Gold Bonanza Lifts Ghana to Record GH¢148bn Trade Surplus

Ghana posted its strongest merchandise trade performance in years in 2025, recording a GH¢148.3 billion (US$11.5 billion) trade surplus as surging gold exports drove outbound shipments to record levels and reinforced the country’s external position despite persistent reliance on commodity exports.

The 2025 Annual International Merchandise Trade Statistics Report released by the Ghana Statistical Service (GSS) showed that Ghana’s total merchandise trade reached GH¢654.7 billion (US$52.5 billion) during the year. Exports rose to GH¢401.5 billion (US$32.0 billion), comfortably exceeding imports of GH¢253.2 billion (US$20.5 billion) and delivering a trade surplus more than three times larger than that recorded in 2024.

The performance was overwhelmingly powered by gold, which generated GH¢252.4 billion in export earnings—nearly 63 per cent of Ghana’s total exports. Together with cocoa products and mineral fuels, the three commodities accounted for 85.9 per cent of export receipts, underscoring the continued dominance of primary commodities in the country’s external trade.

While the figures reflect robust foreign exchange generation, they also highlight Ghana’s limited progress in diversifying its export basket, leaving trade earnings closely tied to movements in global commodity markets.

The report also revealed that Ghana expanded its commercial footprint during the year, importing goods from 216 countries, up from 211 in 2024, while exporting to 163 countries, compared with 155 a year earlier. Asia remained the country’s largest trading region, reflecting deepening economic ties with fast-growing Asian markets.

Trade with African economies continued to strengthen under regional integration initiatives. Ghana recorded a GH¢34.7 billion trade surplus with the continent as exports to African markets exceeded imports by more than twofold, reinforcing the country’s position as one of Africa’s leading net exporters.

Agricultural exports also gained momentum, with higher shipments of cocoa products, cashew nuts, tuna and shea products contributing to export growth. At the same time, food imports edged lower, suggesting modest improvements in domestic agricultural production and agro-processing capacity.

On the import side, China retained its position as Ghana’s largest source of imported goods, with imports exceeding GH¢57 billion. Petroleum products remained a significant burden on the import bill, as diesel and petrol imports surpassed GH¢51 billion, highlighting the country’s continued dependence on imported refined fuel despite ongoing efforts to strengthen local refining capacity.

Government Statistician Dr. Alhassan Iddrisu said the results demonstrate Ghana’s growing integration into global trade and its improving export competitiveness, particularly within African markets.

The record trade surplus strengthens Ghana’s balance of payments and supports macroeconomic stability. However, economists argue that sustaining the gains will require greater investment in manufacturing, industrialisation and value-added exports to reduce the economy’s heavy dependence on gold and other primary commodities.