Ghana’s trade surplus fell sharply by 70.1 percent to GH¢13.8 billion in the second quarter of 2026, as imports surged by 47.5 percent while exports declined marginally.
The latest Quarterly Trade Statistics Newsletter of the Ghana Statistical Service (GSS) showed that Ghana exported goods worth GH¢108.5 billion between April and June, compared with imports valued at GH¢94.7 billion.
The resulting surplus of GH¢13.8 billion was significantly lower than the GH¢46.1 billion recorded in the first quarter of 2026.
In US dollar terms, total trade amounted to US$17.9 billion, comprising US$9.6 billion in exports and US$8.3 billion in imports, leaving a surplus of US$1.3 billion, down from US$4.3 billion in the first quarter.
The GSS attributed the sharp contraction in the surplus largely to the increase in imports, which rose from GH¢64.2 billion in Q1 to GH¢94.7 billion in Q2, while exports fell by only 1.6 percent from GH¢110.3 billion.
However, the statistics revealed a deeper concern when price effects were removed from the trade figures.
At constant Q1 2021 prices, Ghana recorded a real trade deficit of GH¢14.6 billion, with real exports valued at GH¢26.6 billion against real imports of GH¢41.2 billion.
The real deficit was more than twice the GH¢6.2 billion recorded in the first quarter.
The GSS said real exports declined by 5.4 percent quarter-on-quarter, following a 6.4 percent decline in Q1, while real imports increased by 20.1 percent over the same period.
This indicated that the headline trade surplus was being supported significantly by higher export prices rather than a corresponding increase in the volume of goods Ghana was selling abroad.
Gold remained the dominant source of export earnings, with bullion generating GH¢78.4 billion, representing 72.3 percent of total exports during the quarter.
Crude petroleum followed with GH¢11.6 billion, while the top five export products accounted for 89 percent of total exports.
The concentration of export earnings also extended to markets, with the top five destinations accounting for 76.2 percent of Ghana’s exports.
The United Arab Emirates emerged as the largest destination, purchasing GH¢32.7 billion, equivalent to 30.2 percent of exports, followed by India with GH¢17.6 billion and Switzerland with GH¢17.5 billion.
On the import side, mineral fuels and oils accounted for 30 percent of the import bill.
Gas oil alone was the largest individual import, valued at GH¢12.2 billion, followed by pump parts at GH¢10.1 billion and super petrol at GH¢8 billion.
Import prices also increased significantly during the quarter.
The Import Unit Value Index rose by 22.7 percent between Q1 and Q2, compared with a 4.0 percent increase in export prices.
Fuel prices led the increase in import prices, rising by 54.1 percent during the quarter.
The GSS said the figures highlighted the need to strengthen domestic productive capacity, particularly in manufacturing and agro-processing, to increase the volume and value of goods Ghana exports.
It also identified export diversification and local value addition as important measures for reducing Ghana’s exposure to movements in global commodity prices.
The Service noted that gold was still largely exported as bullion, while raw cocoa beans generated significantly more export earnings than cocoa paste in the first half of 2026.
It said expanding local processing, improving technology and helping firms meet international standards could enable Ghana to retain more value from its natural resources.
