Ghana must accelerate domestic processing of gold and cocoa, strengthen local petroleum refining and help more small businesses enter export markets to reduce the economy’s dependence on a narrow range of commodities, the Ghana Statistical Service (GSS) said.
The recommendations from GSS are in response to Ghana’s merchandise trade having expanded ninefold over two decades, reaching $52.5 billion in 2025 from $6 billion in 2004.
While the expansion has strengthened Ghana’s external position, the composition of trade remains heavily concentrated. Gold accounted for 63% of export earnings in 2025, up from 39% in 2004, leaving the economy increasingly exposed to shifts in commodity prices and demand.
The GSS is urging policymakers to focus on value addition at home, particularly by refining more gold and processing cocoa before export, allowing Ghana to capture a larger share of the revenue generated along those supply chains.
“Add value at home” is among the key priorities identified by the statistical service.
The recommendations are against the backdrop of a record trade surplus. Exports accounted for 61% of Ghana’s total merchandise trade in 2025, contributing to a trade surplus of GH¢148.3 billion, according to the GSS.
Gold, Cocoa Value Addition
Ghana remains one of the world’s major cocoa and gold producers, but a significant portion of the value associated with processing and refining is captured outside the country.
The GSS therefore recommends stronger backing for domestic gold refining and cocoa processing as part of a broader strategy to shift Ghana from exporting commodities toward exporting higher-value products.
It also wants the country to diversify the export base beyond gold and other traditional commodities, identifying processed cocoa and horticultural products as areas with potential to broaden export earnings.
The concentration of exports has become more pronounced over time. Gold’s share of export earnings has risen from 39% in 2004 to 63% in 2025, according to the GSS.
That concentration creates what the statistical service describes as power and concentration risk, making export earnings more vulnerable to developments in a single commodity.
Fuel Imports Remain a Weakness
The GSS also cited Ghana’s dependence on imported refined petroleum products despite being a crude-oil producer.
Fuel represented 26% of imports in 2025, the analysis showed, pointing to an opportunity to reduce the import bill through domestic refining where economically viable.
The statistical service recommends that Ghana strengthen domestic refining capacity and develop industries capable of producing goods that are currently imported.
The goal is to capture more value from domestic resources while reducing exposure to international refined-fuel prices and foreign-exchange pressures.
SMEs Need Help to Export
The GSS is also calling for greater efforts to bring SMEs into international trade.
It recommends expanding trade finance and export-readiness support while helping smaller firms take advantage of market opportunities created by the African Continental Free Trade Area, ECOWAS, the Economic Partnership Agreement and AGOA.
The statistical service also urged businesses to prepare for growing demand in Asian markets and meet the standards required to compete internationally.
Asia has become an increasingly important destination for Ghanaian exports, accounting for about half of the country’s exports, compared with less than 8% in 2004.
The shift presents an opportunity for Ghanaian businesses, but the GSS says exporters need to develop more competitive products and expand beyond a limited number of buyers and commodities.
Lower Trade Costs
Improving Ghana’s export performance will also require reducing the cost and time involved in moving goods across borders, the GSS said.
It recommends faster customs clearance and lower transport costs to improve competitiveness and make international markets more accessible, particularly for smaller businesses.
The recommendations point to a broader shift in Ghana’s trade strategy: from measuring success primarily by the value of goods crossing its borders to focusing on how much value is retained domestically and how widely the benefits of trade are distributed.
With trade already at record levels, the GSS says Ghana’s next challenge is to process more of what it produces, manufacture more of what it imports and enable a wider pool of businesses to participate in global and regional markets.
