Ghana’s trade surplus fell by about 70% to US$1.3 billion (GH₵13.8 billion) in the second quarter of 2026, down from US$4.3 billion in the first quarter, as imports surged 47.5% while exports slipped 1.6%, according to the latest quarterly trade statistics from the Ghana Statistical Service (GSS).
The figures, published on October 1, 2026, show total merchandise trade of GH₵203.2 billion (about US$17.9 billion) for the April–June quarter.
Exports stood at GH₵108.5 billion (about US$9.6 billion), while imports climbed to GH₵94.7 billion (about US$8.3 billion), narrowing the gap that kept Ghana’s external trade position strong at the start of the year.
In cedi terms, the surplus dropped from GH₵46.1 billion in Q1 to GH₵13.8 billion in Q2, a decline of 70.1%.
Ghana trade surplus falls from US$4.3bn to US$1.3bn
The sharp contraction was driven mainly by the rise in the value of goods brought into the country, rather than a collapse in exports.
Exports dipped only 1.6% quarter-on-quarter, but imports jumped by nearly half within three months.
- Trade surplus: US$4.3bn (Q1 2026) → US$1.3bn (Q2 2026)
- Surplus in cedis: GH₵46.1bn → GH₵13.8bn (down 70.1%)
- Exports: GH₵108.5bn (down 1.6%)
- Imports: GH₵94.7bn (up 47.5%)
- Total trade: GH₵203.2bn (about US$17.9bn)
Import prices rise 22.7% as fuel costs climb 54.1%
The GSS data show import prices rose 22.7% between Q1 and Q2, far faster than the 4.0% rise in export prices.
Prices of imported fuel rose 54.1% over the quarter, making petroleum products a key driver of the higher import bill.
Gas oil (diesel) was Ghana’s largest single import in the quarter, valued at GH₵12.2 billion.
Year-on-year, export prices were up 13.9% and import prices up 10.5%.
Gold exports now 72.3% of Ghana’s total exports
Gold continued to dominate Ghana’s export earnings. Gold bullion exports were worth GH₵78.4 billion in Q2, accounting for 72.3% of total exports, up from 57.7% in the first quarter.
The rising gold share follows a period of renewed bullion shipments, as GhanaTrends reported when Ghana’s gold shipments resumed after an August slowdown.
Crude petroleum was the second-largest export at GH₵11.6 billion, or 10.7% of total exports. The top five export products together made up 89% of all exports.
Ghana’s top trading partners in Q2 2026
The United Arab Emirates (UAE) remained Ghana’s biggest export market, buying GH₵32.7 billion worth of goods, or 30.2% of total exports. India and Switzerland followed.
The top five destinations took more than three-quarters of Ghana’s export earnings.
On the import side, China was the leading supplier at GH₵20.4 billion (21.5% share), followed by South Africa at GH₵11.8 billion.
- Top export market: UAE – GH₵32.7bn (30.2%)
- Top import source: China – GH₵20.4bn (21.5%)
- Second import source: South Africa – GH₵11.8bn
Real trade position shows a deficit
When adjusted for price changes using constant Q1 2021 prices, the GSS data point to a trade deficit of GH₵14.6 billion for the quarter.
In real terms, imports were valued at GH₵41.2 billion against exports of GH₵26.6 billion.
Trade with West Africa also hit a record US$1.33 billion in the quarter, with Ghana recording its first deficit with the sub-region at US$0.25 billion.
What the shrinking trade surplus means for Ghanaians
A smaller trade surplus means fewer net foreign-currency inflows from trade, which can reduce the cushion supporting the cedi.
The heavy reliance on gold, now nearly three-quarters of exports, also leaves Ghana’s earnings exposed to swings in gold prices and output.
For consumers and businesses, the steep rise in imported fuel prices is a reminder of how global energy costs feed into transport, production and food prices at home.
What happens next
The GSS will release its third-quarter (July–September) trade figures in the coming months, which will show whether the import surge continued.
Analysts and policymakers will be watching fuel import costs, gold export volumes and cedi performance closely as indicators for the rest of 2026. The full quarterly report is available from the Ghana Statistical Service.
Key details at a glance
- Ghana’s Q2 2026 trade surplus: US$1.3bn (GH₵13.8bn), down about 70% from Q1.
- Q1 2026 surplus: US$4.3bn (GH₵46.1bn).
- Imports rose 47.5% to GH₵94.7bn; exports fell 1.6% to GH₵108.5bn.
- Import prices up 22.7%; imported fuel prices up 54.1%.
- Gold exports: GH₵78.4bn, 72.3% of total exports.
- UAE was the top export market; China the top import source.
- Real (price-adjusted) trade position: GH₵14.6bn deficit.
FAQs
What is Ghana’s trade surplus for Q2 2026?
Ghana recorded a trade surplus of US$1.3 billion (GH₵13.8 billion) in the second quarter of 2026, according to the Ghana Statistical Service.
Why did Ghana’s trade surplus fall in 2026?
The surplus fell mainly because imports jumped 47.5% between Q1 and Q2, with import prices rising 22.7% and imported fuel prices up 54.1%, while exports dipped 1.6%.
What is Ghana’s biggest export in 2026?
Gold is Ghana’s biggest export, earning GH₵78.4 billion in Q2 2026 and making up 72.3% of total exports.
In summary, Ghana’s trade surplus narrowed sharply to US$1.3 billion in Q2 2026 as a 47.5% surge in imports, driven partly by costlier fuel, outpaced exports that remain heavily dependent on gold. The Q3 data will show whether the trend continues.
