Gold Keeps Ghana Ahead as African Imports Outpace Export Growth

Ghana deepened its trade surplus with African partners in 2025 as exports to the continent continued to exceed imports, although faster growth in regional imports underscored the country’s rising dependence on African suppliers and the need to broaden its export base beyond gold.

Data from the Ghana Statistical Service’s 2025 Annual International Merchandise Trade Statistics Report showed Ghana’s trade surplus with Africa widened to GH¢34.7 billion, as total bilateral trade climbed 21.9% to GH¢105.9 billion. Exports to African markets rose 18.2% to GH¢70.3 billion, while imports increased at a much faster pace of 29.9% to GH¢35.6 billion.

The figures reinforce Africa’s growing importance as a destination for Ghanaian exports and strengthen the economic case for the African Continental Free Trade Area (AfCFTA). However, the faster expansion in imports narrowed Ghana’s export-to-import ratio, signalling that demand for goods produced elsewhere on the continent is rising more quickly than Ghana’s regional export growth.

South Africa remained Ghana’s largest African export market, absorbing 58.7% of shipments, with gold accounting for 95.5% of exports to the country. Burkina Faso followed as the second-largest destination, ahead of Togo and Côte d’Ivoire, with the four markets collectively accounting for more than 86% of Ghana’s exports to Africa.

On the import side, Nigeria retained its position as Ghana’s largest African supplier, contributing nearly one-third of regional imports. Mineral fuels and petroleum products represented more than 81% of imports from Nigeria, highlighting Ghana’s continued reliance on regional energy supplies and exposing its import bill to fluctuations in oil prices.

While Ghana exported to 51 African countries, imports originated from 54, suggesting regional sourcing is becoming increasingly diversified even as export destinations remain concentrated.

The data point to a structural imbalance within Ghana’s African trade. Although the country continues to generate substantial foreign-exchange earnings from regional commerce, the surplus is driven overwhelmingly by gold exports, limiting the broader industrial and employment gains that deeper continental integration could deliver.

For AfCFTA to become a catalyst for long-term economic transformation, Ghana will need to diversify its export basket toward manufactured goods, processed foods, pharmaceuticals and other higher value-added products, while strengthening regional supply chains that reduce dependence on commodity exports alone.