Ghana Records GH¢46.1bn Trade Surplus in First Quarter of 2026

Ghana recorded a GH¢46.1 billion trade surplus in the first quarter of 2026, driven largely by strong export earnings, particularly from gold.

According to the Ghana Statistical Service (GSS) First Quarter 2026 Trade Report, the country exported goods worth GH¢110.3 billion between January and March, compared with imports valued at GH¢64.2 billion.

In total, Ghana traded goods worth GH¢174.6 billion, equivalent to approximately US$16.1 billion, during the three-month period.

Government Statistician Dr Alhassan Iddrisu said the figure represents nearly GH¢2 billion worth of trade every day.

Gold remains dominant export

Gold continued to dominate Ghana’s export earnings, generating GH¢63.7 billion, or about US$5.9 billion, during the quarter.

Cocoa exports also recorded an improvement, while Asia remained Ghana’s largest trading partner. Trade with other African countries also showed growth during the period.

However, the GSS cautioned that the impressive nominal trade surplus does not necessarily indicate that Ghana exported significantly larger volumes of goods.

Higher prices boosted export value

Dr Iddrisu explained that once the figures are adjusted for changes in prices using the unit value index, the situation looks different.

He said the country recorded a real trade deficit, suggesting that higher export prices, rather than increased export volumes, accounted for much of the strong performance.

According to him, gold was largely responsible for the increase in export prices during the quarter.

“Much of the price gain in quarter one of 2026 came from gold.”

GSS calls for export diversification

The Statistical Service is urging Ghana to reduce its dependence on a few major commodities by expanding export diversification and increasing local value addition.

The GSS also encouraged businesses to invest in processing, innovation and competitiveness, while taking advantage of opportunities presented by the African Continental Free Trade Area (AfCFTA).

Dr Iddrisu further urged Ghanaian consumers to support locally manufactured products, saying increased demand for locally produced goods could help create jobs and strengthen the domestic economy.

The first-quarter figures therefore present a mixed picture: while Ghana’s GH¢46.1 billion nominal trade surplus reflects strong export earnings, the real trade deficit highlights the need for the country to increase production and export volumes rather than relying heavily on rising commodity prices.