Accra:Ghana's trade surplus has risen to $8.80 billion in the first eight months of 2026, compared to $6.69 billion in the same period the previous year, driven by robust export earnings that surpassed import growth.
According to Ghana Web, the Bank of Ghana (BoG) credits this improvement primarily to increased revenues from gold, cocoa, and crude oil exports, bolstered by favorable international prices and higher shipment volumes for several commodities.
Between January and August 2026, total export earnings climbed by 24.8 percent to $22.39 billion, up from $17.94 billion in the preceding year. The composite weighted average price index for cocoa, gold, and crude oil also increased by 5.6 percent year-to-date, reaching 261.86 in August 2026, with gains noted in all three commodity sub-indices.
Crude oil showed the most significant growth with a 42.9 percent increase, followed by gold at 2.1 percent and cocoa at 1.5 percent. Annually, the overall index grew by 15.4 percent, though this was slower than the 20.3 percent recorded in August 2025, as the decline in cocoa prices moderated the gains in gold and crude oil.
Gold remained the largest contributor to export earnings, with receipts rising by 32.9 percent to $14.86 billion during the review period. This increase was mainly due to a 44 percent rise in the average realized price to $4,374.65 per fine ounce, amid ongoing safe-haven demand linked to geopolitical tensions and financial market uncertainty.
Despite this, gold export volumes decreased by 7.7 percent to 3.4 million fine ounces, down from 3.7 million ounces the previous year, partly due to shipment disruptions following the outbreak of the Middle East conflict. Cocoa export receipts grew by 9.9 percent to $2.71 billion, supported by favorable prices and higher export volumes.
Crude oil earnings also increased by 32.8 percent to $2.42 billion, up from $1.83 billion, with export volumes rising by 8 percent to 27.6 million barrels, following higher output from the Jubilee field. The average realized price also increased by 23.1 percent to $87.68 per barrel.
Conversely, earnings from other exports, including non-traditional exports, declined by 3 percent to $2.39 billion from $2.46 billion, reflecting decreases across all non-traditional export sub-categories. The stronger trade surplus enhances Ghana’s external position, but the concentration of export earnings in gold, cocoa, and crude oil exposes the country to global commodity price fluctuations and supply disruptions.