Ghana's merchandise trade surplus experienced a significant decline of 70% in the second quarter of 2026, dropping from $4.3 billion in the first quarter to $1.3 billion. This decrease was primarily driven by a substantial surge in imports, which rose by 47.5%, while exports recorded a marginal decline of 1.6% between the first and second quarters. The data was released by the Ghana Statistical Service (GSS) in their Quarterly Trade Statistics Report.
According to the GSS report, Ghana exported goods worth GH¢108.5 billion, equivalent to $9.6 billion, and imported goods valued at GH¢94.7 billion, or $8.3 billion, during the April-June period. This resulted in a total merchandise trade of $17.9 billion and a nominal trade surplus of GH¢13.8 billion, compared to GH¢46.1 billion recorded in the first quarter. The report highlights Ghana's continued dependence on gold for export earnings, with gold bullion generating GH¢78.4 billion, accounting for 72.3% of total exports.
The top five export products, including gold and crude petroleum, together accounted for 89% 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. Gold dominated export earnings, while crude petroleum was the second-largest export, generating GH¢11.6 billion, equivalent to 10.7% of total exports.
However, 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 to 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 increased significantly during the quarter, rising by 22.7% between the first and second quarters, more than five times the 4.0% increase in export prices. Fuel prices were a major contributor, rising by 54.1% over the period. On a year-on-year basis, import prices increased by 10.5%, marking the first annual increase after four consecutive quarters of decline. Export prices, meanwhile, increased by 13.9%.
Mineral fuels and oils accounted for about 30% 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% in the first quarter to 21.5% in the second quarter. South Africa moved into second place, with imports valued at GH¢11.8 billion.
The United Arab Emirates emerged as Ghana's leading export destination during the quarter, purchasing goods worth GH¢32.7 billion, representing 30.2% of total exports. The UAE and India together accounted for 46.4% of Ghana's exports, while the top five export destinations absorbed 76.2% of total exports. Within Africa, South Africa was Ghana's largest export destination, accounting for 56.5% of Ghana's exports to the continent. Almost all of those exports—about 99.8%—were gold.
Key points
- Ghana's merchandise trade surplus declined by 70% in Q2 2026.
- The decline was driven by a 47.5% increase in imports and a 1.6% decline in exports.
- Ghana's exports are heavily concentrated in a few commodities, primarily gold.
