Ghana recorded a trade surplus of $4.3 billion in the first quarter of 2026, driven largely by strong gold exports, according to data from the Ghana Statistical Service (GSS).

The figures are contained in the First Quarter Trade Newsletter released by the GSS.

Ghana exported goods worth US$10.2 billion during the period, while imports amounted to US$5.9 billion.

The Government Statistician, Dr Alhassan Iddrissu, said the figures meant that “for every 100 cedis that Ghana earned from exports, 58 per cent went back out on imports.”

He, however, cautioned that the headline surplus largely reflects the value of goods at prevailing prices.

“Once we strip out rising prices, Ghana actually received more goods than it shipped; that is, exports of US$ 2.6 billion against imports of $3.2 billion,” Dr Iddrissu added.

Gold remained Ghana’s biggest export during the quarter, generating US$5.9 billion in export earnings.

Cocoa exports also improved, but the Government Statistician warned that Ghana’s export earnings remain concentrated in a narrow range of commodities.

Much of the increase in export prices during the quarter was driven by gold, further highlighting the commodity’s dominant role in Ghana’s external trade.

Dr Iddrissu also raised concern about the concentration of Ghana’s export markets.

“India and Switzerland together took more than a third of what Ghana sold,” the Government Statistician revealed.