Ghana’s trade surplus has widened significantly to $8.8 billion in the first half of 2026, supported by a sharp increase in export earnings, particularly from gold.
The latest Summary of Economic and Financial Data released by the Bank of Ghana shows that the country’s total exports rose to $18.2 billion by the end of June 2026, up from $13.7 billion recorded during the same period in 2025.
Gold was the main driver of the growth, generating $12.5 billion in export earnings during the period.
This represents a substantial increase from the $8.3 billion recorded in June 2025, reflecting the continued strength of Ghana’s gold exports on the international market.
Cocoa remained the second-largest contributor to export earnings, generating $2.2 billion, compared with $2.1 billion during the same period last year.
Oil exports contributed $1.7 billion, while other exports generated a further $1.7 billion.
On the import side, Ghana spent approximately $9.4 billion during the first six months of the year, representing a marginal increase compared with the corresponding period in 2025.
Oil imports accounted for $3.3 billion of the total import bill.
The strong growth in exports, coupled with relatively moderate growth in imports, resulted in a trade surplus of $8.8 billion by June 2026.
This compares with a surplus of $5.7 billion recorded during the same period in 2025.
The improvement in the trade balance could provide further support for Ghana’s foreign exchange position and strengthen the country’s ability to build international reserves.
The development comes at a time when Ghana is also expecting more than $500 million in inflows from development partners by the end of the third quarter of 2026.
Analysts expect the additional inflows, together with the strong export performance, to provide further support for the country’s external position and help cushion the economy against foreign exchange pressures.
However, the heavy dependence on gold for export earnings also highlights the importance of diversifying Ghana’s export base to ensure that the country’s external position remains resilient over the long term.
