Ghana’s increasing dependence on fuel imports is putting significant pressure on the country’s trade balance, with fuel and mineral products accounting for about 30% of total imports in the second quarter of 2026.
Data from the Ghana Statistical Service (GSS) Quarterly Trade Statistics shows that diesel, also known as gas oil, was Ghana’s largest individual import during the period, with imports valued at approximately GH¢12.2 billion.
Super petrol was also a major contributor to Ghana’s import bill, with imports estimated at GH¢8 billion during the quarter.
The rising cost of petroleum imports contributed to a sharp increase in Ghana’s overall import bill, which grew by 47.5% in the second quarter of 2026 compared with the first quarter.
According to the GSS, import prices increased by 22.7% during the period, while the price of imported fuel recorded a much steeper increase of 54.1%.
Ghana’s Trade Surplus Falls Sharply
The rising import costs have had a major impact on Ghana’s trade surplus.
The country’s trade surplus declined by 70.1%, falling from GH¢46.1 billion in the first quarter to GH¢13.8 billion in the second quarter of 2026.
The GSS has also warned that Ghana’s trade surplus continues to depend heavily on high export prices, particularly gold, rather than significant growth in export volumes.
This dependence leaves the Ghanaian economy vulnerable to fluctuations in global commodity prices and external economic shocks.
GSS Calls for Export Diversification
The Ghana Statistical Service is calling for stronger measures to diversify Ghana’s export base, increase local processing and value addition, and improve access to international markets.
The Service has also highlighted the importance of fully implementing the African Continental Free Trade Area (AfCFTA) to create greater opportunities for Ghanaian businesses and exporters.
Other recommendations include improving transport and border infrastructure and expanding access to financing for businesses involved in international trade.
According to the GSS, reducing Ghana’s reliance on a limited number of export commodities while increasing domestic production and processing will be crucial to building a stronger and more resilient trade sector.
A broader export base would also help Ghana reduce its exposure to global commodity price movements, strengthen the balance of trade, and support sustainable economic growth.
Source: newsthemegh.com