Ghana’s Trade Surplus Narrows in Q2 Amid Rising Imports

Accra:Ghana recorded a trade surplus of GH?13.8 billion in the second quarter of 2026, despite a sharp narrowing as imports surged. The latest Quarterly Trade Statistics Newsletter released by the Ghana Statistical Service (GSS) highlighted this development. According to Ghana Web, total trade in Ghana reached GH?203.2 billion between April and June 2026, with exports valued at GH?108.5 billion and imports at GH?94.7 billion. Although exports exceeded imports, the trade surplus dropped by 70.1 percent from the GH?46.1 billion surplus in the first quarter. This decline was driven by a 47.5 percent increase in imports, while exports fell slightly by 1.6 percent. Gold remained a key contributor to Ghana's export sector, generating GH?78.4 billion and accounting for 72.3 percent of total export earnings. Crude petroleum followed with GH?11.6 billion, making up 10.7 percent of exports. The top five export commodities, including cocoa products, contributed 89 percent of total export revenue. The report noted a g rowing concentration in Ghana's export market. The United Arab Emirates emerged as the largest export destination, purchasing GH?32.7 billion worth of goods, or 30.2 percent of exports. India and Switzerland were the next largest markets, with the top five destinations accounting for over three-quarters of Ghana's export earnings. On the import side, mineral fuels and oils were the largest category, comprising 30 percent of total imports. Gas oil (diesel) was the single largest imported product at GH?12.2 billion. China remained Ghana's leading supplier with imports valued at GH?20.4 billion, while South Africa rose to second place with GH?11.8 billion in exports to Ghana. Despite the nominal trade surplus, the report revealed a trade deficit of GH?14.6 billion in real terms when price effects were removed, with real exports at GH?26.6 billion and real imports at GH?41.2 billion. Rising export prices, particularly for gold, largely explained the positive nominal balance. Export prices increased by 13.9 per cent year-on-year, while import prices rose by 10.5 percent. However, import prices climbed more sharply by 22.7 percent between the first and second quarters, compared to a 4.0 percent increase in export prices. Trade with Africa shifted into deficit, with Ghana importing GH?23.6 billion worth of goods from the continent and exporting GH?19.2 billion, leading to a GH?4.4 billion deficit. This was mainly due to imports of pump parts from South Africa valued at GH?10 billion. The report emphasized the need for export diversification, increased local value addition, and stronger utilization of African Continental Free Trade Area (AfCFTA) opportunities to build a more resilient trading economy. West Africa remained Ghana's most diversified export market, featuring manufactured products like baby napkins, tiles, plastics, and steel products. Regional trade reached a record US$1.33 billion, despite Ghana recording its first trade deficit with West Africa during this period.