Ghana recorded a GH¢46.1 billion trade surplus in the first quarter of 2026, as the value of goods exported significantly exceeded imports, according to the Ghana Statistical Service (GSS).
The country’s total merchandise trade stood at GH¢174.6 billion between January and March 2026, made up of exports worth GH¢110.3 billion and imports valued at GH¢64.2 billion.
In US dollar terms, total trade amounted to US$16.1 billion, with exports accounting for US$10.2 billion and imports US$5.9 billion.
Despite the strong positive balance, the surplus was slightly lower than the GH¢47.2 billion recorded in the final quarter of 2025, representing a 2.3% decline.
Gold remained the biggest contributor to Ghana’s export earnings during the period, generating GH¢63.7 billion, while cocoa beans followed with GH¢12.9 billion.
Other major export products included cashew nuts, crude petroleum and cocoa paste.
On the import side, gas oil was the largest single import item, valued at GH¢6.3 billion, followed by super motor spirit at GH¢4.8 billion.
The GSS, however, cautioned that the headline trade surplus does not tell the full story of Ghana’s trade performance.
When price effects are removed, the picture changes significantly, with Ghana recording a trade deficit in real terms during the quarter.
The GSS said the difference between the nominal and real figures shows the extent to which higher commodity prices, particularly gold, contributed to the country’s headline trade surplus.
The report also points to continued structural weaknesses in Ghana’s trade, including heavy dependence on a few commodities and export markets.
The top five export products accounted for 86.5% of total exports in the first quarter, while India and Switzerland alone accounted for 36.8% of export earnings..
