Accra: Gold accounted for 63.1 per cent of Ghana's total exports in 2025, highlighting rising concentration in the country's export earnings. The share increased from 38.5 per cent in 2004, according to the Ghana Statistical Service (GSS) report, Ghana's Merchandise Trade Statistics 2004-2025: Two Decades in Review.
According to Ghana News Agency, presenting the report in Accra, Dr. Alhassan Iddrisu, Government Statistician, said Ghana's export earnings had become more concentrated rather than more diversified over the period. Gold exports reached US$20.2 billion in 2025, exceeding earnings from cocoa and crude oil combined, he said. 'Gold is our anchor, but at the same time it is our greatest exposure,' he remarked, emphasizing the risks associated with dependency on a single commodity.
Dr. Iddrisu further explained that reliance on gold makes Ghana's economy susceptible to global price fluctuations. '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 stated. The report indicated that Ghana's total merchandise trade rose from US$6 billion in 2004 to US$52.5 billion in 2025, with exports climbing from US$1.9 billion to US$32 billion.
The expansion was primarily driven by gold, crude oil, and cocoa, which together have represented about 75 per cent of Ghana's exports since 2011. While non-traditional exports have shown growth, traditional commodities continue to dominate the market. For instance, cocoa products increased their export share from 9.8 per cent in 2004 to 27 per cent in 2025, and edible fruits and nuts rose from 6.1 per cent to 12.1 per cent.
Dr. Iddrisu advocated for greater value addition in gold and cocoa and highlighted the need for increased support for non-traditional exports. He urged policymakers and businesses to broaden the country's export base to mitigate vulnerability to external shocks and enhance long-term economic resilience. The report concluded that expanding manufacturing, agro-processing, and other value-added industries would contribute to a more diversified and sustainable export sector.