Ghana recorded a trade surplus of GH₵16.7 billion in the third quarter of 2025, according to the latest Statistical Newsletter from the Ghana Statistical Service (GSS), although the figure reflects a significant drop from the previous quarter.
The report indicates that “the aggregate value of Ghana’s external trade reached GH₵145.0 billion” during the period, made up of exports worth GH₵80.8 billion and imports valued at GH₵64.1 billion.
Despite maintaining a surplus, the GSS noted that this represents “a decline from the GH₵29.5 billion surplus recorded in the second quarter of 2025.”
Gold continued to drive Ghana’s export earnings, accounting for the bulk of outbound trade. The report states that “gold accounted for more than two-thirds (73.4%) of total exports during the third quarter of 2025.”
In value terms, gold bullion exports stood at GH₵59.2 billion, far exceeding crude petroleum, which followed at GH₵5.9 billion.
The GSS highlighted that this concentration underscores Ghana’s reliance on a few primary commodities, noting that “the top five export products accounted for 85.3 percent of total exports.”
On the import side, mineral fuels dominated, with gas oil and motor spirit emerging as the top imported products.
“Gas oil (GH₵8.1 billion) and Motor spirit, super (GH₵3.5 billion)” were identified as the leading imports, reflecting Ghana’s continued dependence on fuel imports.
The report also shows that Asia continues to play a central role in Ghana’s trade dynamics.
“The continent of Asia emerged as the principal destination for over half (50.1%) of Ghana’s export commodities and the primary origin for nearly half (47.5%) of all imported commodities,” the report said.
India and the United Arab Emirates were Ghana’s top export destinations, jointly accounting for 44.8% of export revenue.
Meanwhile, China remained Ghana’s largest source of imports, contributing more than one-fifth (22.8%) of total imports.
Ghana maintained a positive trade balance with African countries, continuing a trend that began in 2024.
The GSS noted that “Ghana has maintained a trade surplus with Africa since quarter 3 of 2024,” with the highest surplus recorded in the first quarter of 2025.
Exports to Africa were largely driven by gold, while imports from the continent were dominated by petroleum products.
Despite the nominal surplus, the report warns of underlying weaknesses when adjusted for inflation.
It revealed that “the real trade balance showed a deficit,” with exports at GH₵27.6 billion and imports at GH₵33.1 billion.
The GSS explained that “high inflation erodes real purchasing power, masking underlying structural weaknesses in trade account despite nominal gains.”
Additionally, both export and import prices declined during the period, with export prices falling by 18.2% quarter-on-quarter and import prices dropping by 7.0%.
The report concludes with a caution on Ghana’s heavy dependence on a narrow range of exports and trading partners.
It warns that “heavy export concentration risks vulnerability to commodity price and supply disruptions,” urging policymakers to prioritise diversification and value addition.
Recommendations include boosting intra-African trade under the African Continental Free Trade Area (AfCFTA), expanding export markets, and investing in infrastructure to sustain trade gains.
