The country’s trade surplus surged to GH¢47.2billion in fourth quarter-2025, driven by strong export growth that outpaced imports, the latest data from Ghana Statistical Service (GSS) have shown.
Total trade reached GH¢170.1billion during the period, comprising exports of GH¢108.6billion and imports of GH¢61.4billion. This marks a sharp increase from the GH¢16.7billion surplus recorded in third quarter-2025.
In dollar terms total trade was valued at US$15.1billion, with exports accounting for US$9.7billion and imports US$5.5billion – resulting in a trade surplus of US$4.2billion.
Export products
Exports remained heavily concentrated in a few primary commodities led by gold, cocoa and crude petroleum. Gold continued to dominate, generating GH¢72.7billion and accounting for 66.9 percent of total exports… although its share declined from 73.4 percent in the previous quarter.
Cocoa beans ranked as the second-largest export at GH¢9.6billion, followed by crude petroleum at GH¢7.6billion.
“The cumulative exports for Q1 to Q4 2025 were largely driven by gold bullion, representing more than half (62.9%) of total exports over the period, followed by cocoa beans (GH¢34.4billion) and crude petroleum (GH¢33.2billion). Together, these three products accounted for more than three-quarters (79.8%) of total export earnings during the four quarters of 2025, indicating a high concentration of exports in a few primary commodities,” the report stated.
Import products
On the import side, the structure remained relatively diversified, though still dominated by mineral fuels and oils. The two leading products – motor spirit (super) and gas oil – together accounted for GH¢10.9billion of total imports.
Other imports included used vehicles and crude petroleum, reflecting continued demand for energy and transport-related products.
Cumulatively, for the Q1to Q4 2025 period gas oil was the leading import product, accounting for more than one-tenth (11.2%) of total imports.
Destination and origin
Asia remained Ghana’s leading trade partner, accounting for 53.4 percent of total exports and 46.8 percent of imports during the fourth quarter.
“Asia and Europe have consistently remained Ghana’s main export destinations, together accounting for more than three-quarters (78.3%) of total exports in Q4 2025,” the report stated.
At the country level, India and the United Arab Emirates were top export destinations with earnings of GH¢27.2billion and GH¢24.8billion respectively. Other key export markets included South Africa, Switzerland and the Netherlands.
China retained its position as Ghana’s largest source of imports, supplying GH¢14.3billion worth of goods and accounting for 23.3 percent of total imports. The United States, Netherlands, Belgium and Nigeria also featured among the leading import partners.
Full year
Over the full year, export performance remained largely driven by gold – which accounted for 62.9 percent of total export earnings. Cocoa beans and crude petroleum followed, with the three commodities together contributing nearly 80 percent of exports.
On the import side, gas oil remained the leading product over the period, accounting for 11.2 percent of total imports.
Trade with Africa
The report noted that: “Ghana’s trade with African countries has expanded steadily, possibly driven by regional integration initiatives such as the African Continental Free Trade Area (AfCFTA)”.
Trade with Africa remained favourable in the fourth quarter, with Ghana sustaining a surplus as exports to the continent reached GH¢18.9billion compared to imports of GH¢9.5billion.
Gold dominated exports to Africa, accounting for 57.1 percent followed by crude petroleum. Shipments remained highly concentrated, with South Africa emerging as the leading destination and accounting for 63.8 percent of exports to the continent.
Collectively, the top five export destinations – South Africa, Burkina Faso, Nigeria, Côte d’Ivoire and Togo – accounted for over 90 percent of exports to Africa.
On the import side, trade was largely driven by mineral fuels and oils, with crude petroleum, gas oil and motor spirit together accounting for more than half of total imports from the continent.
Nigeria remained the largest source of imports from Africa, contributing 33.6 percent, followed by Morocco and South Africa – with the top-five import origins accounting for over 80 percent of total imports.
Real and nominal
Despite the strong nominal performance, the data point to underlying structural pressures in the real trade position. In real terms, Ghana recorded a trade deficit with exports valued at GH¢30billion compared to imports of GH¢31.7billion.
This suggests that the nominal surplus was driven largely by price effects – particularly in gold – rather than a significant increase of export volumes.
Trends in gold exports indicate that growth in export earnings continues to reflect higher prices rather than expanded output, highlighting potential vulnerabilities in the external sector.
GSS noted that Ghana’s reliance on a narrow range of primary commodities exposes the economy to global price fluctuations and supply shocks, while dependence on a limited number of import partners presents additional risks.
SOURCE: BUSINESS & FINANCIAL TIMES
