Gold accounted for 63.1 per cent of Ghana’s total exports in 2025, highlighting rising concentration in the country’s export earnings. 

The share increased from 38.5 per cent in 2004, according to the Ghana Statistical Service (GSS) report, Ghana’s Merchandise Trade Statistics 2004-2025: Two Decades in Review. 

Presenting the report in Accra, Dr Alhassan Iddrisu, Government Statistician, said Ghana’s export earnings had become more concentrated rather than more diversified over the period. 

Gold exports reached US$20.2 billion in 2025, exceeding earnings from cocoa and crude oil combined, he said. 

“Gold is our anchor, but at the same time it is our greatest exposure,” he said. 

Dr Iddrisu said dependence on a single commodity exposed the economy to fluctuations in global prices. 

“When one product carries an economy, a swing in its world price is felt by everyone, from the national treasury to traders and households,” he said. 

The report showed that Ghana’s total merchandise trade increased from US$6 billion in 2004 to US$52.5 billion in 2025, while exports rose from US$1.9 billion to US$32 billion. 

The expansion, however, was driven largely by gold, crude oil and cocoa, which together accounted for about 75 per cent of Ghana’s exports from 2011. 

The report said non-traditional exports had also recorded growth, although traditional commodities remained dominant. 

Cocoa products increased their share of exports from 9.8 per cent in 2004 to 27 per cent in 2025, while edible fruits and nuts rose from 6.1 per cent to 12.1 per cent. 

Dr Iddrisu called for greater value addition in gold and cocoa and increased support for non-traditional exports. 

He urged policymakers and businesses to broaden the country’s export base to reduce vulnerability to external shocks and strengthen long-term economic resilience. 

The report said expanding manufacturing, agro-processing and other value-added industries would support a more diversified and sustainable export sector.