Ghana’s import bill in the first quarter of 2024 has increased by $100 million as the country struggles to stabilize the cedi which is rapidly depreciating against major trading currencies.

Fresh data contained in the Ghana Statistical Service 2023 and 2024 first quarter trade vulnerability report has revealed that Ghana’s total import bill went up by $100 million between the first quarter of this year and that of last year.

Total import value for the first quarter of 2024 stood at $3.9 billion which is relatively higher than the $3.8 billion recorded in the same period last year.

This comes at a time when the country is battling continuous exchange rate fluctuations as the cedi losses more than 20% of its value against the American ‘greenback’ in the retail market.

According to the Statistical Service, "China leads as the main source of imports, contributing GH₵10.5 billion, which accounts for 21.8% of total imports and 45.8% of imports from Asia."

In Q1 2024, nearly half (48.0%) of all imports originate from Asia, marking a notable increase of 16.5% points from Q1 2023 and a slight rise of 0.5 percentage points from Q4 2023.

There is a declining trend in the share of imports from Europe in contrast to a rising share from Asia, signalling a shift in Ghana's import sources.