Ghana records GH¢46.1bn trade surplus in Q1 2026 despite real-term deficit

Ghana recorded a merchandise trade surplus of GH¢46.1 billion in the first quarter of 2026, as the value of exports substantially exceeded the country’s import bill, according to the Ghana Statistical Service (GSS).

Total merchandise trade for the January to March period amounted to GH¢174.6 billion, comprising exports valued at GH¢110.3 billion and imports worth GH¢64.2 billion.

In US dollar terms, the country’s total trade was valued at US$16.1 billion, with exports accounting for US$10.2 billion and imports US$5.9 billion.

The first-quarter surplus, however, was slightly lower than the GH¢47.2 billion recorded in the fourth quarter of 2025, representing a 2.3% decline.

Gold continued to dominate Ghana’s export earnings, contributing GH¢63.7 billion during the quarter. Cocoa beans followed with exports valued at GH¢12.9 billion.

Other leading export commodities included cashew nuts, crude petroleum and cocoa paste.

On the import side, gas oil emerged as the largest single import commodity, with an import value of GH¢6.3 billion, followed by super motor spirit at GH¢4.8 billion.

Real trade position tells a different story

Despite the sizeable headline surplus, the GSS cautioned that the nominal trade figures do not fully reflect the underlying performance of Ghana’s external trade.

According to the Service, once the impact of price changes is removed, Ghana recorded a trade deficit in real terms during the first quarter.

The disparity between the nominal and real trade positions highlights the significant influence of commodity prices, particularly the high value of gold, on Ghana’s headline trade surplus.

The figures also expose persistent structural weaknesses in the country’s trade profile, including its heavy reliance on a limited number of commodities and export destinations.

The five leading export products accounted for 86.5% of total exports during the quarter, underscoring the concentration of Ghana’s export earnings.

The concentration was also evident in export markets, with India and Switzerland alone accounting for 36.8% of Ghana’s total export earnings in the first quarter of 2026.