Gold powers Ghana to record US$31.1 billion export boom in 2025

Ghana ended 2025 with a dramatic surge in export earnings, posting a record US$31.1 billion, a sharp rise from US$19.1 billion in 2024, according to the Bank of Ghana’s Summary of Economic and Financial Data released on January 27, 2026.

The strong performance was driven largely by gold, which firmly anchored the country’s external sector. Gold export earnings jumped to US$20.0 billion in 2025, almost double the US$10.3 billion recorded the previous year, making it the single biggest contributor to the expansion in merchandise exports.

Cocoa exports also staged a notable recovery, generating US$3.8 billion in receipts, compared with US$1.9 billion in 2024. This rebound has attracted attention, particularly against the backdrop of declining global cocoa prices during the period.

Oil exports, however, moved in the opposite direction. Earnings from crude oil fell to US$2.6 billion in 2025 from US$3.8 billion in 2024, reflecting weaker global oil prices. Other exports added a combined US$3.6 billion to total export receipts.

On the import side, Ghana’s total import bill rose to US$17.4 billion in 2025. Oil imports increased to US$5.1 billion from US$4.6 billion the previous year, while non oil imports climbed to US$12.3 billion, up from US$10.7 billion.

The wide gap between export growth and import expansion resulted in a significant improvement in the trade balance, which closed the year with a surplus of US$13.6 billion.

The strengthened trade position translated into stronger external buffers. Gross international reserves climbed to a record US$13.8 billion in 2025, enhancing the country’s ability to withstand external shocks.

The current account balance also recorded a sharp turnaround, ending December 2025 at more than US$9.0 billion, compared with US$1.5 billion or 1.8 percent of GDP in 2024.

The Bank of Ghana attributed this improvement mainly to the trade account surplus of US$13.7 billion, up from US$3.8 billion a year earlier, supported by a 62 percent increase in exports driven primarily by a 103 percent surge in gold export revenues.

The data further indicate that Ghana’s economy, in nominal terms, was valued at approximately US$1.4 trillion, highlighting the scale of the country’s expanding economic footprint.