Ghana records GH₵16.7bn trade surplus in Q3 2025 despite sharp decline

Ghana posted a trade surplus of GH₵16.7 billion in the third quarter of 2025, according to the latest Statistical Newsletter released by the Ghana Statistical Service, although the figure marks a sharp drop from the previous quarter.

The report shows that the total value of Ghana’s external trade reached GH₵145.0 billion during the period, with exports accounting for GH₵80.8 billion and imports standing at GH₵64.1 billion.

Despite remaining in surplus, the figure represents a significant decline from the GH₵29.5 billion recorded in the second quarter of 2025.

Gold continued to dominate Ghana’s export sector, contributing 73.4 percent of total exports. In value terms, gold bullion exports amounted to GH₵59.2 billion, far outpacing crude petroleum, which followed at GH₵5.9 billion.

The report highlighted Ghana’s heavy reliance on a narrow range of commodities, noting that the top five export products accounted for 85.3 percent of total exports.

On the import side, mineral fuels remained the largest component, with gas oil valued at GH₵8.1 billion and motor spirit at GH₵3.5 billion leading the list, underscoring the country’s continued dependence on fuel imports.

Asia maintained its position as Ghana’s primary trading partner, serving as the destination for 50.1 percent of exports and the source of 47.5 percent of imports. India and the United Arab Emirates emerged as the leading export destinations, jointly accounting for 44.8 percent of export earnings, while China remained the single largest source of imports, contributing 22.8 percent.

Ghana also sustained a positive trade balance with African countries, continuing a trend observed since the third quarter of 2024, with exports to the continent largely driven by gold and imports dominated by petroleum products.

However, the report cautioned that the apparent surplus masks underlying weaknesses when adjusted for inflation. In real terms, the trade balance showed a deficit, with exports valued at GH₵27.6 billion compared to imports of GH₵33.1 billion.

It explained that high inflation continues to erode purchasing power, obscuring structural challenges within the trade sector despite nominal gains.

Additionally, both export and import prices declined during the quarter, with export prices falling by 18.2 percent and import prices dropping by 7.0 percent.

The Service warned that Ghana’s dependence on a limited range of export commodities and trading partners exposes the economy to risks such as price volatility and supply disruptions.

It urged policymakers to prioritise diversification and value addition, while also strengthening intra African trade under the African Continental Free Trade Area, expanding export markets and investing in infrastructure to sustain long term trade growth.