Ghana’s trade with the rest of Africa swung into a GH¢4.4 billion deficit in the second quarter of 2026, ending a run of surpluses that had lasted since the fourth quarter of 2024.
The latest trade statistics from the Ghana Statistical Service (GSS) showed that Ghana exported goods worth GH¢19.2 billion to other African countries between April and June, while imports from the continent reached GH¢23.6 billion.
The deficit compares with a GH¢12.3 billion surplus recorded in the first quarter of 2026.
The sharp reversal was driven mainly by the increase in imports, which rose from GH¢8.7 billion in Q1 to GH¢23.6 billion in Q2, representing an increase of about 171 percent.
Exports, meanwhile, declined by 8.6 percent from GH¢21.8 billion in Q1.
A single category of machinery imports from South Africa accounted for much of the change.
The GSS reported that pump parts imported from South Africa were valued at GH¢10 billion, representing 42.5 percent of Ghana’s total imports from Africa during the quarter.
Without that single import line, Ghana would have remained in surplus with the continent, with imports estimated at about GH¢13.6 billion against exports of GH¢19.2 billion.
South Africa was simultaneously Ghana’s biggest African export destination and largest source of imports.
It purchased GH¢10.8 billion, or 56.5 percent, of Ghana’s exports to Africa, while supplying GH¢11.8 billion, representing half of Ghana’s imports from the continent.
However, the composition of the trade relationship was sharply different.
Gold accounted for 99.8 percent of Ghana’s exports to South Africa, while machinery and electrical equipment constituted 92.3 percent of imports from the country.
That pattern highlights the continued dependence on natural resources for Ghana’s exports while manufactured and capital goods account for a significant portion of imports.
Across Africa, gold remained Ghana’s leading export, generating GH¢10.8 billion, or 56.4 percent of exports to the continent.
Crude petroleum followed with GH¢2.3 billion.
On the import side, pump parts were followed by crude petroleum, valued at GH¢4.1 billion; super petrol at GH¢2 billion; gas oil at GH¢1.6 billion; and jet fuel at GH¢900 million.
The statistics also showed that Ghana’s trade with West Africa reached a record US$1.33 billion during the quarter, although the country recorded its first deficit with the sub-region.
Ghana exported GH¢6.18 billion worth of goods to West Africa and imported GH¢8.86 billion, resulting in a deficit of GH¢2.68 billion, equivalent to about US$250 million.
Despite the deficit, West Africa offered a more diversified market for Ghanaian products than Ghana’s global export destinations.
The top five exports to the sub-region accounted for only 39.4 percent of Ghana’s sales, compared with 89 percent for exports to the world.
The products included iron and steel, baby napkins, tiles, plastics, sacks and other manufactured goods.
The GSS said the figures demonstrated the potential of African markets to support export diversification, particularly for Ghanaian manufactured products.
It identified the African Continental Free Trade Area (AfCFTA), improved transport links, reduced border bottlenecks and wider access to regional markets as opportunities for Ghanaian businesses to expand exports.
The Service, however, noted that Ghana’s trade with Africa remained concentrated among a few partners, with South Africa accounting for 61.3 percent of Ghana’s exports to Africa in the first half of 2026.
Nigeria, Togo, Côte d’Ivoire and Angola were among the other major African trading partners.
