Ghana’s trade surplus shrinks by 70% to US$1.3bn in quarter 2, 2026 – GSS

Ghana's trade surplus contracted by a staggering 70% during the second quarter of 2026, plummeting to US$1.3 billion, according to figures released by the Ghana Statistical Services. This marked a sharp contrast to the US$4.3 billion surplus recorded in the previous quarter. The decline was primarily due to a surge in imports, which increased by 47.5%, while exports only rose marginally by 1.6%.

The total value of exports reached GH₵108.5 billion (US$9.6 billion), while imports amounted to GH₵94.7 billion (US$8.3 billion), resulting in a total trade volume of US$17.9 billion.

The surplus was largely driven by strong gold prices, with the precious metal accounting for 72.3% of all exports, amounting to GH₵78.4 billion (US$6.9 billion). Crude petroleum followed as the second-largest export commodity, contributing 10.7% of total exports, or GH₵11.6 billion (US$1.0 billion). The significant disparity between export and import prices played a crucial role in the narrowing surplus.

Import prices surged at a rate five times higher than export prices, with fuel prices increasing by 54.1% in the second quarter compared to the previous one.

China remained Ghana's largest import source, accounting for GH₵20.4 billion (21.5% of imports), down from 29.7% in the prior quarter. South Africa emerged as the second-largest import source, purchasing GH₵11.8 billion (12.5% of imports). The UAE became the top destination for Ghana's exports, acquiring GH₵32.7 billion (30.2% of total exports), more than double its purchases in the previous quarter.

The UAE and India collectively accounted for 46.4% of Ghana's exports, highlighting their growing importance in the country's export market.