Ghana’s trade surplus surged to a record $4.2 billion in the fourth quarter of 2025, reflecting a strong rebound in export performance.

Data released by the Ghana Statistical Service showed the surplus rose sharply from $1.5 billion recorded in the third quarter of 2025.

In total, the country’s export earnings for the third and fourth quarters reached $17.5 billion, while total imports stood at $11.3 billion over the same period.

Details

A breakdown of the data shows that gold continued to dominate Ghana’s export profile, accounting for more than 70 per cent of total exports in the third and fourth quarters of 2025.

Gold bullion, valued at GH₵72.7 billion, emerged as the top export product in the fourth quarter of 2025, worth more than seven times the value of cocoa beans, which came in second at GH₵9.6 billion.

Together, the top five export products accounted for 86.0 per cent of total exports during the period.

On the import side, the top two products—both within the mineral fuels and oils category—amounted to GH₵10.9 billion, with motor spirit (super) contributing GH₵6.4 billion.

The report further revealed that cumulative exports from the first to the fourth quarter of 2025 were largely driven by gold bullion, which accounted for more than half (62.9 per cent) of total exports.

This was followed by cocoa beans, valued at GH₵34.4 billion, and crude petroleum, at GH₵33.2 billion.

Together, these three commodities accounted for more than three-quarters (79.8 per cent) of total export earnings, highlighting Ghana’s continued reliance on a narrow range of primary exports.

Cumulatively, gas oil emerged as the leading import product over the period, accounting for 11.2 per cent of total imports.

In terms of trade destinations, exports to Asia dominated in the fourth quarter of 2025, accounting for 53.4 per cent of total exports, more than double exports to Europe, which stood at 24.9 per cent.

Asia also remained the primary source of imports, accounting for 46.8 per cent of all imported commodities.

Implications

The strong trade surplus is expected to support Ghana’s external reserves and strengthen the local currency.

Ghana’s gross international reserves stood at $13.8 billion as of the end of December 2025.

The development also signals improving external-sector performance and may point to broader economic stability.