Ghana has achieved a historic economic milestone, with the country’s merchandise trade surplus surging to a staggering GH¢148.3 billion in 2025—more than triple the GH¢44.7 billion recorded the previous year. This extraordinary performance, unveiled in the 2025 Annual International Merchandise Trade Statistics Report by the Ghana Statistical Service (GSS), cements the nation’s position as a rising heavyweight in global commodity markets.
According to the report, Ghana transacted a total of GH¢654.7 billion (equivalent to US$52.5 billion) in trade with the international community over the course of the year. Breaking down the figures, total exports climbed to GH¢401.5 billion, while imports stood at GH¢253.2 billion, creating a robust trade surplus that reflects a healthy balance of payments position.
A Year of Unbroken Export Dominance
Presenting the highlights to the media in Accra, Government Statistician Dr. Alhassan Iddrisu underscored the consistency of the performance. “Remarkably, Ghana’s exports exceeded imports in every single month of 2025,” Dr. Iddrisu noted. “December was particularly exceptional, recording the highest monthly trade activity, with exports hitting GH¢46 billion and generating a monthly surplus of GH¢25.8 billion.”
The ‘Golden Trinity’ Driving the Surplus
The stellar performance was overwhelmingly driven by Ghana’s traditional export pillars, often referred to as the “golden trinity.”
· Gold remained the undisputed heavyweight champion, generating a monumental GH¢252.4 billion in export revenue. This single commodity accounted for nearly 63% of the nation’s total export earnings, benefiting from both robust global prices and increased domestic production.
· Cocoa beans and cocoa products contributed a substantial GH¢56.2 billion, reaffirming Ghana’s status as the world’s second-largest cocoa producer.
· Crude petroleum added GH¢35.3 billion to the national coffers.
Together, these three commodities accounted for nearly 86% of all export earnings. While this concentration underscores Ghana’s resource wealth, economists note that it also highlights the urgent need for value-addition and industrial diversification to shield the economy from future commodity price volatility.
Import Landscape and Trade Partners
On the import side, petroleum products once again dominated expenditure. Diesel emerged as the single largest import item at GH¢28.4 billion, followed closely by petrol at GH¢23.2 billion—a stark reminder of the country’s continued reliance on refined fuels despite ongoing efforts to revive local refining capacity, as seen with the recent Tema Oil Refinery commissioning. Other major imports included motor vehicles, industrial machinery, cement clinkers, rice, and assorted food products.
The report also reveals a marked expansion in Ghana’s global footprint. The nation imported goods from 216 countries and exported to 163 countries—both increases over the previous year.
Geographically, Asia remains Ghana’s largest trading partner, with the United Arab Emirates, India, Switzerland, South Africa, and China ranking as the top destination markets for Ghanaian exports. Conversely, China stood as Ghana’s primary source of imports, supplying a vast array of machinery, vehicles, iron and steel products, plastics, and essential chemicals.
Intra-African Trade Momentum
Encouragingly, the data signals strengthening economic integration within the continent. In 2025, Ghana recorded a GH¢34.7 billion trade surplus with other African nations, exporting to 51 African countries while importing from 55. This growing intra-African commercial activity is expected to receive a further boost as the African Continental Free Trade Area (AfCFTA) continues to roll out, positioning Ghana’s ports and industrial hubs as vital gateways for West African commerce.
While the record surplus is a cause for national celebration, economic analysts urge cautious optimism, noting that sustaining this momentum will require deepening domestic processing capabilities, reducing fuel import dependency, and expanding the non-traditional export sector to build a truly resilient economy.
