Ghana recorded a historic trade surplus of $4.2 billion in the fourth quarter of 2025, underscoring a strong rebound in export performance and a notable improvement in the country’s external sector position.
Data from the Ghana Statistical Service shows the surplus rose significantly from $1.5 billion in the third quarter, reflecting a sharp acceleration in export earnings relative to imports. Combined exports for the third and fourth quarters reached $17.5 billion, while imports stood at $11.3 billion over the same period.
A closer examination of the data highlights Ghana’s continued reliance on commodity exports, with gold maintaining its dominance. Gold accounted for more than 70 percent of total exports during the period, with gold bullion alone valued at GH₵72.7 billion in the fourth quarter—more than seven times the value of cocoa beans, which ranked second at GH₵9.6 billion. Overall, the top five export products contributed 86 percent of total export earnings.
On the import side, mineral fuels and oils remained the leading category. The top two import products within this group accounted for GH₵10.9 billion, with motor spirit (super) contributing GH₵6.4 billion, underscoring the country’s continued dependence on fuel imports.
Cumulative data for the full year further reinforces the concentration of Ghana’s export base. Gold bullion accounted for 62.9 percent of total exports, followed by cocoa beans at GH₵34.4 billion and crude petroleum at GH₵33.2 billion. Together, these three commodities made up nearly 80 percent of export earnings, highlighting structural vulnerabilities tied to limited export diversification.
Gas oil emerged as the single largest import product over the period, accounting for 11.2 percent of total imports, reflecting sustained domestic demand for energy-related products.
Geographically, Asia remained Ghana’s dominant trading partner in the fourth quarter of 2025, accounting for 53.4 percent of total exports—more than double the share of exports to Europe, which stood at 24.9 percent. Asia also led as the primary source of imports, contributing 46.8 percent of total import volumes.
The strong trade surplus is expected to bolster Ghana’s external reserves and provide support for the local currency. Gross international reserves stood at $13.8 billion at the end of December 2025, reflecting an improved external buffer.
Overall, the performance points to strengthening external sector fundamentals and signals a degree of macroeconomic stabilisation. However, the heavy reliance on a narrow range of primary commodities underscores the need for sustained efforts toward export diversification to ensure long-term resilience.
