Ghana’s trade surplus rose to US$8.80 billion in the first eight months of 2026, from US$6.69 billion in the corresponding period last year, as stronger export earnings outpaced growth in imports.

The Bank of Ghana (BoG), in its latest data, attributed the improvement largely to increased receipts from gold, cocoa and crude oil exports, supported by favourable international prices and higher shipment volumes for some commodities.

Total export earnings increased by 24.8 percent to US$22.39 billion between January and August 2026, compared with US$17.94 billion a year earlier.

The composite weighted average price index for cocoa, gold and crude oil also rose by 5.6 percent year-to-date to 261.86 in August 2026, reflecting gains across all three commodity sub-indices.

Crude oil recorded the strongest increase of 42.9 percent, followed by gold at 2.1 percent and cocoa at 1.5 percent.

On an annual basis, the overall index grew by 15.4 percent, slower than the 20.3 percent recorded in August 2025, as the contraction in cocoa prices moderated gains in gold and crude oil.

Gold remained the dominant contributor to export earnings, with receipts rising by 32.9 per cent to US$14.86 billion during the review period.

The increase was driven primarily by a 44 percent rise in the average realised price to US$4,374.65 per fine ounce, amid sustained safe-haven demand linked to geopolitical tensions and financial market uncertainty.

However, gold export volumes fell by 7.7 percent to 3.4 million fine ounces, from 3.7 million ounces a year earlier, partly due to shipment disruptions following the outbreak of the Middle East conflict.

Cocoa export receipts, including beans and processed products, increased by 9.9 percent to US$2.71 billion from US$2.47 billion, supported by favourable prices and higher export volumes.

Crude oil earnings also rose by 32.8 percent to US$2.42 billion, up from US$1.83 billion. Export volumes increased by 8 percent to 27.6 million barrels, following higher output from the Jubilee field, while the average realised price climbed by 23.1 percent to US$87.68 per barrel.

In contrast, earnings from other exports, including non-traditional exports, declined by 3 percent to US$2.39 billion from US$2.46 billion, reflecting decreases across all non-traditional export sub-categories.

The stronger trade surplus provides support for Ghana’s external position, although the concentration of export earnings in gold, cocoa and crude oil leaves the country exposed to fluctuations in global commodity prices and supply disruptions.