Ghana trade surplus reaches 148 billion
Ghana’s trade surplus more than tripled in 2025, reaching GH¢148.3 billion, according to the Ghana Statistical Service’s latest annual trade report.
Gold drives record earnings
Export earnings surged as gold generated GH¢252.4 billion, representing nearly 63 percent of total exports. The mineral’s contribution pushed overall export value to GH¢401.5 billion, while imports rose more modestly to GH¢253.2 billion. The result was a nominal trade surplus of GH¢148.3 billion, up from GH¢44.7 billion in the prior year.
Other primary commodities added to the tally. Cocoa beans and cocoa products accounted for GH¢56.2 billion, and mineral fuels and oils contributed GH¢35.3 billion. Together, those three groups made up almost 86 percent of export revenue, showing Ghana’s reliance on a limited range of raw materials.
Monthly data show exports outpaced imports throughout 2025. December recorded the highest trade activity, with exports of GH¢46.0 billion and total trade volume of GH¢66.1 billion for the month.
Shifts in trade partners
Asia’s share of Ghana’s exports grew by 11.8 percentage points between 2024 and 2025, solidifying the continent’s role as the top market. In contrast, Europe’s share fell by 6.7 percentage points.
The report notes that Ghana exported to 163 countries while importing from 216, both figures exceeding the previous year.
China remained the largest source of imports, delivering goods worth GH¢57.6 billion. Mineral fuels and oils continued to dominate the import basket, representing 25.7 percent of total imports and increasing slightly to GH¢65.0 billion.
Within Africa, Ghana posted a GH¢34.7 billion surplus, exporting more than twice the value of its imports from the continent. South Africa stayed the leading African destination for Ghanaian goods, while Nigeria supplied the bulk of petroleum‑related imports.
Food trade also improved. Exports of food items rose by GH¢33.3 billion, with cocoa products making up 70.8 percent of that increase. Meanwhile, food imports fell by GH¢2.4 billion.
Despite the strong nominal surplus, the statistical agency reported a real trade deficit of GH¢3.4 billion after adjusting for inflation and global price changes. Higher international commodity prices, especially for gold, were cited as the primary factor behind the inflated earnings.
Future sustainability concerns arise from heavy dependence on gold and cocoa. If global metal prices dip, the external balance could tighten quickly, potentially pressuring foreign‑exchange reserves and fiscal revenue streams.
Nevertheless, the current surplus bolsters Ghana’s external position, providing a buffer for reserves and supporting broader economic recovery efforts. The data suggest that, for now, the mining sector’s performance is a key driver of fiscal stability.
