Ghana recorded a sharp rise in its trade surplus to a record $4.2 billion in the fourth quarter of 2025, driven by stronger export performance and marking a significant jump from the $1.5 billion surplus posted in the previous quarter, according to data from the Ghana Statistical Service. Export earnings for the second half of the year reached $17.5 billion, compared to imports of $11.3 billion.
Gold remained the backbone of the country’s export sector, accounting for over 70 per cent of exports, with bullion far outpacing cocoa beans and crude oil. Together, the top export commodities continued to dominate earnings, highlighting Ghana’s reliance on a narrow range of primary goods, a structural feature that exposes the economy to commodity price volatility. On the import side, refined petroleum products led spending, reflecting energy demand pressures amid elevated global fuel prices.
Asia emerged as Ghana’s largest trading partner for both exports and imports, underscoring the shift in global trade patterns away from traditional Western partners. The strong surplus is expected to boost foreign reserves, which stood at $13.8 billion, and support currency stability for the cedi, which has faced periodic pressures from debt servicing obligations and import demand. For the broader West African region, Ghana’s export performance offers a counterpoint to Nigeria’s persistent trade deficits in refined products.
