Ghana's total external trade volume reached GHS 174.6 billion in the first quarter of 2026. This figure comprises GHS 110.3 billion in exports and GHS 64.2 billion in imports. The nation recorded a trade surplus of GHS 46.1 billion during this period.
This substantial surplus, however, represents a marginal decline of GHS 1.1 billion compared to the GHS 47.2 billion surplus in Q4 2025. The Ghana Statistical Service (GSS) released these provisional International Merchandise Trade Statistics. Dr. Alhassan Iddrisu, the Government Statistician, urged caution in interpreting the headline surplus. He explained that in real terms, Ghana actually recorded a trade deficit for the quarter. Nominal exports were GHS 110.3 billion, but real exports stood at GHS 28.1 billion. Real imports were GHS 34.3 billion, indicating a real deficit.
This situation highlights Ghana's ongoing reliance on commodity prices, particularly gold. The GSS report indicates that price movements, not just increased trade volumes, significantly influenced the nominal trade position. Export prices rose by 5.0 percent year-on-year and 8.5 percent quarter-on-quarter. This increase was largely due to higher gold prices, while import prices declined. Gold generated GHS 63.7 billion, dominating Ghana's export basket. Its share of total exports, however, decreased from 67.5 percent in Q4 2025 to 57.7 percent in Q1 2026. This suggests early signs of export diversification, a long-standing goal for Ghana's economic planners.
Dr. Iddrisu emphasized that the figures reveal both opportunities and vulnerabilities in Ghana's trade structure. He stated that a resilient trade sector must withstand changes in international commodity prices. The GSS report reinforces the need for Ghana to diversify its export products and markets. It also calls for increased value addition, especially in cocoa and minerals. Deepening regional trade under the African Continental Free Trade Area (AfCFTA) is another critical recommendation. This strategy aims to reduce dependence on a few key commodities and markets.
Asia remained Ghana's largest trading region, accounting for 42.6 percent of exports and 53.3 percent of imports. China alone was responsible for 29.7 percent of Ghana's total imports. Trade with other African countries continued to improve, maintaining a surplus since Q4 2024. This surplus reached its highest level in Q1 2026. However, intra-African trade remains concentrated. South Africa accounted for 66.9 percent of Ghana's exports to the continent. Nigeria led Ghana's imports from Africa with 32.9 percent, mainly due to mineral fuels and oils. These regional dynamics underscore the need for broader market penetration within Africa.
The GSS report also advocates for greater investment in infrastructure. This includes ports, transport, and trade logistics. Improved access to finance for small and medium-sized enterprises (SMEs) is crucial. This will strengthen their capacity to participate effectively in international trade. Rising cocoa earnings and the widening trade surplus with African markets offer opportunities. Ghana can expand beyond its traditional reliance on raw commodity exports. Government and industry players must focus on processed and higher-value products. This will make trade a more sustainable contributor to economic growth and stability.