Ghana recorded a trade surplus of US$13.66 billion in 2025, up sharply from US$9.88 billion in 2024, driven mainly by strong earnings from gold and cocoa, according to the latest Monetary Policy Report by the Bank of Ghana.
The report showed that total export receipts rose significantly to US$31.11 billion at the end of December 2025, compared with US$19.16 billion during the same period in 2024.
Gold remained the country’s top export earner, with receipts more than doubling to US$20.98 billion, up from US$10.31 billion the previous year.
The central bank attributed the surge to both higher export volumes and favourable global prices.
Gold export volumes increased by 35.7 percent to 6.17 million fine ounces. At the same time, the average price climbed by 49.9 percent to US$3,400.35 per fine ounce, reflecting heightened global economic uncertainty and geopolitical tensions that boosted demand for the commodity.
Cocoa exports, including beans and processed products, also posted strong growth.
Earnings rose to US$3.86 billion in 2025 from US$1.94 billion in 2024, supported by increased volumes and elevated international prices.
In contrast, crude oil export earnings declined during the review period. Receipts from oil fell by 32.3 percent to US$2.62 billion, down from US$3.87 billion in 2024.
Overall, the strong performance of gold and cocoa offset the drop in oil revenues, strengthening Ghana’s external position and contributing to the improved trade balance in 2025.
