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BusinessGhana records GHS107.6bn in total trade value for 2024

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Ghana records GHS107.6bn in total trade value for 2024

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A recent report from the Ghana Statistical Service reveals that the total value of international trade in the first quarter of 2024 stood at GH₵107 billion, with exports totaling GH₵59.5 billion and imports GH₵48.1 billion.

In dollar terms, the overall trade amounted to $8.8 billion, with exports accounting for $4.8 billion and imports $3.9 billion.

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According to Professor Samuel Kobina Annim, the Government Statistician, Asian countries have now surpassed Europe as Ghana’s primary trading partner for both exports and imports.

Professor Annim made this announcement during the unveiling of the 2024 Quarterly Trade Newsletter in Accra, which provides provisional international trade statistics for the first quarter of 2024.

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The newsletter includes aggregated trade data employing the Export and Import Price Indices (XMPI), which measure changes in the relative price of exported and imported goods over time.

The report indicates a trade surplus of GH₵11.5 billion in the first quarter of 2024, more than double the GH₵4.5 billion recorded in the same period last year.

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However, the XMPI shows that the increased trade flow is primarily driven by upward price changes rather than an increase in output.

Furthermore, the report highlights the lowest export value of cocoa products since 2021, dropping to US$592.2 million in the first quarter of 2024 compared to the average of US$825.8 million in the first quarters of 2021, 2022, and 2023.

Discussing the 2023 Annual Trade Report, Professor Annim notes a shift from a nominal trade deficit of GH₵4.8 billion in 2022 to a trade surplus of GH₵5.3 billion in 2023.

He emphasizes the importance of international trade expansion and integration into the global economy for creating new, higher-productivity jobs and supporting economic growth.

Professor Kwaku Appiah-Adu, Senior Policy Advisor at the Office of the Vice President, stresses the significance of efficient balance of payment management and calls for data integration with other institutions to enhance planning, policy analysis, and resource mobilization.

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