Ghana records GH¢148.3billion trade surplus in 2025 as gold exports surge – GSS report
Ghana's international trade performance strengthened considerably in 2025, with the country posting a trade surplus of GH¢148.3 billion—more than three times the GH¢44.7 billion surplus recorded in 2024, according to the 2025 Annual International Merchandise Trade Statistics Report released by the Ghana Statistical Service (GSS).
The report shows that the country's total merchandise trade rose by 20.1 per cent, increasing from GH¢545.1 billion in 2024 to GH¢654.7 billion in 2025. Exports accounted for GH¢401.5 billion, while imports totalled GH¢253.2 billion.
Gold continued to dominate Ghana's export sector, generating GH¢252.4 billion and contributing nearly 63 per cent of total export earnings. Cocoa beans and cocoa products earned GH¢56.2 billion, while mineral fuels and oils contributed GH¢35.3 billion.
Together, these three export categories accounted for almost 86 per cent of total exports, underscoring Ghana's continued reliance on a limited number of primary commodities for foreign exchange earnings.
The report also indicated that exports exceeded imports in every month of 2025. December recorded the highest level of trade activity during the year, with total trade reaching GH¢66.1 billion. Exports for the month stood at GH¢46.0 billion, the highest monthly export value recorded in 2025.
Asia remained Ghana's largest trading partner, with the continent's share of Ghana's exports increasing by 11.8 percentage points between 2024 and 2025. In contrast, Europe's share of Ghana's exports declined by 6.7 percentage points over the same period.
Ghana also broadened its global trade network during the year, importing goods from 216 countries and exporting to 163 countries, both representing increases compared with 2024.
On the import side, mineral fuels and oils remained the country's largest import category, accounting for 25.7 per cent of total imports in both 2024 and 2025. Although the value of fuel imports rose slightly from GH¢64.3 billion to GH¢65.0 billion, their overall share of imports remained unchanged.
China retained its position as Ghana's largest source of imports, with goods valued at GH¢57.6 billion imported from the country in 2025, compared with GH¢56.8 billion the previous year.
Despite the strong nominal trade performance, the report noted that Ghana recorded a real trade deficit of GH¢3.4 billion after adjusting for inflation and changes in global prices. According to the GSS, this suggests that the country's impressive export growth was driven largely by favourable international commodity prices, particularly the surge in gold prices.
Trade with African countries also recorded significant growth during the year. Ghana posted a trade surplus of GH¢34.7 billion with the continent, exporting more than twice the value of goods it imported from other African nations.
Within Africa, South Africa remained Ghana's leading export destination, while Nigeria continued to be the country's largest source of imports, mainly petroleum products.
The report further highlighted positive developments in Ghana's food trade. Food exports increased by GH¢33.3 billion between 2024 and 2025, while food imports declined by GH¢2.4 billion.