ACCRA, Sept 24 (AGCNewsNet) - Ghana's economy continued its positive momentum in the second quarter of 2024, posting a trade surplus for the third consecutive quarter. This marks a significant recovery from the trade deficit recorded during the same period last year.

Presenting the Ghana Statistical Service (GSS) report on the 2024 second quarter trade statistics in Accra today, Government Statistician Professor Samuel Anim highlighted that the total trade value reached GH₵123.0 billion. This included GH₵64.2 billion in exports and GH₵58.8 billion in imports, resulting in a trade surplus of GH₵5.4 billion. The surplus, however, represents a decline from the GH₵11.5 billion recorded in the first quarter of 2024.

Gold remained Ghana’s dominant export commodity, contributing 57.6 percent of total export earnings. Despite this, the share of cocoa beans and products in the export mix saw a slight drop, from 21 percent to 20 percent during the quarter. The export value of cocoa beans experienced a sharp decline, dropping from GH₵5.1 billion in the first quarter of 2024 to GH₵1.1 billion in the second quarter—a significant reduction of GH₵4.0 billion in value, marking a 26.9 percent decline in export value for the fifth consecutive quarter.

Asia and Europe continued to dominate Ghana’s trade partnerships, with Asia maintaining its position as the top destination for Ghana’s exports. However, the report noted a gradual decline in imports from Europe, while imports from Asia have steadily increased, indicating a shift in Ghana’s trade patterns.

The United Arab Emirates (UAE) emerged as the leading destination for Ghana's gold exports, accounting for 39.9 percent, surpassing Switzerland (35.6 percent), South Africa (16.2 percent), and India (7.5 percent). Together, these four countries accounted for 99.2 percent of Ghana's total gold exports.

On the import side, China remained Ghana's primary source of goods, contributing over 20 percent of the country's total imports, followed by the UAE and the United Kingdom.

The report also noted significant price increases for both exports and imports during the quarter. Export prices surged by 40.5 percent year-on-year, largely due to rising global gold prices, while import prices saw an 18.9 percent increase. Despite the growth in nominal trade values, real trade values (adjusted for price changes) have remained relatively stable over the past three years.

"In the computation of nominal and real trade values, we have denominated it in Ghana cedis. The more than doubling of the nominal values from GH₵46.3 billion in the second quarter of 2021 to GH₵123 billion now is due to price adjustments," Professor Anim explained. He further advised careful interpretation of the figures, urging that commodity prices be viewed in conjunction with global market prices and domestic production output.