Ghana’s merchandise trade surplus fell by about 70 percent in the second quarter of 2026, declining from US$4.3 billion in the first quarter to US$1.3 billion, as imports surged while exports recorded a marginal decline.
The latest Quarterly Trade Statistics Report by the Ghana Statistical Service (GSS) shows that the development was driven largely by a 47.5 percent increase in imports, compared with a 1.6 percent decline in exports between the first and second quarters.
In value terms, Ghana exported goods worth GH¢108.5 billion, equivalent to US$9.6 billion, and imported goods valued at GH¢94.7 billion, or US$8.3 billion, during the April-June period.
This brought total merchandise trade to US$17.9 billion and resulted in a nominal trade surplus of GH¢13.8 billion, compared with GH¢46.1 billion recorded in the first quarter.
Gold dominates export earnings
The figures highlight Ghana’s continued dependence on gold for export earnings.
Gold bullion generated GH¢78.4 billion, accounting for 72.3 percent of total exports, up from 57.7 percent in the first quarter.
Crude petroleum was the second-largest export, generating GH¢11.6 billion, equivalent to 10.7 percent of total exports.
The top five export products together accounted for 89 percent of Ghana’s total exports, indicating a high concentration of export earnings in a relatively small number of commodities.
The GSS noted that the headline trade surplus was supported by strong prices for a few commodities, particularly gold, rather than broad-based growth in export volumes.
Real trade position shows deficit
The report provides a different picture when the effect of price changes is removed.
At constant Q1 2021 prices, real exports stood at GH¢26.6 billion, while real imports amounted to GH¢41.2 billion.
This resulted in a real trade deficit of GH¢14.6 billion in the second quarter, compared with a deficit of GH¢6.2 billion in the first quarter.
The figures suggest that the nominal trade surplus was significantly influenced by higher commodity prices rather than an increase in the volume of goods Ghana exported.
Import prices rise sharply
The GSS report further shows that import prices increased significantly during the quarter.
Import prices rose by 22.7 percent between the first and second quarters, more than five times the 4.0 percent increase in export prices.
Fuel prices were a major contributor, rising by 54.1 percent over the period.
On a year-on-year basis, import prices increased by 10.5 percent, marking the first annual increase after four consecutive quarters of decline.
Export prices, meanwhile, increased by 13.9 percent.
Fuel remains major component of import bill
Mineral fuels and oils accounted for about 30 percent of Ghana’s total import bill during the quarter.
Gas oil, or diesel, was the single largest imported product, valued at GH¢12.2 billion.
China remained Ghana’s largest source of imports, supplying goods worth GH¢20.4 billion.
However, its share of Ghana’s imports declined from 29.7 percent in the first quarter to 21.5 percent in the second quarter.
South Africa moved into second place, with imports valued at GH¢11.8 billion.
UAE becomes Ghana’s largest export market
The United Arab Emirates emerged as Ghana’s leading export destination during the quarter, purchasing goods worth GH¢32.7 billion, representing 30.2 percent of total exports.
The UAE and India together accounted for 46.4 percent of Ghana’s exports, while the top five export destinations absorbed 76.2 percent of total exports, up from 65.7 percent in the first quarter.
Within Africa, South Africa was Ghana’s largest export destination, accounting for 56.5 percent of Ghana’s exports to the continent.
Almost all of those exports—about 99.8 percent—were gold.
The top five African destinations accounted for 81.5 percent of Ghana’s exports to Africa.
Ghana records first trade deficit with West Africa
The report also highlights a significant development in Ghana’s regional trade.
Trade with West Africa reached a record US$1.33 billion during the second quarter, but Ghana recorded its first trade deficit with the sub-region, estimated at about US$250 million.
Unlike Ghana’s overall export basket, which is heavily concentrated in a few commodities, exports to West Africa were considerably more diversified.
The top five products accounted for just 39.4 percent of exports to the region, compared with 89 percent globally.
These included manufactured products such as baby nappies, tiles, plastics and steel products, highlighting the role of West African markets in supporting Ghana’s non-traditional and manufactured exports.
GSS calls for greater export diversification
The latest figures underline Ghana’s continued reliance on gold and a relatively small group of export markets.
The Government Statistician, Dr Alhassan Iddrisu, has stressed the importance of export diversification, local processing and expanding access to African markets, including opportunities under the African Continental Free Trade Area.
The figures therefore present a mixed picture of Ghana’s external trade position.
While the country maintained a nominal merchandise trade surplus in the second quarter, the sharp rise in imports, increasing import prices and the real trade deficit highlight vulnerabilities in the structure of Ghana’s merchandise trade.
The development also reinforces the importance of expanding the range of products Ghana exports, increasing domestic value addition and strengthening access to regional and international markets.
Story by Ama Frimpomaa
