Accra: The country's trade surplus surged to GHS47.2 billion in fourth quarter-2025, driven by strong export growth that outpaced imports, the latest data from Ghana Statistical Service (GSS) have shown.
According to Ghana Web, total trade reached GHS170.1 billion during the period, comprising exports of GHS108.6 billion and imports of GHS61.4 billion. This marks a sharp increase from the GHS16.7 billion surplus recorded in third quarter-2025. In dollar terms, total trade was valued at US$15.1 billion, with exports accounting for US$9.7 billion and imports US$5.5 billion - resulting in a trade surplus of US$4.2 billion.
Export products remained heavily concentrated in a few primary commodities led by gold, cocoa, and crude petroleum. Gold continued to dominate, generating GHS72.7 billion and accounting for 66.9 percent of total exports, although its share declined from 73.4 percent in the previous quarter. Cocoa beans ranked as the second-largest export at GHS9.6 billion, followed by crude petroleum at GHS7.6 billion. The cumulative exports for Q1 to Q4 2025 were largely driven by gold bullion, representing more than half (62.9%) of total exports over the period, followed by cocoa beans and crude petroleum.
On the import side, the structure remained relatively diversified, though still dominated by mineral fuels and oils, with motor spirit (super) and gas oil together accounting for GHS10.9 billion of total imports. Other imports included used vehicles and crude petroleum, reflecting continued demand for energy and transport-related products.
Asia remained Ghana's leading trade partner, accounting for 53.4 percent of total exports and 46.8 percent of imports during the fourth quarter. At the country level, India and the United Arab Emirates were top export destinations with earnings of GHS27.2 billion and GHS24.8 billion respectively. China retained its position as Ghana's largest source of imports, supplying GHS14.3 billion worth of goods and accounting for 23.3 percent of total imports.
Over the full year, export performance remained largely driven by gold, which accounted for 62.9 percent of total export earnings. On the import side, gas oil remained the leading product over the period. Trade with African countries expanded steadily, possibly driven by initiatives such as the African Continental Free Trade Area (AfCFTA), with Ghana sustaining a surplus as exports to the continent reached GHS18.9 billion compared to imports of GHS9.5 billion.
Despite the strong nominal performance, the data suggest underlying structural pressures in the real trade position. In real terms, Ghana recorded a trade deficit with exports valued at GHS30 billion compared to imports of GHS31.7 billion. This suggests that the nominal surplus was driven largely by price effects, particularly in gold, rather than a significant increase of export volumes. GSS noted that Ghana's reliance on a narrow range of primary commodities exposes the economy to global price fluctuations and supply shocks.