Ghana’s oil exports made up just 10.4% of the country’s total merchandise exports in April 2025, a steep drop from previous quarters and a clear sign that the once-dominant sector is losing ground.
According to new data from the Bank of Ghana, oil brought in $972 million out of $9.3 billion in total exports, well below gold’s $5.2 billion and cocoa’s $1.84 billion.
This marks a continuing slide in oil’s export relevance. In December 2024, oil made up 18.9% of export earnings. By March 2025, that figure had dropped to 11.3%, before falling further last month. In contrast, gold surged to 56.2% of April’s total exports, supported by record-high global prices, while cocoa contributed nearly 20%.
| Period | Total Imports (USD M) | Oil Imports (USD M) | % Share of Oil Imports |
|---|---|---|---|
| Dec 2024 | 15,391.5 | 4,633.0 | 30.1% |
| Mar 2025 | 3,759.0 | 1,042.1 | 27.7% |
| Apr 2025 | 5,190.2 | 1,218.4 | 23.5% |
This downward trend in oil is not limited to exports. On the import side, oil products also represent a shrinking fraction of total imports. Oil imports accounted for 30.1% of total imports in December 2024 but have fallen to 23.5% by April 2025. The decrease may reflect shifting energy consumption patterns or supply-side adjustments but underscores a broader transformation in Ghana’s oil-related trade.
| Month | Oil Revenue (USD million) | Total Exports (USD million) | Oil as % of Total Exports |
|---|---|---|---|
| Dec 2024 | 3,868.2 | 20,491.3 | 18.88% |
| Mar 2025 | 780.2 | 6,930.5 | 11.26% |
| Apr 2025 | 972.0 | 9,328.8 | 10.42% |
Ghana’s oil sector, despite its potential, continues to face long standing challenges. One of the longstanding issues is Ghana’s limited refining capacity. The country continues to export crude oil and import refined petroleum products, a costly imbalance. Attempts to revive the Tema Oil Refinery and attract private sector-led modular refining have seen delays and policy hurdles.
At the same time, competition from gold and cocoa, both of which have seen strong international demand and price rallies, has made oil’s relative performance even starker.
