Export Earnings Hit $6.2bn in First Two Months of 2026
Ghana’s external sector has started 2026 on a strong note, with total export earnings reaching $6.2 billion in the first two months of the year, marking a sharp increase from the $4.2 billion recorded over the same period in 2024.
Data from the Bank of Ghana, contained in its latest Summary of Economic and Financial Data for March 2026, highlights a significant improvement in the country’s trade performance, driven largely by robust commodity exports.
The strong start follows a record-breaking performance in 2025, when Ghana’s total export value reached $31.1 billion, the highest on record.
Gold Drives Export Surge
Gold once again reaffirmed its dominance as Ghana’s leading export commodity, underpinning the surge in earnings.
In the first two months of 2026 alone, gold exports generated $4.2 billion, a substantial increase from the $2.3 billion recorded during the same period in 2024.
This builds on the commodity’s exceptional performance in 2025, when gold exports brought in $20 billion, nearly doubling from $10.3 billion in 2024.
The sustained growth reflects both strong production levels and favourable international prices, reinforcing gold’s central role in Ghana’s foreign exchange earnings.
Mixed Performance Across Other Exports
While gold exports surged, other key export categories recorded mixed outcomes.
Cocoa earnings declined to $956 million in the first two months of 2026, down from $1.1 billion in the corresponding period of 2024. The drop suggests continued challenges in the cocoa sector, including production constraints and price dynamics.
Similarly, other exports saw a slight decline, generating $540 million compared to $596 million in the same period in 2024.
Despite these declines, the overall export performance remained strong, buoyed by the outsized contribution from gold.
Imports Stable, Trade Surplus Widens
On the import side, Ghana’s total import bill remained relatively stable at $2.5 billion between January and February 2026, unchanged from the same period in 2024.
Of this amount, oil imports accounted for $825 million, while non-oil imports totalled approximately $1.6 billion.
The combination of rising exports and stable imports resulted in a significant expansion of Ghana’s trade surplus, which increased to $3.2 billion in the first two months of 2026, up from $2.1 billion a year earlier.
Implications for the Economy
The widening trade surplus is expected to positively impact Ghana’s external balances, supporting foreign exchange reserves and contributing to relative stability in the cedi.
Strong export earnings, particularly from gold also enhance the country’s capacity to meet external obligations and finance imports without excessive reliance on external borrowing.
Outlook
While the current trajectory is encouraging, analysts note that sustaining export growth will depend on continued strength in global commodity prices and improved performance in non-gold sectors such as cocoa and manufactured exports.
Diversification remains critical to reducing Ghana’s reliance on gold and ensuring more balanced and resilient export growth over the long term.
For now, the strong export performance provides a solid foundation for Ghana’s external sector in 2026, with early indicators pointing to another potentially robust year for trade.
