Ghana’s international trade surplus more than tripled in 2025, driven by record gold earnings and strong cocoa and petroleum exports, the Ghana Statistical Service (GSS) has reported.

The 2025 Annual International Merchandise Trade Statistics Report showed total trade increased by 20.1 per cent to GHc654.7 billion in 2025 from GHc545.1 billion in 2024, reflecting continued growth in the country’s external trade.

The report, compiled by the GSS using data from the Customs Division through the Integrated Customs Management System, showed exports reached GHc401.5 billion against imports of GHc253.2 billion, resulting in a trade surplus of GHc148.3 billion.

In dollar terms, exports amounted to US$32.0 billion, while imports stood at US$20.5 billion.

The report said Ghana expanded its global trading footprint in 2025, importing from 216 countries, up from 211 in 2024, while export destinations increased to 163 countries from 155.

Gold, cocoa beans and cocoa products, and mineral fuels and oils accounted for 85.9 per cent of total exports, highlighting the country’s continued dependence on the three major commodities.

Gold remained the leading export, generating GHc253.3 billion and accounting for 63.1 per cent of total exports.

Cocoa beans and cocoa products recorded GHc92.0 billion in export earnings, while mineral fuels and oils generated GHc56.2 billion.

Asia remained Ghana’s largest trading region, with its share of exports increasing by 11.8 percentage points, led by the United Arab Emirates, India and China.

Europe’s share of Ghana’s trade declined during the period, with exports falling by 6.7 percentage points and imports by 4.3 percentage points.

Within Africa, South Africa remained Ghana’s leading export destination, accounting for 58.7 per cent of exports to the continent, while Nigeria was the largest source of African imports, contributing 31.9 per cent, mainly petroleum products.

Exports to Burkina Faso, Togo and Côte d’Ivoire exceeded imports from those countries, with Burkina Faso alone importing Ghanaian goods worth GHc11.8 billion compared with imports of GHc1.3 billion from that country.

On the import side, fuel products continued to dominate, with diesel and petrol imports exceeding GHc51 billion.

China remained Ghana’s largest source of imports, supplying machinery, vehicles, iron and steel, plastics and chemical products.

The report said food exports increased significantly in 2025, driven by cocoa products, cashew nuts, tuna and shea products, while food imports declined marginally, reflecting

gradual improvements in domestic production and food self-sufficiency, although imports of cereals, rice and poultry remained substantial.

It noted, however, that after adjusting for inflation and price effects, Ghana recorded a real trade deficit of GHc3.4 billion, suggesting that higher global commodity prices, particularly for gold, rather than increased trade volumes, accounted for much of the growth in export earnings.

Dr Alhassan Iddrisu, Government Statistician, urged the Government to diversify the country’s export base to reduce dependence on gold, cocoa and petroleum, which together accounted for about 86 per cent of total exports.

He also called for strengthening local manufacturing and promoting value addition to reduce reliance on raw commodity exports, while deepening regional integration under the African Continental Free Trade Area (AfCFTA) to expand intra-African trade.

Dr Iddrisu encouraged businesses to take advantage of opportunities in agro-processing, manufacturing, logistics and regional exports, noting that Ghana recorded a trade surplus of GHc34.7 billion with Africa in 2025.

He said sustaining Ghana’s trade gains would require deliberate investment in productive sectors, industrial competitiveness and statistical systems to support the country’s next phase of economic transformation.