Ghana’s record trade surplus in 2025 was boosted by higher commodity prices, with data showing that gains in export values outpaced growth in the underlying volume of goods traded.
The country recorded a GH₵148.3 billion trade surplus in 2025, more than three times the GH₵44.7 billion surplus recorded in 2024, as exports rose to GH₵401.5 billion while imports stood at GH₵253.2 billion, according to the Ghana Statistical Service (GSS).
But after adjusting for inflation and price effects, Ghana recorded a real trade deficit of GH₵3.4 billion, highlighting the role of price movements in shaping the headline trade figures.
The divergence between Ghana’s nominal and real trade positions reflects the impact of global commodity prices, particularly gold, on export earnings during the year.
Gold exports generated GH₵252.4 billion in 2025, accounting for about 63 percent of total exports. The rise in gold prices helped lift export receipts and strengthened Ghana’s overall trade balance.
The concentration of Ghana’s exports also increased during the period. Gold, cocoa beans and products, and mineral fuels and oils accounted for 85.9 percent of total exports in 2025, up from 83.4 percent in 2024.
The figures indicate that Ghana’s export performance remained closely tied to a narrow group of commodities, with changes in global prices playing a significant role in determining trade outcomes.
Ghana recorded a trade surplus in every month of 2025, with December posting the highest trade activity at GH₵66.1 billion, driven by exports of GH₵46.0 billion, the highest monthly export figure of the year.
The country also expanded its international trade network, exporting to 163 countries in 2025, up from 155 in 2024, while imports came from 216 countries, compared with 211 a year earlier.
The stronger trade position was therefore accompanied by wider global market access, but the underlying structure of exports remained concentrated around commodities whose prices can significantly influence Ghana’s external performance.
