Ghana Posts $3.69bn in Trade Surplus in Early 2026
Ghana recorded a sharp improvement in its external trade position in the first two months of 2026, with the country posting a trade surplus of US$3.69 billion, representing a 72.7 percent increase from the US$2.14 billion recorded during the same period in 2025.
According to the March 2026 Monetary Policy Report by the Bank of Ghana, the surge in the trade surplus was largely driven by exceptional performance in gold exports, even as traditional export earners such as cocoa and crude oil experienced declines.
Gold exports emerged as the dominant force behind the improved trade balance, with export receipts rising by 84.1 percent to US$4.26 billion, up from US$2.31 billion a year earlier. This increase was supported by both higher export volumes and a significant surge in global gold prices.
Data from the Bank of Ghana showed that gold export volumes rose by 5.2 percent to 903,877.5 fine ounces. At the same time, international prices climbed sharply, with gold averaging about US$4,710 per ounce, nearly 75 percent higher than levels recorded in the corresponding period of 2025.
The combined effect of increased volumes and elevated prices pushed Ghana’s total export earnings to US$6.21 billion, compared to US$4.69 billion in the same period last year, reinforcing gold’s position as the country’s leading export commodity.
However, the strong headline performance masks underlying weaknesses in other key sectors. Cocoa export receipts declined significantly, largely due to weaker global demand, despite some modest improvements in prices. The downturn raises concerns for rural incomes and export diversification, given cocoa’s critical role in supporting livelihoods across the country.
Similarly, crude oil earnings dropped, reflecting lower global oil prices. Despite stable production levels, reduced prices limited revenue inflows from the petroleum sector, further weakening one of Ghana’s traditional pillars of export earnings.
In addition to export dynamics, the trade surplus was also supported by a contraction in imports. Lower import levels contributed to the improved trade balance, although this may also signal subdued domestic demand and cautious spending by businesses and consumers.
While the stronger trade surplus provides a positive boost to Ghana’s external sector supporting the cedi, improving foreign exchange reserves, and enhancing macroeconomic stability, it also highlights a growing structural imbalance.
The increasing reliance on gold as the primary driver of export growth exposes the economy to potential volatility. Any downturn in global gold prices could quickly reverse recent gains, underscoring the need for a more diversified export base.
Overall, Ghana’s early 2026 trade performance reflects resilience in the face of global pressures, but also reinforces the urgency of strengthening other key sectors to ensure sustainable and balanced economic growth.
