Ghana recorded a trade surplus of US$4.3 billion in the first quarter of 2026, driven largely by strong gold exports, according to data from the Ghana Statistical Service (GSS) .
The figures, contained in the First Quarter Trade Newsletter released by the GSS, show that Ghana exported goods worth US5.9 billion . The Government Statistician, Dr Alhassan Iddrissu, said the figures meant that “for every 100 cedis that Ghana earned from exports, 58 per cent went back out on imports” .
A Surplus Masking a Real Deficit
Dr Iddrissu, however, cautioned that the headline surplus largely reflects the value of goods at prevailing prices. “Once we strip out rising prices, Ghana actually received more goods than it shipped; that is, exports of US$2.6 billion against imports of $3.2 billion,” he explained .
This warning echoes the GSS’s earlier assessment that when adjusted for price effects using the unit value index, the picture changes from a nominal surplus to a real trade deficit . The headline surplus, therefore, does not necessarily indicate that Ghana exported significantly more goods by volume.
Gold’s Dominant Role
Gold remained Ghana’s biggest export during the quarter, generating US$5.9 billion in export earnings . According to Dr Iddrissu, “much of the price gain in quarter one of 2026 came from gold,” highlighting the commodity’s dominant role in Ghana’s external trade .
Cocoa exports also recorded an improvement during the period . However, the Government Statistician warned that Ghana’s export earnings remain concentrated in a narrow range of commodities.
Export Market Concentration
Dr Iddrissu also raised concerns about the concentration of Ghana’s export markets. He revealed that “India and Switzerland together took more than a third of what Ghana sold” during the quarter .
Calls for Diversification
The GSS data underscores the scale of Ghana’s diversification challenge. Gold alone accounted for approximately 68% of total export earnings in the first half of 2026, a significant increase from its already dominant share in 2025 . The IMF has noted that gold now represents more than 65% of Ghana’s merchandise exports and is expected to account for an even larger share in 2026 .
In response, the GSS is urging Ghana to reduce its reliance on a few commodities by diversifying its export base and increasing value addition. Dr Iddrissu emphasized that the government must continue to promote export diversification, value addition, and regional trade under the African Continental Free Trade Area (AfCFTA), while businesses should invest in processing, innovation, and competitiveness to take greater advantage of regional markets .
He also encouraged Ghanaian households to support locally produced goods, arguing that increased consumption of quality Ghanaian products could help create jobs and strengthen the domestic economy .
