Ghana’s oil import bill recorded a sharp increase in April 2026, rising to US$2.01 billion from US$1.37 billion in March 2026, reflecting a significant month-on-month jump in the country’s energy import expenditure.
Latest data from the Bank of Ghana shows that this represents an increase of approximately US$634 million within a single month, making oil imports one of the fastest-rising components of Ghana’s external payments position during the period under review.
The increase in April brought oil imports to their highest level in recent months, and contributed significantly to the rise in Ghana’s total import bill, which also moved up from US$4.06 billion in March 2026 to US$5.87 billion in April 2026.
Oil imports have consistently remained a key pressure point in Ghana’s external trade structure, given the country’s reliance on imported petroleum products to meet domestic energy demand across transport, industry, and power generation.
The sharp rise in April comes at a time when global energy market conditions continue to influence import costs, alongside domestic consumption needs.
Despite the increase in oil import expenditure, Ghana’s external trade position remained positive during the period. The country recorded a trade surplus of US$5.28 billion in April 2026, up from US$4.44 billion in March 2026.
This was largely supported by stronger export performance, particularly from gold, which continued to dominate Ghana’s foreign exchange earnings base.
Gold exports increased from US$5.26 billion in March 2026 to US$6.86 billion in April 2026, helping to offset rising import costs.
Cocoa and oil exports also contributed to total export growth, though gold remained the dominant driver of external earnings.
The increase in oil imports, however, highlights the persistent structural pressure that energy-related expenditures place on Ghana’s import bill, even in periods of strong export performance.
In total, Ghana’s import bill rose from US$4.06 billion in March to US$5.87 billion in April 2026, driven by both oil and non-oil import components, but with oil imports accounting for a significant portion of the monthly increase.
