Ghana strengthened its position as one of Africa's net exporting economies in 2025, recording a trade surplus of GH¢34.70 billion as exports to the continent continued to outpace imports despite stronger growth in inbound trade.
Fresh figures released by the Ghana Statistical Service in its 2025 Annual International Merchandise Trade Statistics Report show that exports to African markets increased to GH¢70.30 billion, up from GH¢59.50 billion in 2024. Imports from the continent also climbed sharply, reaching GH¢35.60 billion, compared with GH¢27.40 billion a year earlier.
The combined movement lifted Ghana's total merchandise trade with Africa to GH¢105.90 billion, representing a 21.86 percent increase over the previous year.
Exports remain ahead despite faster import growth
The numbers tell two stories at once. Ghana continues to sell far more goods across the continent than it buys, yet imports are beginning to grow at a quicker pace.
While exports expanded by 18.15 percent, imports surged by 29.93 percent, narrowing the export-to-import ratio from 2.17 in 2024 to 1.97 in 2025.
Even so, the country's trade surplus widened from GH¢32.10 billion to GH¢34.70 billion, underlining Africa's growing importance as a destination for Ghanaian products and reinforcing the economic promise of the African Continental Free Trade Area.
South Africa dominates Ghana's export market
South Africa remained Ghana's biggest export destination on the continent by a considerable margin.
The country absorbed 58.70 percent of Ghana's exports to Africa, receiving goods worth roughly GH¢41.30 billion. Gold overwhelmingly drove that trade, accounting for 95.50 percent of shipments to the southern African economy.
Burkina Faso ranked second, taking 16.80 percent of exports valued at approximately GH¢11.80 billion. Unlike South Africa, exports to Burkina Faso were more diversified, although gold still represented 47 percent of the total.
Togo and Côte d'Ivoire followed with export values of about GH¢3.80 billion and GH¢3.70 billion respectively. Together, the four countries accounted for 86.20 percent of Ghana's exports to Africa, highlighting a concentration of trade in a handful of markets.
Nigeria leads imports into Ghana
On the import side, Nigeria retained its position as Ghana's largest African supplier, accounting for 31.90 percent of imports from the continent.
Goods imported from Nigeria reached GH¢11.40 billion, with mineral fuels and oils making up 81.10 percent of that figure. The data points to Ghana's continued dependence on regional petroleum supplies and its exposure to fluctuations in energy markets.
South Africa supplied goods worth GH¢4.10 billion, while imports from Morocco totalled GH¢3.00 billion. Togo and Côte d'Ivoire contributed GH¢2.80 billion and GH¢2.10 billion respectively.
The report also showed Ghana imported products from 54 African countries, up from 51 the previous year. Exports, meanwhile, reached 51 countries, one fewer than in 2024.
AfCFTA opportunity extends beyond gold
The latest trade figures reinforce the role African markets are beginning to play in Ghana's external sector. Yet they also expose a familiar weakness.
Much of Ghana's export earnings continue to depend on gold and a relatively small number of destinations. That concentration leaves limited room for broader industrial expansion.
As implementation of the African Continental Free Trade Area gathers pace, economists argue that sustaining long-term gains will require stronger exports of manufactured goods, processed foods, pharmaceuticals and other value-added products.
For now, the numbers remain encouraging. A GH¢34.70 billion trade surplus confirms that regional commerce is becoming an increasingly valuable source of foreign exchange.
The next step will be ensuring those gains translate into diversified production, stronger regional supply chains and more jobs within Ghana.
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