Ghana records $4.3bn trade surplus in Q1 2026, driven by gold – GSS

Ghana’s trade surplus reached $4.3 billion in the first quarter of 2026, with gold exports playing a significant role, according to the Ghana Statistical Service (GSS). The First Quarter Trade Newsletter released by the GSS revealed that Ghana exported goods worth $10.2 billion, while imports totaled $5.9 billion. Dr Alhassan Iddrissu, the Government Statistician, explained that for every 100 cedis earned from exports, 58% was spent on imports.

However, he cautioned that the headline surplus reflects the value of goods at current prices. When adjusting for inflation, Ghana actually imported more goods than it exported, with exports worth $2.6 billion and imports at $3.2 billion. Gold remained the country's top export, generating $5.9 billion in revenue. Cocoa exports also saw improvement, but Dr Iddrissu warned that Ghana's export earnings remain dependent on a limited number of commodities.

A significant portion of the export price increase was attributed to gold, further emphasizing its dominant position in Ghana's external trade. Concerns were raised about the concentration of Ghana's export markets, with India and Switzerland together accounting for over a third of Ghana's sales.