Ghana’s external sector ended 2025 on a remarkably strong note, with the country recording a trade surplus of $13.7 billion in the fourth quarter, equivalent to 12% of gross domestic product (GDP).
The surge marks a sharp acceleration from the third quarter, when the trade balance stood at $7.7 billion, or 6.8% of GDP, underscoring the growing strength of the nation’s exports amid rising global commodity prices.
The export side of the ledger expanded by $10.6 billion quarter-on-quarter, climbing from $20.5 billion in Q3 to $31.1 billion in Q4. Gold remained the dominant contributor, accounting for roughly two-thirds of total export earnings, as production and prices remained buoyant.
Cocoa and oil exports also registered steady gains, reflecting both recovering production volumes and sustained demand from international markets.
Imports, while rising, grew at a slower pace. Total imports increased by $4.6 billion in the quarter, reaching $17.5 billion by December. Non-oil imports, which include machinery, raw materials, and consumer goods, continued to form the bulk of the import bill, while oil imports remained significant but manageable.
The gap in growth rates between exports and imports fueled the sharp expansion in the trade surplus, highlighting Ghana’s improved external sector position.
Expressed as a share of GDP, the Q4 trade surplus represents a 78% increase relative to Q3, signalling that the country exported significantly more value than it imported relative to the size of the economy.
The Q4 performance has broader implications for the economy. A robust trade surplus can ease pressure on the cedi, support foreign reserves, and improve Ghana’s ability to finance infrastructure and industrial projects. It also provides a buffer against global shocks and may help reduce reliance on external borrowing.
For now, the fourth-quarter numbers offer a rare moment of optimism. Ghana’s exports are running well ahead of imports, pushing the trade surplus to a record $13.7 billion, or 12% of GDP. The latest figures mark the strongest quarterly trade balance in years
