Ghana Statistical Service report as soaring fuel imports crush trade balance

Ghana’s growing reliance on imported fuel and surging global commodity prices have placed severe pressure on the nation’s trade balance, according to new data from the Ghana Statistical Service (GSS).

The GSS Quarterly Trade Statistics report reveals that fuel and mineral products accounted for approximately 30 percent of total national imports in the second quarter of 2026.

Gas oil, commonly known as diesel, emerged as the country’s single largest import expenditure, reaching a valuation of GH¢12.2 billion, while super petrol imports added another GH¢8 billion to the bill.

Driven heavily by energy demands, Ghana’s overall import bill jumped by a massive 47.5 percent in the second quarter compared to the previous quarter.

The statistical service noted that fuel imports faced extreme price volatility, with general import prices rising by 22.7 percent and fuel import prices alone surging by 54.1 percent.

These escalating costs severely eroded national trade earnings, causing Ghana’s trade surplus to collapse by 70.1 percent—falling from GH¢46.1 billion in the first quarter to GH¢13.8 billion in the second quarter.

The GSS warned that the country's remaining trade surplus relies heavily on elevated global market prices for gold exports rather than substantial increases in export volumes.

Statisticians cautioned that this reliance leaves the national economy highly exposed to external commodity price shocks and highlights structural vulnerabilities in Ghana's export architecture.

To mitigate future risks, the GSS urged government authorities to accelerate export diversification, promote local value addition, and expand domestic refining capacity.

The service also recommended leveraging the African Continental Free Trade Area (AfCFTA), enhancing border and transport logistics, and expanding credit access for local exporters to build long-term economic resilience.