Ghana posted a strong trade performance in the fourth quarter of 2025, recording a trade surplus of GH¢47.2 billion, driven largely by robust export earnings despite a slight decline in gold’s share of total exports, according to provisional data released by the Ghana Statistical Service (GSS).
The country’s total external trade stood at GH¢170.1 billion during the quarter, comprising exports of GH₵108.6 billion and imports of GH₵61.4 billion. The surplus represents a sharp 169.7 percent increase over the GH¢17.5 billion surplus recorded in the third quarter of 2025.
In dollar terms, Ghana’s total trade amounted to US$15.1 billion, with exports valued at US$9.7 billion and imports at US$5.5 billion, resulting in a US$4.2 billion trade surplus.
Gold still leads, but share declines
Gold bullion remained Ghana’s top export, contributing GH¢72.7 billion, equivalent to 66.9 percent of total exports in Q4 2025. However, this marked a decline from 73.4 percent in Q3 2025, signaling a modest reduction in the country’s reliance on the precious metal.
Cocoa beans emerged as the second‑largest export with GH¢9.6 billion, followed by crude petroleum worth GH¢7.6 billion. Collectively, the top five export products accounted for 86 percent of total exports, underscoring continued concentration in a few primary commodities.
On the import side, mineral fuels and oils dominated, with motor spirit (super) accounting for GH¢6.4 billion, while gas oil contributed GH¢4.5 billion.
The top five import products made up nearly 28.1 percent of total imports, with vehicles and petroleum products remaining key import items.
Asia tightens grip on Ghana’s trade
Asia remained Ghana’s most important trading region in Q4 2025.
The continent absorbed 53.4 percent of Ghana’s exports, more than double Europe’s 24.9 percent share. Asia was also the main source of imports, accounting for 46.8 percent of all imported goods.
At the country level, India emerged as Ghana’s leading export destination, generating GH¢27.2 billion, followed closely by the United Arab Emirates (UAE) with GH₵24.8 billion. Together, the two markets accounted for nearly 48 percent of total export earnings.
Imports, however, were heavily concentrated in China, which supplied goods worth GH¢14.3 billion, representing 23.3 percent of Ghana’s total imports during the quarter. The United States, Netherlands, Belgium, and Nigeria followed as key import sources.
Ghana maintained a trade surplus with Africa for the fifth consecutive quarter, reflecting growing intra‑African trade, possibly linked to the African Continental Free Trade Area (AfCFTA). Exports to Africa rose steadily throughout 2025, peaking in Q4.
Exports to African countries were valued at GH¢18.9 billion, compared to GH₵9.5 billion in imports, with South Africa alone absorbing 63.8 percent of Ghana’s African exports.
Within the continent, gold remained dominant, accounting for 57.1 percent of exports, followed by crude petroleum and manufactured plastic products.
Imports from Africa were largely petroleum‑based, with crude petroleum, gas oil, and motor spirit accounting for more than half of imports from the continent, particularly from Nigeria and Morocco.
GSS data show that growth in export earnings during Q4 2025 was largely price‑driven rather than volume‑based.
The Export Unit Value Index (UVI) rose to 361.9, reflecting a 23.2 percent quarter‑on‑quarter increase and a 0.9 percent year‑on‑year rise. In contrast, the Import UVI fell by 24.9 percent year‑on‑year, indicating easing import prices.
Gold export prices rose sharply, increasing 31.6 percent quarter‑on‑quarter and 12.0 percent year‑on‑year, while export volumes remained relatively stable, reinforcing the view that higher prices — not higher output — drove export gains.
In real terms (adjusted for prices), Ghana recorded a trade deficit of GH¢1.7 billion in Q4 2025, highlighting the extent to which nominal surpluses were influenced by elevated export prices.
The GSS cautioned that Ghana’s strong trade performance masks structural vulnerabilities, including heavy dependence on gold, cocoa, and petroleum, as well as import concentration from a few countries, notably China.
The Service recommended:
- Diversifying exports and markets, especially through value‑added cocoa and mineral processing;
- Strengthening intra‑African trade under the AfCFTA by reducing logistics and customs bottlenecks;
- Investing in infrastructure and SME financing to support competitive manufacturing and exports.
While Ghana’s Q4 2025 trade surplus reflects improved external balances, the data underline the urgency of broad‑based export diversification to ensure long‑term resilience against commodity price shocks.
By: Christian Akorlie / businesspostonline
