Ghana’s real trade deficit widened to GH¢14.6 billion in the second quarter of 2026 as the country imported significantly more goods in real terms while export volumes declined, according to the Ghana Statistical Service (GSS).
The deficit more than doubled from GH¢6.2 billion in the first quarter, highlighting a sharp deterioration in the underlying trade position despite Ghana recording a nominal trade surplus of GH¢13.8 billion during the quarter.
At constant Q1 2021 prices, Ghana’s exports were valued at GH¢26.6 billion, compared with GH¢41.2 billion for imports.
The gap was driven largely by a sharp increase in real imports. Import volumes rose 20.1% quarter-on-quarter, while real exports fell 5.4%.
But the increase in imports was not only about quantity. Import prices also rose sharply, with the import unit value index increasing 22.7% during the quarter.
That combination, more goods coming into the country at higher prices, helped push the nominal value of imports up 47.5%, from GH¢64.2 billion in the first quarter to GH¢94.7 billion in the second.
Fuel was a major contributor to the higher import costs. Prices for imported fuels rose 54.1% during the quarter, while mineral fuels and oils accounted for 30% of Ghana’s total import bill.
The biggest import items included gas oil worth GH¢12.2 billion, pump parts at GH¢10.1 billion, super petrol at GH¢8.0 billion and crude petroleum at GH¢5.8 billion.
Exports, meanwhile, moved in the opposite direction in real terms.
Although export prices increased 4% in the quarter, real exports declined by 5.4%. The result was a 1.6% fall in the nominal value of exports, from GH¢110.3 billion in the first quarter to GH¢108.5 billion.
Gold helps explain the difference between Ghana’s nominal and real trade positions.
Gold bullion accounted for 72.3% of total exports, worth GH¢78.4 billion. Gold export prices rose 16.4% year-on-year, although they fell 3.2% quarter-on-quarter.
The strong value of gold exports therefore helped Ghana maintain a nominal trade surplus even as the underlying volume of exports declined.
This distinction is important because Ghana’s headline trade balance looks stronger when measured in current prices than when price effects are removed.
In nominal terms, Ghana recorded a GH¢13.8 billion trade surplus in Q2. But at constant prices, the country bought GH¢14.6 billion more in goods than it sold.
The latest figures therefore point to a trade position being supported more by the value of exports than by an increase in the quantity of goods Ghana is selling abroad.
At the same time, the country is bringing in more goods and paying more for them, putting greater pressure on the import bill.
For an economy heavily dependent on imported fuel, machinery, vehicle parts and other inputs, the combination raises significant concern for businesses and consumers.
