5.2 billion).
GSS data also revealed significant shifts in commodity prices. Export prices rose by 40.5% year-on-year, fueled by rising gold prices, while import prices increased by 18.9% during the same period.
The Q2 2024 trade figures underscore the resilience of Ghana’s export sector and the growing importance of key trading partners like the UAE and China.
