Gold dominates Ghana’s exports to South Africa in Q1 2026

Gold accounted for almost the entirety of Ghana’s exports to South Africa in the first quarter of 2026, underscoring the heavy dependence of the country’s trade with one of its key African markets on a single commodity.

Despite tensions in relations between Ghana and South Africa following renewed xenophobic attacks that resulted in the evacuation of hundreds of Ghanaians, trade between the two countries remained strong during the period, according to data from the Ghana Statistical Service (GSS).

South Africa emerged as Ghana’s largest export destination in Africa, receiving goods valued at GH¢14.1 billion during the first quarter. The amount represented 66.9% of Ghana’s total exports to the continent.

Gold alone accounted for 99.9% of Ghana’s exports to South Africa, meaning the country’s strong export performance in the South African market was almost entirely driven by the precious metal.

Overall, Ghana exported goods worth GH¢21.0 billion to African countries during the quarter, while imports from the continent stood at GH¢8.7 billion.

The GSS figures further indicate that Ghana’s exports to Africa remain concentrated in a handful of markets. Côte d’Ivoire was the second-largest destination, accounting for 11.8% of exports, followed by Burkina Faso with 8.0%.

Togo and Nigeria accounted for 2.9% and 1.7% respectively.

Together, the five leading destinations accounted for 91.3% of Ghana’s total exports to Africa during the period.

The composition of Ghana’s exports varies considerably across the different African markets. While gold dominated exports to South Africa, other products featured more prominently in trade with neighbouring countries.

Iron and steel accounted for 38.4% of Ghana’s exports to Burkina Faso, with plastics representing another 25.9%.

Exports to Togo were comparatively more diversified, with iron and steel accounting for 19.4%, plastics 19.0% and chemicals 15.9%.

In Côte d’Ivoire, machinery and electrical equipment constituted the largest export category, accounting for 40.8% of Ghana’s exports to that market.

The latest figures also highlight Ghana’s strengthening trade position with the African continent. According to the GSS, the country has recorded a trade surplus with Africa since the fourth quarter of 2024, with the surplus reaching its highest level in the first quarter of 2026.