Non-Oil Imports Push Ghana’s Import Bill Higher
By Praisebell Rosemond Larbi
Ghana’s import bill rose sharply to US$17.5 billion in the fourth quarter of 2025, driven largely by a surge in non-oil imports, even as the country recorded a significantly wider trade surplus on the back of strong export performance.
Data from the Bank of Ghana’s Summary of Economic and Financial Data show that imports climbed from US$12.9 billion in the third quarter of 2025, reflecting sustained domestic demand and increased economic activity in the latter part of the year.
The rise was led by non-oil imports, which jumped to US$12.3 billion, up from US$9.1 billion in Q3. These imports included machinery, equipment, raw materials, intermediate goods, and consumer products, underscoring Ghana’s continued dependence on foreign inputs to support industrial production, construction activity, and household consumption.
Economists note that the strong growth in non-oil imports signals a recovery in private sector activity, particularly in manufacturing, services, and infrastructure-related sectors, as firms restocked inventories and expanded operations toward the end of the year.
Oil imports also increased, though at a more moderate pace, rising to US$5.1 billion from US$3.7 billion in the previous quarter. The increase reflects higher volumes of petroleum imports, as well as energy demand linked to transportation, power generation, and industrial use, despite relatively softer international crude oil prices.
While imports expanded significantly, exports grew at an even faster pace, reaching a record US$31.1 billion in Q4 2025. This strong export performance resulted in a trade surplus of US$13.7 billion, nearly double the US$7.7 billion surplus recorded in the third quarter.
The widening trade surplus highlights Ghana’s improving external position, supported largely by exceptional export earnings from gold, cocoa, and oil. Gold remained the dominant export, benefiting from higher global prices and increased production, while cocoa earnings rose sharply despite volatility in international commodity markets.
Over the course of 2025, Ghana’s import demand showed a steady upward trend. Imports rose from US$3.7 billion in the first quarter to about US$8.0 billion by mid-year, before accelerating in the second half of the year as macroeconomic conditions stabilised and business confidence improved.
Non-oil imports consistently accounted for more than two-thirds of total imports, reinforcing the structural challenge of import dependence in Ghana’s economy. Analysts argue that while these imports are critical for growth in the short to medium term, they also highlight the need for stronger domestic production, value addition, and import substitution to reduce external vulnerabilities.
Nonetheless, the ability of exports to outpace imports has helped cushion the impact of rising import bills, strengthen foreign exchange inflows, and support currency stability heading into 2026.
With global commodity prices, external demand, and domestic investment expected to remain key drivers, Ghana’s trade performance in late 2025 provides a solid foundation for external sector resilience, even as policymakers remain focused on balancing growth with long-term sustainability.
