Ghana’s 2024 Trade Report according to the Ghana Statistical Service (GSS), revealed an increasing export strength, with total exports of GH¢294.9 billion compared to imports of GH¢250.2 billion. The figure resulted in a trade surplus of GH¢44.7 billion, increasing astronomically in comparison to the previous year’s performance.
Gold emerged as Ghana’s top export commodity, contributing 55.3 per cent of total export revenue. Exports of Petroleum and oils followed, making up 17.8 per cent, while cocoa and cocoa products accounted for 8.4 per cent.
This was announced at the launch of the 2024 Annual Trade Report and the Quarter Four (Q4) 2024 Trade Newsletter in Accra. Professor Samuel Kobina Annim, the Government Statistician, emphasized the importance of using reliable trade data to shape policies that promote sustainable economic progress and global competitiveness.
The report, he said, indicated 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 reports, he stressed, provided a clear and accessible overview of Ghana’s international trade performance and explained how the nation is expanding its role in the global market.
Dominic Odoom, the Head of Trade Statistics at GSS, emphasized the importance of accurate and reliable trade data in guiding economic policies. He noted that Ghana had deepened its participation in global trade, adding that the need for timely, comprehensive, and high-quality information was essential for effective decision-making.
Credit: Joy online