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

Ghana achieved a $4.3 billion trade surplus in the first quarter of 2026, according to the Ghana Statistical Service (GSS). This surplus was primarily driven by robust gold exports, as highlighted in the First Quarter Trade Newsletter. During this period, Ghana exported goods worth $10.2 billion, while imports totaled $5.9 billion.

Government Statistician Dr Alhassan Iddrissu explained that for every 100 cedis Ghana earned from exports, 58% were spent on imports. However, he cautioned that this headline surplus was largely influenced by the prevailing prices of goods. Upon adjusting for rising prices, Ghana actually received more goods than it shipped, with exports amounting to $2.6 billion and imports at $3.2 billion.

Gold was the leading export during this quarter, contributing $5.9 billion to Ghana's export earnings. Cocoa exports also showed improvement, but Dr Iddrissu warned that Ghana's export earnings remained heavily concentrated in a limited range of commodities. The increase in export prices during this quarter was mainly attributable to gold, emphasizing its pivotal role in Ghana's external trade.

Dr Iddrissu also expressed concern over the concentration of Ghana's export markets. According to the statistician, India and Switzerland together accounted for over a third of Ghana's sales.