Fuel imports put pressure on Ghana’s trade balance

Story by: Regina Bless

Ghana’s growing dependence on fuel imports is putting increasing pressure on the country’s trade position, with fuel and mineral products accounting for about 30% of total imports in the second quarter of 2026.

Data from the Ghana Statistical Service’s Quarterly Trade Statistics show that diesel, or gas oil, was Ghana’s largest single import, valued at about GH¢12.2 billion. Super petrol imports accounted for a further GH¢8 billion.

The surge in fuel imports contributed to a sharp rise in Ghana’s overall import bill, which increased by 47.5% in the second quarter compared with the first quarter.

Rising Fuel Prices Drive Import Costs

The Ghana Statistical Service noted that fuel imports remain highly exposed to changes in international prices.

Overall import prices increased by 22.7% during the quarter, while fuel import prices surged by 54.1%.

The higher import costs significantly reduced Ghana’s trade surplus, which fell by 70.1%, from GH¢46.1 billion in the first quarter to GH¢13.8 billion in the second quarter.

Gold Continues to Support Exports

Despite the sharp decline in the trade surplus, Ghana continues to record a positive trade balance, largely supported by strong export earnings from gold.

However, the Ghana Statistical Service cautioned that the headline surplus is heavily influenced by high commodity prices, particularly gold, rather than broad-based increases in export volumes.

This exposes the economy to external price shocks and highlights the risks associated with Ghana’s relatively narrow export base.

Call for Export Diversification

The Statistical Service is calling for stronger measures to diversify Ghana’s exports, increase local processing and value addition, and expand access to international markets.

It also recommends deeper implementation of the African Continental Free Trade Area (AfCFTA), improvements in transport and border infrastructure, and better access to financing for exporters.

Reducing reliance on a limited range of exports while strengthening domestic production and processing, the GSS says, will be essential to building a more resilient trade position and reducing Ghana’s vulnerability to fluctuations in global commodity and energy prices.