Ghana Hits Record $4.2bn Trade Surplus in Q4

Ghana’s external sector delivered a remarkable performance in the final quarter of 2025, as the country recorded a historic trade surplus of $4.2 billion.

The latest data released by the Ghana Statistical Service highlights a sharp increase from the $1.5 billion surplus posted in the third quarter, signaling a significant rebound in export activity.

The surge in the trade balance reflects a strong expansion in export earnings relative to imports. Combined export revenues for the third and fourth quarters reached $17.5 billion, while imports totaled $11.3 billion over the same period.

This widening gap underscores Ghana’s improving external position and its ability to generate foreign exchange through international trade.

Exports

A key driver behind the impressive surplus is Ghana’s continued reliance on gold exports. The precious metal maintained its dominant position, accounting for more than 70 percent of total exports during the second half of 2025. In the fourth quarter alone, gold bullion was valued at GH₵72.7 billion, making it by far the most valuable export commodity.

The scale of gold’s contribution becomes even more evident when compared to other exports. Cocoa beans, the second-largest export product, were valued at GH₵9.6 billion, a figure significantly lower than gold’s output. This disparity highlights the central role gold plays in shaping Ghana’s export earnings and overall trade performance.

In total, the top five export products contributed 86.0 percent of total exports, reinforcing the country’s dependence on a limited range of primary commodities.

Export Base

Beyond gold, cocoa beans and crude petroleum also played important roles in supporting Ghana’s export growth. Cumulatively, from the first to the fourth quarter of 2025, gold accounted for 62.9 percent of total exports, followed by cocoa beans valued at GH₵34.4 billion and crude petroleum at GH₵33.2 billion.

Together, these three commodities made up nearly 80 percent of total export earnings. While this concentration has supported strong revenue generation, it also raises concerns about vulnerability to global price fluctuations and external shocks.

The continued reliance on raw commodities underscores the need for Ghana to diversify its export base by investing in value addition and industrialization.

EU Ambassador to Ghana, Irchad Razaarly, has dismissed reports that Ghana’s cocoa will be banned on the international market.

On the import side, mineral fuels and oils dominated Ghana’s import bill. The top two imported products in the fourth quarter, both within this category, amounted to GH₵10.9 billion. Motor spirit, commonly known as petrol, accounted for GH₵6.4 billion of this total.

Over the entire year, gas oil emerged as the leading import product, contributing 11.2 percent of total imports. This trend reflects Ghana’s ongoing dependence on imported energy products to support domestic consumption and industrial activity.

The prominence of fuel imports highlights structural challenges within the economy, particularly in the energy sector, where domestic production and refining capacity remain limited.

Geographically, Asia emerged as Ghana’s most significant trade partner in the fourth quarter of 2025. The region accounted for 53.4 percent of total exports, more than double the share recorded for Europe, which stood at 24.9 percent.

Asia also dominated as the primary source of imports, contributing 46.8 percent of all goods brought into the country. This strong trade linkage reflects Ghana’s deepening economic ties with Asian markets, driven by demand for commodities such as gold and oil.