Four countries absorbed 99.8% of Ghana’s gold bullion exports in the second quarter of 2026, highlighting the heavy concentration of the country’s most valuable export commodity in a handful of international markets.
The United Arab Emirates (UAE), Switzerland, India and South Africa were by far the dominant destinations for Ghanaian gold between April and June, according to the latest Ghana Statistical Service (GSS) trade statistics.
Gold bullion generated GH¢78.4 billion during the quarter, accounting for 72.3% of Ghana’s total export earnings.
The UAE was the largest destination, taking 41.6% of Ghana’s gold exports, followed by Switzerland with 22.3%, India with 22.1%, and South Africa with 13.8%.
Together, the four markets accounted for virtually all of Ghana’s gold exports, leaving just 0.2% for other destinations.
The concentration in gold markets is significant because the commodity has become increasingly important to Ghana’s overall export performance.
Gold’s share of total exports rose from 57.7% in the first quarter to 72.3% in Q2, as earnings from the commodity increased to GH¢78.4 billion.
The concentration also helps explain the movement in Ghana’s leading export destinations during the quarter. The UAE, for instance, became Ghana’s largest overall export market after purchasing GH¢32.7 billion worth of Ghanaian goods, representing 30.2% of total exports.
India and Switzerland followed, while South Africa ranked fourth among Ghana’s overall export destinations.
South Africa’s position was largely driven by gold. Of the GH¢10.8 billion in goods Ghana exported to South Africa during the quarter, 99.8% was gold.
The GSS data show that the concentration is not limited to gold destinations. Ghana’s overall export basket was also heavily concentrated, with the top five export products accounting for 89% of total exports in Q2.
The figures point to the sustained influence of gold on Ghana’s external trade, with the commodity providing a major source of export earnings but with sales concentrated among a very small number of markets.
