Ghana’s merchandise trade surplus more than tripled in 2025, reaching GH¢148.3 billion (US$11.5 billion) on the back of strong gold, cocoa and petroleum exports, according to the 2025 Annual International Merchandise Trade Statistics Report released by the Ghana Statistical Service (GSS).
The report shows total international merchandise trade reached GH¢654.7 billion (US$52.5 billion) during the year, with exports amounting to GH¢401.5 billion (US$32.0 billion) and imports standing at GH¢253.2 billion (US$20.5 billion).
Presenting the findings, Government Statistician Dr. Alhassan Iddrisu described the performance as a significant improvement over 2024, when Ghana recorded a trade surplus of GH¢44.7 billion.
“Exports exceeded imports in every single month of 2025,” Dr. Iddrisu said. “December recorded the highest trade activity of the year, with exports reaching GH¢46 billion and a monthly trade surplus of GH¢25.8 billion.”
The report, compiled from customs data generated through the Integrated Customs Management System operated by the Customs Division of the Ghana Revenue Authority, measures the movement of goods between Ghana and the rest of the world in accordance with United Nations international trade statistical standards.
Under the reporting framework, exports are valued using the Free-on-Board (FOB) method, which measures the value of goods at the point they leave Ghana, while imports are recorded using the Cost, Insurance and Freight (CIF) approach that includes transportation and insurance costs up to Ghana.
The data reaffirmed Ghana’s heavy dependence on a few key export commodities, with gold, cocoa and petroleum accounting for nearly 86 percent of total exports.
Gold remained by far the country’s most important export, generating GH¢252.4 billion and accounting for nearly 63 percent of export earnings.
Cocoa beans and cocoa products contributed GH¢56.2 billion, while crude petroleum exports generated GH¢35.3 billion.
The Government Statistician noted that the figures underscore both the strength and vulnerability of Ghana’s export structure.
“While export earnings remain strong, Ghana’s exports are still highly concentrated in a few commodities,” he observed.
Economists say the concentration leaves the country exposed to fluctuations in global commodity prices despite the recent gains in export revenues.
Ghana expanded its global trade reach during the year, importing goods from 216 countries, compared to 211 in 2024, while exports reached 163 countries, up from 155 destinations a year earlier.
Asia retained its position as Ghana’s largest trading region, reflecting sustained demand for Ghanaian commodities and continued imports of machinery, manufactured goods and industrial inputs from the continent.
The United Arab Emirates, India, Switzerland, South Africa and China emerged as Ghana’s leading export destinations in 2025. On the import side, China remained Ghana’s largest source of imports, supplying machinery, vehicles, plastics, chemicals, iron and steel products.
Imports from China exceeded GH¢57 billion, reinforcing the Asian giant’s dominant role in Ghana’s supply chain and manufacturing ecosystem. Despite the strong export performance, the report highlights Ghana’s continued dependence on imported petroleum products.
Diesel remained the single largest import item, valued at GH¢28.4 billion, while petrol imports reached GH¢23.2 billion. Combined, the two fuel products accounted for more than GH¢51 billion in imports. Other major imports included vehicles, industrial machinery, cement clinker, rice and a range of food products.
The findings suggest energy imports continue to exert considerable influence on Ghana’s import bill and overall trade structure. One of the standout findings in the report was Ghana’s growing trade strength within Africa.
The country recorded a trade surplus of GH¢34.7 billion with African countries in 2025, reinforcing its position as a net exporter on the continent. Ghana exported to 51 African countries and imported from 55 countries across the continent during the year. South Africa remained Ghana’s largest export destination within Africa, while Nigeria continued to be a key source of imports, particularly petroleum products.
Trade with neighbouring countries also remained robust.
According to the report, Ghana exported significantly more to Burkina Faso, Togo and Côte d’Ivoire than it imported from them.
Exports to Burkina Faso alone exceeded GH¢11.8 billion, driven largely by plastics, iron and steel products as well as other manufactured goods. Dr. Iddrisu said the results demonstrate the growing importance of regional markets and highlight opportunities created through the African Continental Free Trade Area (AfCFTA).
The report also points to encouraging developments in the food sector.
Food exports increased by more than GH¢33 billion in 2025, supported by strong performance in cocoa products, cashew nuts, tuna and shea-based products.
At the same time, food imports declined slightly during the year. According to the Ghana Statistical Service, the trend may indicate gradual improvements in domestic production and progress towards greater food self-sufficiency. The increase in processed and value-added agricultural exports is also seen as a positive signal for industrialisation and agro-processing.
While Ghana’s nominal trade figures showed an impressive surplus, the report cautioned that rising global commodity prices played a significant role in the outcome. After adjusting for inflation and price changes, Ghana recorded a real trade deficit of GH¢3.4 billion in 2025.
This was, however, an improvement on the GH¢4.7 billion real trade deficit recorded in 2024. Dr. Iddrisu explained that nominal trade measures current market values, while real trade removes the impact of price changes to reflect actual trade volumes.
The findings suggest that elevated gold prices were a key factor behind the surge in export earnings and the record nominal trade surplus. According to the Government Statistician, the principal drivers of Ghana’s trade performance in 2025 were strong gold exports, rising cocoa earnings, expanding regional trade within Africa and sustained demand from Asian markets.
He said the findings reinforce the need for policies aimed at diversifying exports, strengthening manufacturing, promoting value addition and deepening regional integration under AfCFTA. For businesses, he noted, the report highlights investment opportunities in agri-processing, manufacturing, logistics and cross-border trade.
“Stronger exports and regional trade can support economic growth, employment creation and improved livelihoods over time,” Dr. Iddrisu stated.
The report concludes that while Ghana’s external sector recorded one of its strongest performances in recent years, sustaining the momentum will depend on reducing reliance on a narrow range of commodities and building a more diversified, value-added export base.
By: Christian Akorlie / businesspostonline
