Ghana Records $11.5bn Trade Surplus in 2025

By Maame Efua Kwaduah

Ghana recorded a historic merchandise trade surplus of $11.5 billion in 2025, equivalent to GH¢148.3 billion, as exports surged significantly and gold strengthened its position as the country’s dominant export commodity.

The development was highlighted by the Government Statistician, Dr Alhassan Iddrisu, during the presentation of the Ghana Merchandise Trade, 2004–2025 report, which showed a major expansion in Ghana’s international trade over the past two decades.

According to the report, Ghana’s exports increased from $1.9 billion in 2004 to $32 billion in 2025, representing a substantial increase in the country’s earnings from goods sold on the international market.

Imports also grew during the period, rising from $4.1 billion in 2004 to $20.5 billion in 2025.

Dr Iddrisu noted that for most of the period between 2004 and 2025, Ghana imported more goods than it exported, resulting in persistent trade deficits.

However, 2025 marked a significant departure from that trend, with the country recording its largest trade surplus in recorded history.

“In 2025, Ghana actually recorded a surplus of $11.5 billion, or in cedi terms, GH¢148.3 billion. This is the largest in our recorded history,” he said.

The report further showed that exports accounted for 61% of Ghana’s total merchandise trade in 2025, highlighting the growing contribution of exports to the country’s external trade position.

Dr Iddrisu explained that the trade surplus has implications beyond trade statistics, particularly for Ghana’s foreign exchange position and economic stability

He noted that a strong trade surplus brings foreign currency into the country, helping to strengthen international reserves.

According to him, stronger reserves can contribute to greater stability of the Ghana cedi, which in turn can help reduce sharp fluctuations in the prices of essential commodities such as fuel, rice and medicines.

However, he cautioned that the impressive trade performance should be assessed carefully because a significant portion of the surplus was driven by high international gold prices.

While Ghana also recorded an increase in gold export volumes, particularly in 2025, Dr Iddrisu stressed that the country does not determine the international price of gold and therefore remains exposed to fluctuations in global commodity markets.

Gold continued to dominate Ghana’s export earnings, accounting for 63% of total exports in 2025.

The country earned approximately $20.2 billion from gold exports alone, making the precious metal the single largest contributor to Ghana’s export revenue.

Dr Iddrisu noted that gold has generated more export revenue than cocoa and crude oil combined for roughly the past decade.

The $20.2 billion earned from gold in 2025 was also nearly 5 times Ghana’s record cocoa export earnings of $4.2 billion.

It was also roughly equivalent to the country’s entire import bill for the year, which stood at $20.5 billion.

This means that earnings from one commodity, gold, were almost enough to finance all the goods Ghana imported from the rest of the world during the year.

The increasing dominance of gold, however, presents both an opportunity and a vulnerability for the Ghanaian economy.

Dr Iddrisu explained that gold accounted for 39% of Ghana’s exports in 2004, but its share has increased significantly in recent years.

The commodity accounted for 45% of exports in 2023, increased to 55% in 2024, and reached 63% in 2025.

The sharp rise demonstrates the growing importance of gold to Ghana’s external trade position but also highlights the country’s continued dependence on a single commodity

Dr Iddrisu therefore cautioned against viewing the record surplus solely as an indication of a fundamentally diversified export economy.

He stressed the need for Ghana to focus on selling more and processing more, particularly by moving beyond the export of raw commodities.

“Selling more and selling it processed is what gives us a new economy,” Dr Iddrisu said.

The 2025 trade performance therefore presents Ghana with both significant opportunities and challenges.

While the record surplus has strengthened the country’s external position and provided much-needed foreign exchange, the heavy reliance on gold means future trade performance could remain vulnerable to changes in global commodity prices.

The figures also reinforce the importance of diversifying Ghana’s export base and increasing value addition to commodities before they are exported.

The report suggests that sustained export growth, greater processing and diversification will be critical if Ghana is to build on the gains recorded in 2025 and develop a more resilient and balanced trade structure.