Ghana’s trade surplus widened to US$8.80 billion in the first eight months of 2026, with stronger gold earnings helping export revenue grow faster than the country’s import bill, according to the Bank of Ghana.
The surplus increased from US$6.69 billion in the corresponding period of 2025. Total export earnings rose by 24.8 per cent to US$22.39 billion, compared with US$17.94 billion a year earlier.
The central bank attributed the improvement to “robust growth in export earnings that outpaced the rise in imports”.
Gold prices outweigh lower shipments
Gold remained the main driver of export growth, generating US$14.86 billion, an increase of 32.9 per cent.
The gains came despite a reduction in the quantity shipped. Export volumes fell by 7.7 per cent to 3.4 million fine ounces, from 3.7 million a year earlier.
The Bank linked the decline largely to shipment disruptions associated with the onset of conflict in the Middle East.
Higher prices more than compensated for the reduced volumes. The average realised gold price increased by 44 per cent to US$4,374.65 per fine ounce, supported by demand for the metal during geopolitical and financial uncertainty.
Gold consequently accounted for roughly two-thirds of Ghana’s total export receipts during the period.
Oil and cocoa receipts increase
Crude oil export earnings rose by 32.8 per cent to US$2.42 billion, supported by increases in both prices and volumes.
Shipments increased by 8 per cent to 27.6 million barrels following higher production from the Jubilee field.
The average realised price also climbed to US$87.68 per barrel, from US$71.25 in the corresponding period of 2025.
Cocoa beans and processed cocoa products generated US$2.71 billion, up 9.9 per cent from US$2.47 billion. The Bank attributed that performance to favourable realised prices and higher export volumes.
Other exports lose ground
Receipts from other exports, including non-traditional exports, declined by 3 per cent to US$2.39 billion, from US$2.46 billion.
The fall contrasted with the stronger performance of the three principal commodities.
The Bank’s composite weighted price index for cocoa, gold and crude oil increased by 5.6 per cent from the beginning of the year to 261.86 in August.
Crude oil recorded the largest increase over that period, at 42.9 per cent, followed by gold at 2.1 per cent and cocoa at 1.5 per cent.
Annual growth in the overall index slowed to 15.4 per cent, from 20.3 per cent in August 2025, as weaker cocoa prices moderated the gains.
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