Ghana’s merchandise trade hits US$52.5bn as gold drives record surplus – GSS
Ghana’s merchandise trade has expanded nearly ninefold over the past two decades, increasing from US$6 billion in 2004 to US$52.5 billion in 2025, according to the latest report by the Ghana Statistical Service (GSS).
The country recorded a record merchandise trade surplus of GH¢148.3 billion, equivalent to US$11.5 billion, in 2025. The figure represents more than three times the GH¢44.7 billion surplus recorded in 2024.
Government Statistician Dr Alhassan Iddrisu disclosed the figures while presenting a report titled Ghana’s Merchandise Trade Statistics, 2004-2025: Two Decades in Review.
He said the data reflected a significant transformation in Ghana’s trade structure over the 21-year period.
“Exports accounted for 32.1 per cent of total trade in 2004, compared with 67.9 per cent for imports. By 2025, exports accounted for 61.3 per cent and imports 38.7 per cent,” Dr Iddrisu said.
Gold dominates exports
Gold has strengthened its position as Ghana’s leading export commodity, with its share of total exports rising from 38.5 per cent in 2004 to 63.1 per cent in 2025.
Gold export earnings alone reached US$20.2 billion in 2025, surpassing the combined value of cocoa and oil exports.
Cocoa beans and cocoa products, which represented 29.3 per cent of Ghana’s exports in 2004, accounted for 14 per cent in 2025, while mineral fuels and oils contributed 8.8 per cent.
The report also highlighted growth in non-traditional exports. Cocoa products increased their share within non-traditional exports from 9.8 per cent to 27 per cent, while edible fruits and nuts rose from 6.1 per cent to 12.1 per cent.
Asia overtakes Europe as major trading partner
Ghana’s trade relationships have also undergone a major shift, with Asia overtaking Europe as the country’s largest export destination.
Asia accounted for 50.1 per cent of Ghana’s exports in 2025, up sharply from 7.9 per cent in 2004. Europe’s share, meanwhile, declined from 51.2 per cent to 26.8 per cent over the same period.
A similar trend was recorded on the import side, with Asia’s share increasing from 26.9 per cent in 2004 to 48.4 per cent in 2025.
China remained Ghana’s largest source of imports.
Trade activity reaches record levels
In cedi terms, Ghana’s total merchandise trade increased from GH¢5.4 billion in 2004 to GH¢654.7 billion in 2025.
The country exported to 163 countries and imported goods from 216 countries during the year.
Trade within Africa also strengthened, with Ghana recording a merchandise trade surplus of GH¢34.7 billion with other African countries.
Growing dependence on gold raises concerns
Despite the strong growth in trade, the report cautioned that Ghana’s increasing dependence on gold exports presents a potential risk to the economy.
The GSS warned that a significant decline in international gold prices could sharply reduce export earnings and have broader implications for economic performance.
On the import side, fuel products accounted for 26 per cent of Ghana’s total imports, highlighting the structural challenge of exporting crude oil while simultaneously importing refined petroleum products.
The report therefore recommended greater domestic value addition in gold and cocoa processing, diversification of non-traditional exports and increased support for small and medium-sized enterprises to access international markets.
“Good data tells us where we stand and where we must go,” Dr Iddrisu said.
“Leaning heavily on a few raw commodities leaves us exposed when global prices swing. The lesson is clear: we must add value at home, widen our export base, and produce more of what we currently import,” he added.