Ghana recorded a substantial trade surplus of GHS47.2 billion in the fourth quarter of 2025, underpinned by a sharp increase in gold export earnings and sustained strength in key commodity exports.
Data released by the Ghana Statistical Service showed that total trade for the period reached GHS170.1 billion, with exports rising to GHS108.6 billion, significantly outpacing imports of GHS61.4 billion. The resulting surplus represents a marked improvement from the previous quarter, highlighting a strong rebound in Ghana’s external sector.
Gold remained the dominant driver of export performance, generating GHS72.7 billion and accounting for nearly 67% of total exports.
The precious metal continued to overshadow other major export commodities, with cocoa beans contributing GHS9.6 billion and crude oil bringing in GHS7.6 billion over the same period.
The surge in export earnings was largely supported by favourable global gold prices, reinforcing Ghana’s position as one of Africa’s leading gold exporters. However, the data also underscores the country’s continued reliance on primary commodities for foreign exchange inflows.
On the import side, refined petroleum products remained the largest contributors to Ghana’s import bill. Motor spirit (petrol) accounted for GHS6.4 billion, followed by gas oil (diesel) at GHS4.5 billion, while used vehicles also featured prominently among the top imports.
In terms of trade partners, India emerged as Ghana’s largest export destination, followed by the United Arab Emirates. Other key markets included South Africa, Switzerland, and the Netherlands, collectively accounting for a significant share of total exports. On the import front, China maintained its position as Ghana’s largest source of imports, alongside the
United States and other major trading partners.
Despite the strong nominal surplus, the data revealed a contrasting trend in real terms.
After adjusting for inflation, Ghana recorded a trade deficit, with real imports exceeding real exports. This suggests that the headline surplus was largely driven by price effects, particularly elevated gold prices rather than a
The development presents a mixed outlook for the economy. While the surplus is expected to support foreign exchange reserves and provide stability for the Ghanaian cedi, it also highlights structural vulnerabilities, including heavy dependence on commodity exports and exposure to global price fluctuations.
Analysts say sustaining external sector gains will require a deliberate shift towards export diversification, increased value addition, and deeper participation in regional trade under frameworks such as the African Continental Free Trade Area.
The latest figures reinforce the critical role of commodities in Ghana’s trade performance, even as policymakers face growing pressure to build a more resilient and diversified export base.
