Ghana’s trade position remained strong in the second quarter of 2026, with the country adding US$4.3 billion to its trade surplus between April and June as export earnings continued to stay ahead of import costs.
According to data from the Bank of Ghana, Ghana’s cumulative trade surplus increased from US$4.5 billion at the end of March 2026 to US$8.8 billion by June 2026.
The increase reflects the additional surplus generated during the second quarter, as Ghana continued to earn more from goods sold internationally than it spent on goods purchased from abroad.
However, when compared with the first quarter, the pace of surplus generation was slightly lower. Ghana recorded a US$4.5 billion trade surplus in Q1 2026, compared with about US$4.3 billion generated in Q2, representing a marginal decline of about US$243 million.
The overall positive trade position was supported largely by strong export performance, led by gold, which remained Ghana’s biggest source of export earnings.
Gold remains the backbone of exports
Gold continued to dominate Ghana’s export performance, generating US$12.5 billion in earnings by June 2026.
The figure means gold accounted for about seven out of every ten dollars Ghana earned from exports during the first half of the year.
Cocoa and oil also contributed to export receipts, recording US$2.3 billion and US$1.7 billion respectively by June.
The performance of these key commodities helped push Ghana’s total export earnings to US$18.3 billion by the end of June 2026.
Imports increase as economy demands more goods
Ghana’s import bill also rose during the period, reaching US$9.5 billion by June 2026.
Oil imports accounted for a significant share of the increase, rising to US$3.3 billion as the country continued to spend on petroleum products.
Other non-oil imports also increased, reflecting continued demand for goods, machinery, equipment and raw materials needed by businesses and consumers.
Despite the rise in imports, Ghana’s export earnings remained higher, allowing the country to maintain a positive trade balance.
Trade position improves from last year
The latest figures show a stronger trade position compared with the same period in 2025.
By June 2025, Ghana had recorded a trade surplus of US$5.8 billion. A year later, the surplus had expanded to US$8.8 billion, representing an improvement of about US$3 billion.
The stronger performance has been driven largely by commodity exports, particularly gold, which continues to provide a major source of foreign exchange earnings for the economy.
For households and businesses, a sustained trade surplus means Ghana is bringing in more value from international trade than it is sending out through imports.
However, the figures also highlight the country’s continued dependence on a few major commodities. With gold accounting for the largest share of export earnings, fluctuations in global commodity prices remain an important risk to Ghana’s trade outlook.
