Ghana’s growing dependence on gold for export earnings is exposing the economy to external shocks, with the commodity accounting for 63.1 percent of total exports in 2025.
The Ghana Statistical Service (GSS) said the increasing concentration in gold had made Ghana’s export earnings less diversified compared with two decades ago.
The development was contained in the GSS report, Ghana’s Merchandise Trade Statistics 2004-2025: Two Decades in Review, presented in Accra.
Dr Alhassan Iddrisu, Government Statistician, said gold’s contribution to total exports had increased significantly from 38.5 percent in 2004 to 63.1 percent in 2025.
He said gold exports reached US$20.2 billion in 2025, exceeding the combined earnings from cocoa and crude oil.
“Gold is our anchor, but at the same time it is our greatest exposure,” Dr Iddrisu said.
He said heavy reliance on a single commodity exposed the economy to fluctuations in global commodity prices.
“When one product carries an economy, a swing in its world price is felt by everyone, from the national treasury to traders and households,” he said.
The report showed that Ghana’s total merchandise trade expanded significantly from US$6 billion in 2004 to US$52.5 billion in 2025.
Exports also increased from US$1.9 billion in 2004 to US$32 billion in 2025.
The GSS, however, noted that much of the growth in exports was driven by gold, crude oil and cocoa, which together accounted for about 75 percent of Ghana’s exports from 2011.
The report said non-traditional exports had also recorded growth, although traditional commodities continued to dominate the country’s export structure.
Cocoa products increased their share of total exports from 9.8 percent in 2004 to 27 percent in 2025, while edible fruits and nuts rose from 6.1 percent to 12.1 percent over the same period.
Dr Iddrisu called for greater value addition to gold and cocoa and increased support for non-traditional export sectors.
He urged policymakers and businesses to broaden the country’s export base to reduce vulnerability to external shocks and strengthen long-term economic resilience.
The report recommended expanding manufacturing, agro-processing and other value-added industries to create a more diversified and sustainable export sector.
