Ghana’s trade surplus surges on gold exports
Ghana’s trade surplus more than tripled in 2025, reaching a record GH¢148.3 billion. Gold exports drove the surge, reshaping the country’s external balance.
Gold leads export boom, fuels record surplus
The West African nation’s trade surplus rose from GH¢44.7 billion in 2024. Total merchandise trade increased 20.1% to GH¢654.7 billion, according to the 2025 Annual International Merchandise Trade Statistics Report. Exports climbed to GH¢401.5 billion, while imports reached GH¢253.2 billion. Export growth outpaced imports throughout the year.
Gold generated GH¢252.4 billion, nearly 63% of total export revenue. Cocoa beans and products contributed GH¢56.2 billion, and mineral fuels and oils added GH¢35.3 billion. These three commodities made up 86% of export earnings, showing the country’s dependence on a few key products.
December marked the highest trade activity of the year. Exports hit GH¢46.0 billion, the strongest monthly performance in 2025. Exports exceeded imports in every month of 2025.
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Asia gains ground as Europe’s share shrinks
Asia became Ghana’s top export market, with its share rising by 11.8 percentage points between 2024 and 2025. Europe’s share fell by 6.7 percentage points during the same period.
Ghana expanded its trading reach, importing from 216 countries and exporting to 163, both increases from the previous year.
Mineral fuels and oils remained the largest import category, accounting for 25.7% of the total. Fuel imports rose slightly to GH¢65.0 billion. China stayed the dominant source, supplying goods worth GH¢57.6 billion.
Trade with other African nations also improved, posting a surplus of GH¢34.7 billion. Exports to the continent were more than double the value of imports. South Africa was the top African export destination, while Nigeria led as the largest source of imports, mainly due to petroleum products.
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Inflation adjustments reveal real trade deficit
After accounting for inflation, Ghana recorded a real trade deficit of GH¢3.4 billion. The statistical agency said higher global commodity prices, especially for gold, inflated export earnings without a matching increase in volume.
Food trade results varied. Food exports increased by GH¢33.3 billion, while food imports dropped by GH¢2.4 billion. Cocoa products led food exports, making up 70.8% of the total. Edible fruits and nuts followed at 12.3%.
The surplus comes as the country works toward economic recovery. The stronger external position should support reserves and fiscal revenues. However, the concentration of earnings in gold and cocoa leaves the economy vulnerable to global price swings.
Gold has driven sharp shifts in Ghana’s trade balance before. The current surplus is larger, as is the reliance on a single commodity.
