By Juliet ETEFE ([email protected])
Export value of cocoa products has experienced a significant decline between the first and second quarters of 2024, the Ghana Statistical Service (GSS) disclosed.
In the first quarter, cocoa bean exports generated about GHȼ5.1 billion, but this figure dropped sharply to GHȼ 1.1 billion in the second quarter, marking a slowdown of GHȼ 4.0 billion.
From a percentage perspective, the second quarter of 2024 marks the fifth consecutive quarter of decline in cocoa bean export value.
The current decline stands at 26.9%, continuing the downward trend in Ghana’s cocoa export performance.
The substantial decrease in export value highlights growing concerns within the sector, underpinning the need for immediate measures to tackle the weaknesses surrounding the decline of cocoa exports.
Trade surplus of GHȼ5. 4 billion in Q2
GSS also noted that Ghana recorded a trade surplus of GHȼ 5.4 billion in the second quarter (Q2) 2024, marking the third consecutive surplus recorded since the last quarter of 2023.
The country, however, experienced a 53.04 percent decline in the surplus for Q2, compared to the GHȼ11. 5billion recorded in the previous quarter (Q1).
“In Q2 2024, Ghana’s total trade value was GHȼ123.0 billion, with exports totaling GHȼ64.2 billion and imports totaling GHȼ58.8 billion.
“The country recorded a trade surplus of GHȼ5.4 billion, marking a substantial reversal from a deficit of GHȼ 3.1 billion recorded in the same period in 2023,” Government Statistician, Prof. Samuel Kobina Annim noted while presenting the Second Quarter trade statistics in Accra.
Prof. Annim added that gold led the country’s exports with a value of GHȼ37.0 billion, accounting for 57.6 percent of total exports.
The export share of gold is however an increase from 47.5 percent in Q2 2023. In contrast, the share of cocoa beans and products decreased from 9.0 to 6.1 percent over the same period.
Other major exports included crude petroleum representing a value of GHȼ12.6 billion and cashew nuts representing GHȼ1.2 billion.
Ghana’s import market was predominated by gas oil (GHȼ7.3 billion) and motor spirit super (GHȼ7.2 billion), which together contributed a quarter (24.7%) of the total import value (GHȼ58.8 billion).
