Exports Moderately Outstrips Imports by $1.8bn In First Half Of 2024 Due to Cocoa Production Decline
Ghana’s exports for the first half of 2024 per data released by the Bank of Ghana reached $9.22bn.
A significant increase from the $2.87bn export value recorded in the first month of the year – January 2024 – and $8.14bn export value recorded same period last year – firs half of 2023.
Driving the surge in the value of exports were gold and oil exports which cumulatively contributed $7.02bn (76.09%) of total exports value.
Cocoa exports, on the back of the production and supply challenges facing the sector, contributed a mere $760m (8.23%) to the total export value in the first half of 2024.
Other exports contributed some $1.44bn (15.65%) to Ghana’s total export value within the review period.
Imports within the review period – first half of 2024 – grew to $7.42bn also marking a significant increase from the $2.49bn recorded in January 2024 as well as the $6.53bn export value recorded in the first half of 2023.
Non-oil imports accounted for the major share of the country’s total import value with non-oil imports rising to $5.12bn at end-June 2024 from $1.84bn in January 2024 and $4.36bn at end-June 2023.
Oil imports at end-June 2024 amounted to $2.30bn, an increase from the $645m recorded in January 2024 and $2.16bn recorded at end-June 2023.
Given the higher export value and lower import value recorded at end-June 2024, Ghana’s trade balance for the first of 2024 per data by the BoG amounted to $1.80bn representing 2.1% of GDP.
This is an increase from the $1.60bn trade balance record same period last year.
