Ghana’s trade surplus reached a record $4.2 billion in the fourth quarter of 2025, marking a significant rebound in export performance. According to data released by the Ghana Statistical Service, this surplus increased sharply from the $1.5 billion recorded in the third quarter of 2025. Over the course of the third and fourth quarters, the country’s total export earnings amounted to $17.5 billion, while total imports were reported at $11.3 billion.
A detailed analysis of the data reveals that gold continued to dominate Ghana’s export profile, accounting for more than 70 percent of total exports during the third and fourth quarters of 2025. In the fourth quarter alone, gold bullion was valued at GH¢72.7 billion, making it the top export product and worth more than seven times the value of cocoa beans, which ranked second at GH¢9.6 billion. Collectively, the top five export products represented 86.0 percent of total exports for the period.
On the import side, the leading products were primarily within the mineral fuels and oils category, totaling GH¢10.9 billion. Notably, motor spirit (super) contributed GH¢6.4 billion to this figure. The report also indicated that cumulative exports from the first to the fourth quarter of 2025 were largely driven by gold bullion, which constituted 62.9 percent of total exports. Cocoa beans, valued at GH¢34.4 billion, and crude petroleum, at GH¢33.2 billion, followed closely. Together, these three commodities accounted for over three-quarters (79.8 percent) of total export earnings, underscoring Ghana’s continued reliance on a narrow range of primary exports.
In terms of imports, gas oil emerged as the leading product, making up 11.2 percent of total imports during the period. Regarding trade destinations, exports to Asia dominated in the fourth quarter of 2025, comprising 53.4 percent of total exports, which was more than double the 24.9 percent of exports directed to Europe. Asia also remained the primary source of imports, accounting for 46.8 percent of all imported commodities.
The robust trade surplus is anticipated to bolster Ghana’s external reserves and strengthen the local currency. As of the end of December 2025, Ghana’s gross international reserves stood at $13.8 billion. This development signals an improvement in external-sector performance and may indicate broader economic stability.
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