Ghana’s increasing dependence on fuel imports is placing significant strain on the country’s trade balance. In the second quarter of 2026, fuel and mineral products represented approximately 30% of total imports. According to the Ghana Statistical Service (GSS) Quarterly Trade Statistics, diesel (gas oil) was the largest single import during this period, valued at GH¢12.2 billion, while super petrol imports totalled another GH¢8 billion. This trend contributed to a sharp rise in Ghana’s import bill, which increased by 47.5% in the second quarter compared to the first quarter.
Fuel costs drive imports
The Ghana Statistical Service (GSS) indicates that fuel imports are especially susceptible to fluctuations in international prices. During the quarter, overall import prices rose by 22.7%, while fuel import prices alone skyrocketed by 54.1%. These increased import costs significantly narrowed Ghana’s trade surplus, which decreased by 70.1%, falling from GH¢46.1 billion in the first quarter to GH¢13.8 billion in the second quarter.
Gold supports export earnings
The GSS is also warning that Ghana’s headline trade surplus remains largely driven by elevated export prices, particularly for gold, rather than sustained growth in export volumes across a broad range of products. This dependence leaves the country vulnerable to external price fluctuations and underscores the risks associated with its narrow export base.
To address these vulnerabilities, the Service is calling for greater diversification of Ghana’s exports, increased local processing and value addition, and improved access to international markets. It also recommends stronger implementation of the African Continental Free Trade Area (AfCFTA), investment in transport and border infrastructure, and improved access to financing for exporters.
According to the GSS, reducing reliance on a limited range of export commodities while strengthening domestic production and processing capacity will be essential to building a more resilient trade position and limiting Ghana’s exposure to volatility in global prices.
