Ghana's trade balance with other African countries recorded a significant GHS 4.4 billion deficit in the second quarter of 2026. This sharp reversal from a GHS 12.3 billion surplus in the first quarter was largely due to a massive GHS 10 billion import of pump parts from South Africa.
The Ghana Statistical Service (GSS) reported that Ghana imported GHS 23.6 billion worth of goods from African countries between April and June 2026. Exports to the continent stood at GHS 19.2 billion during the same period. The GHS 10 billion pump parts import from South Africa alone constituted 42.5% of Ghana's total imports from Africa. This single product import heavily influenced the overall trade figures for the quarter.
This shift highlights Ghana's reliance on specific industrial imports, even as it seeks to boost intra-African trade. The country's economic growth and industrialisation efforts often require machinery and equipment. Such large, concentrated imports can significantly impact the national trade balance, affecting the Ghana cedi's stability and foreign exchange reserves. This situation contrasts with the first quarter's healthy surplus, underscoring the volatility trade balances can experience.
According to the GSS trade statistics, South Africa became Ghana's largest African source of imports, supplying GHS 11.8 billion, or 50% of total African imports. The data further indicated that 92.3% of Ghana's imports from South Africa were machinery and electrical equipment. Pump parts formed the largest share within this category, demonstrating a concentrated import pattern from the region.
The GHS 10 billion pump parts import had a substantial effect on Ghana's regional trade balance. Without this specific import, Ghana's imports from Africa would have been approximately GHS 13.6 billion. This would have resulted in an estimated GHS 5.6 billion trade surplus for the quarter, based on the reported export value. This hypothetical scenario illustrates the profound impact of a single large transaction on national trade figures.
Other significant imports from Africa included petroleum products. Crude petroleum accounted for 17.4% of imports, super petrol 8.3%, gas oil 7.0%, and jet fuel 3.8%. These five products, including pump parts, collectively made up about 79% of Ghana's imports from Africa during the second quarter. This concentration suggests a narrow import base for critical goods.
Ghana's exports to Africa were primarily led by gold bullion, which represented 56.4% of all exports to the continent. The value of gold exports reached approximately GHS 10.8 billion. South Africa was also Ghana's largest export destination in Africa, receiving GHS 10.8 billion worth of Ghanaian goods. The trade composition between the two nations was distinct, with gold making up 99.8% of Ghana's exports to South Africa, while machinery and electrical equipment dominated imports.
The second-quarter figures underscore South Africa's growing importance in Ghana's African trade relations. South Africa serves as a major market for Ghanaian gold and a key supplier of industrial machinery. This bilateral trade dynamic shapes Ghana's overall trade performance within the African continent. Policymakers will monitor these trends to ensure sustainable trade balances and support local industrial development.