Ghana’s external sector delivered a standout performance at the close of 2025, with the country recording a historic Ghana trade surplus of $4.2 billion in the fourth quarter, according to new data from the Ghana Statistical Service.
The figure marks a sharp rise from the $1.5 billion surplus recorded in the third quarter, reflecting a strong rebound in export activity and a widening gap between exports and imports.
The surge in the trade balance was largely driven by robust export earnings. Combined exports for the third and fourth quarters reached $17.5 billion, significantly outpacing imports, which stood at $11.3 billion over the same period.
This performance underscores Ghana’s improving ability to generate foreign exchange through trade, strengthening its external position and supporting broader macroeconomic stability.
Gold Dominates Export Earnings
Gold remained the backbone of Ghana’s export sector, accounting for more than 70 percent of total exports in the second half of 2025. In the fourth quarter alone, gold bullion exports were valued at GH₵72.7 billion, far exceeding other commodities.
The dominance of gold becomes even more apparent when compared to cocoa beans, the second-largest export, which recorded GH₵9.6 billion during the same period.
Overall, the top five export products contributed 86 percent of total exports, highlighting Ghana’s reliance on a narrow commodity base.
Cocoa and Oil Support Export Base
Beyond gold, cocoa and crude petroleum continued to play significant roles in export performance. Over the full year, gold accounted for 62.9 percent of exports, followed by cocoa at GH₵34.4 billion and crude oil at GH₵33.2 billion.
Together, these commodities generated nearly 80 percent of export earnings, reinforcing concerns about exposure to global price volatility and the need for diversification.
On the import side, mineral fuels and oils dominated the country’s import bill. In the fourth quarter, the top two imported products within this category totaled GH₵10.9 billion, with petrol alone accounting for GH₵6.4 billion.
For the year, gas oil emerged as the leading import product, reflecting Ghana’s continued dependence on imported energy to support domestic consumption and industrial activity.
Geographically, Asia solidified its position as Ghana’s leading trade partner, accounting for 53.4 percent of exports and 46.8 percent of imports in the fourth quarter.
This growing relationship highlights shifting global trade patterns and underscores the importance of Asian markets in sustaining demand for Ghana’s key commodities.
Outlook and Economic Implications
The record trade surplus is expected to bolster Ghana’s foreign reserves, which stood at $13.8 billion at the end of 2025, while also supporting currency stability and reducing external vulnerabilities.
However, sustaining this momentum will depend on efforts to diversify exports, expand value-added production, and reduce reliance on commodity-driven growth.
The strong fourth-quarter performance signals resilience in Ghana’s trade sector, but also presents a critical opportunity to build a more balanced and sustainable economic future.
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