Ghana’s exports rose to $31.1 billion in the fourth quarter of 2025, up from $20.5 billion in the previous quarter, as higher receipts from gold and cocoa lifted export earnings toward the end of the year.
The $10.6 billion increase over the quarter was led by gold. Export earnings from gold climbed to $21.0 billion by December, compared with $13.3 billion in the third quarter, keeping the metal firmly at the centre of Ghana’s export performance and accounting for roughly two-thirds of total export revenues.
Cocoa exports also increased during the quarter. Earnings rose to $3.9 billion in Q4, from $2.6 billion in Q3, continuing an upward pattern recorded earlier in the year. Cocoa remained Ghana’s second-largest export commodity, contributing steadily to overall export growth.
Oil exports added to the rise in export receipts. Earnings from oil increased to $2.6 billion in the fourth quarter, up from $2.0 billion in the previous quarter, supporting the overall increase in exports.
Across 2025, export earnings showed a steady build-up. Exports totalled $7.0 billion in the first quarter, increased to $13.8 billion by mid-year, and then rose sharply in the second half of the year, reaching $31.1 billion by December.
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Export growth outpaced the rise in imports during the quarter, contributing to a wider trade surplus at the end of the year.
