Ghana in 2023 saw a reversal in the GHC 4.8 bn nominal trade deficit it recorded in 2022 to a trade surplus of GHC 5.3 bn the Ghana Statistical Service has indicated in its latest Annual Trade Report.

The reversal however, has been attributed mainly to upward price changes in export commodities rather than increases in their output.

The Statistical service reveals, general prices for export commodities on an average increased by 20.4% between the first quarter of 2023 and the first quarter of 2024, while the prices of imported commodities increased by 11.5%.

Gold, has increasing become more important in the country’s export product, raking in GHC 84.4 bn in 2023, contributing to 45.4% of total exports value of GHC 186.0 bn.

Mineral fuels and Oils and Cocoa beans and products remain the next two most important export commodities contributing 24.0% and 11.2% of the total exports value. In all, the 3 commodities make up 80% of the country’s entire export value.

The top import product of the country also remains mineral fuels and oils, with its share rising in 2023 by 5.3% to 32.1%, representing a nominal figure of GHC 58.0 billion.

Trade by sea remains the preferred transport for imported products with 89.1% of all imports transported by that route. However, exports are equally distributed by seas and air transport as 46.3% of all exports, mainly Gold, are airlifted.

Asia in 2023 per the trade report has also taking over from Europe as Ghana’s biggest trading partners with its 41.3% share of imports surpassing the Europe’s 37.3% as China emerges the country’s largest import partner at GHC 33.9 bn.

The 2023 Trade statistic was computed using administrative data from the Customs Division of the Ghana Revenue Authority and can be downloaded below. Further Trade statistics can also be downloaded directly from the GSS StatsBank.