Ghana's trade surplus plunges 70% to US$1.3bn in Q2 2026
Gold once generated nearly three quarters of export earnings but now struggles as imports surge, squeezing the nation's trade balance.
Ghana's trade surplus collapsed by 70% in the second quarter of 2026, falling to US$1.3 billion from US$4.3 billion the previous quarter. The Ghana Statistical Services report shows exports barely moved, edging down 1.6%, while imports exploded upward by 47.5%. This shift means nearly all of the surplus erosion came from heavier overseas spending rather than weaker foreign sales.
The country earned GH₵108.5 billion (US$9.6 billion) from exports and spent GH₵94.7 billion (US$8.3 billion) on imports, leaving a slim margin between inflows and outflows. Gold bullion alone brought in GH₵78.4 billion, accounting for 72.3% of all export revenue, but even this stellar performer could not offset the surge in commodity purchases.
Import bills jumped sharply, with fuel prices climbing 54.1% and overall import costs rising 22.7% compared to the first quarter. Meanwhile, export values increased only 4.0% annually, revealing a growing disconnect between what leaves and arrives on Ghana's shores. Crude petroleum ranked distant second at GH₵11.6 billion (10.7% of exports), yet gold still outpaced it nearly sevenfold.
The capital city Accra will feel these developments through tighter foreign exchange availability for importers and manufacturers. Traders may face higher borrowing costs as banks monitor the widening trade deficit. The Ghanaian cedi could experience renewed pressure if the imbalance persists into subsequent quarters.
