Ghana’s Export Earnings Hit Record US$31.1bn in 2025
By Praisebell Rosemond Larbi
Ghana closed 2025 with a record total export earnings of US$31.1 billion, a sharp increase from US$19.1 billion recorded in 2024, underscoring the country’s improving external position and strengthening trade performance.
The figures are contained in the Summary of Economic and Financial Data released by the Bank of Ghana (BoG) on January 27, 2026.
According to the data, gold exports dominated Ghana’s export basket, generating US$20.0 billion in earnings in 2025, almost double the US$10.3 billion recorded in the previous year. The surge in gold receipts reflects both favourable global prices for much of the year and increased export volumes, positioning the mineral as the single most important driver of Ghana’s external gains.
Cocoa exports also recorded a strong performance, earning US$3.8 billion in 2025, up from US$1.9 billion in 2024. Industry analysts describe the growth as notable, particularly against the backdrop of volatility and price pressures in the global cocoa market, suggesting improvements in pricing, export value and sector reforms.
In contrast, oil export earnings declined, falling from US$3.8 billion in 2024 to US$2.6 billion in 2025, largely reflecting softer crude oil prices on the international market during the period.
Earnings from other exports, including non-traditional products, stood at US$3.6 billion, reinforcing the contribution of diversified export streams to overall performance.
Imports and Trade Balance
On the import side, Ghana’s total import expenditure rose to US$17.4 billion in 2025. Oil imports increased to US$5.1 billion, up from US$4.6 billion the previous year, while non-oil imports expanded to US$12.3 billion, compared with US$10.7 billion in 2024.
Despite the increase in imports, the strong export performance resulted in a record trade surplus of US$13.6 billion, marking a significant improvement in Ghana’s trade balance.
Reserves and External Accounts
The BoG data further showed that gross international reserves rose to a historic US$13.8 billion in 2025, providing strong external buffers.
The current account balance also improved markedly, closing December 2025 at over US$9.0 billion, compared to US$1.5 billion (1.8% of GDP) a year earlier. This was largely driven by a robust trade account surplus of US$13.7 billion, up from US$3.8 billion in 2024.
The central bank attributed the gains mainly to a 62 percent surge in exports, underpinned by a 103 percent spike in gold export revenues.
The data places the total value of Ghana’s economy at approximately US$1.4 trillion, reflecting both nominal growth and improved external sector dynamics.
