Gold accounted for virtually all of Ghana’s exports to South Africa in the first quarter of 2026, highlighting the heavy concentration of Ghana’s trade with one of its biggest African markets.
Ghana and South Africa have had a strained relationship since the renewed xenophobic attacks that led to the evacuation of hundreds of Ghanaians. However, according to figures from the Ghana Statistical Service (GSS), this hostility did not affect trade between the two African countries.
South Africa accounted for more than two-thirds of Ghana’s exports to the African continent and Gold made up 99.9% of Ghana’s exports during the period. This means South Africa was Ghana’s largest export destination on the African continent, receiving goods worth GH¢14.1 billion in the first quarter. That represented 66.9% of Ghana’s total exports to Africa.
The figures mean that Ghana’s strong export performance to South Africa was overwhelmingly driven by one commodity.
Ghana’s total exports to African countries reached GH¢21.0 billion in the quarter, compared with imports of GH¢8.7 billion.
The GSS data also show that Ghana’s exports to Africa are concentrated among a few 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.
The five leading destinations together absorbed 91.3% of Ghana’s exports to Africa.
The dominance of gold in Ghana’s exports to South Africa contrasts with the composition of trade with some other African markets.
For instance, iron and steel accounted for 38.4% of Ghana’s exports to Burkina Faso, while plastics made up 25.9%.
Exports to Togo were more diversified, with iron and steel accounting for 19.4%, plastics 19.0% and chemicals 15.9%.
Machinery and electrical equipment was the leading product category in Ghana’s exports to Côte d’Ivoire, accounting for 40.8%.
The GSS data come as Ghana continues to record a trade surplus with Africa. The Ghana Statistical Service says Ghana’s exports to the continent have exceeded imports since the fourth quarter of 2024, with the surplus reaching its highest level in the first quarter of 2026.
