Ghana recorded a trade surplus of GH₵13.8 billion in the second quarter of 2026, but the surplus narrowed sharply as imports surged, according to the latest Quarterly Trade Statistics Newsletter released by the Ghana Statistical Service (GSS).
Total trade reached GH₵203.2 billion between April and June 2026, comprising exports worth GH₵108.5 billion and imports valued at GH₵94.7 billion.
While Ghana continued to export more than it imported, the trade surplus declined by 70.1 percent from GH₵46.1 billion recorded in the first quarter.
The decline was driven largely by a 47.5 percent increase in imports, while exports fell marginally by 1.6 percent over the period.
Gold remained the backbone of Ghana’s export sector, generating GH₵78.4 billion and accounting for 72.3 percent of total export earnings.
Crude petroleum followed with GH₵11.6 billion, representing 10.7 percent of exports. Together with cocoa products, the top five export commodities contributed 89 percent of total export revenue.
The report highlighted increasing concentration in Ghana’s export market. The United Arab Emirates emerged as the country’s largest export destination, purchasing GH₵32.7 billion worth of goods, equivalent to 30.2 percent of exports. India and Switzerland ranked second and third, while the top five export destinations accounted for more than three-quarters of Ghana’s export earnings.
On the import side, mineral fuels and oils dominated the bill, making up 30 percent of total imports. Gas oil (diesel) was the single largest imported product at GH₵12.2 billion.
China retained its position as Ghana’s leading supplier with imports valued at GH₵20.4 billion, although South Africa rose to second place after recording GH₵11.8 billion in exports to Ghana.
Despite the nominal trade surplus, the report revealed a different picture when price effects were removed. In real terms, measured at constant Q1 2021 prices, Ghana recorded a trade deficit of GH₵14.6 billion.
Real exports stood at GH₵26.6 billion while real imports reached GH₵41.2 billion, indicating that the country imported more goods by volume than it exported.
According to GSS, rising export prices—particularly for gold—largely explain the positive nominal balance.
Export prices increased by 13.9 percent year-on-year, while import prices rose by 10.5 percent.
However, import prices climbed 22.7 percent between the first and second quarters, compared with a 4.0 percent increase in export prices.
Trade with Africa also shifted into deficit during the quarter. Ghana imported GH₵23.6 billion worth of goods from the continent while exporting GH₵19.2 billion, resulting in a GH₵4.4 billion deficit.
The change was primarily attributed to imports of pump parts from South Africa valued at GH₵10 billion.
The report noted that West Africa remained Ghana’s most diversified export market, with manufactured products such as baby napkins, tiles, plastics and steel products featuring prominently.
Regional trade reached a record US$1.33 billion during the quarter, although Ghana recorded its first trade deficit with West Africa in the period under review.
GSS said the findings underscore the need for export diversification, increased local value addition and stronger utilisation of African Continental Free Trade Area (AfCFTA) opportunities to build a more resilient trading economy.
Source: businesspostonline
