Ghana’s trade surplus shrinks 70.1% as fuel import costs surge

Ghana’s trade surplus fell by 70.1% in the second quarter of 2026 as rising import costs, particularly for fuel, put pressure on the country’s trade position.

The surplus narrowed to GH¢13.8 billion from GH¢46.1 billion in the first quarter, according to the Ghana Statistical Service’s Quarterly Trade Statistics.

The total import bill increased by 47.5% over the same period.

Ghana continued to record a trade surplus, meaning the value of its exports exceeded its imports. But the smaller margin highlights its exposure to changes in international fuel prices and its reliance on a narrow range of exports.

Diesel, also known as gas oil, was the country’s largest single import during the quarter, valued at GH¢12.2 billion. Super petrol imports amounted to a further GH¢8 billion.

Together, the two products accounted for GH¢20.2 billion in imports. The broader category of fuel and mineral products represented about 30% of Ghana’s total imports during the period.

The GSS said fuel imports remained particularly vulnerable to movements in international prices. Overall import prices increased by 22.7% during the quarter, while fuel import prices rose by 54.1%.

Those price increases contributed to the higher import bill and the narrowing trade surplus. The reported rise in import spending does not, by itself, establish that Ghana imported a correspondingly larger volume of goods.

The figures also highlight a vulnerability on the export side. According to the GSS, Ghana’s headline trade surplus remains heavily supported by high export prices, particularly for gold, rather than broad-based growth in export volumes.

That dependence leaves the country exposed to external price shocks. Higher fuel prices can increase the cost of imports, while weaker prices for key exports could reduce earnings.

The GSS is calling for measures to diversify exports and increase local processing and value addition. It also recommends expanding access to international markets to reduce dependence on a limited range of export products.

Its proposals include stronger implementation of the African Continental Free Trade Area, improvements to transport and border infrastructure, and better access to financing for exporters.

According to the service, strengthening domestic production and processing alongside export diversification will be important to building a more resilient trade position.

The second-quarter figures show that Ghana retained a positive trade balance, but with substantially less room between export earnings and import spending than in the first quarter. Whether that margin strengthens will depend partly on movements in global prices and the country’s ability to broaden its sources of export revenue.