Ghana recorded a 169.7% export trade flow surge in the fourth quarter (Q4) of 2025, according to the latest international trade newsletter from the Ghana Statistical Service. The surge, according to the report, can be attributed to a rise in prices of key exports (like gold, oil, and cocoa) and high patronage by Asian countries positioning Ghana to export more than it mostly import.

Per the data, Ghana made GH₵108.6 billion from exports but spent GH₵61.4 billion on imports between October and December 2025, marking a GH₵47.2 billion surplus, which is much higher than the GH₵17.5 billion surplus it had in the previous quarter.

“This represents a substantial increase from the GH₵17.5 billion surplus recorded in Q3 2025,” the report said, highlighting the scale of the improvement in Ghana’s external trade balance.

In US dollar terms, Ghana’s total trade (exports and imports) was valued at US$15.1 billion, with exports contributing US$9.7 billion, marking about 64% of Ghana’s total trade, highlighting the significance of export flows in the country’s economic performance.

The export boom was largely driven by commodity shipments, with gold bullion valued at GH₵72.7 billion, accounting for 66.9% of total exports.

“Gold bullion was the top export product worth more than seven times the value of the second-highest export,” the report noted, underscoring Ghana’s continued dependence on the precious metal.

Other significant products that contributed to the surge in trade surplus were cocoa beans and crude petroleum, though earnings from both commodities were not as much compared to gold, highlighting Ghana’s heavy dependence on just a few major exports, especially gold.

Most of Ghana’s exports went to Asia, which bought more than half (53.4%) of everything Ghana exported. This was more than twice what Europe bought, showing that Asia is Ghana’s biggest export destination.

India and the United Arab Emirates were the biggest individual buyers of Ghana’s exports. Together, these two countries alone bought almost half of all Ghana’s export earnings.

“Asia led with over half (53.4%) of total exports,” the report stated, highlighting the region’s dominance in Ghana’s trade network.

Even though Ghana’s export earnings looked strong on paper, this was mostly because prices of goods (like gold and oil) were high, not because the country was actually exporting much more in quantity.

When economists adjust the numbers to remove the effect of price increases (so they reflect real economic activity), Ghana actually spent more on imports than it earned from exports. This means the country recorded a real trade deficit, with exports at GH₵30.0 billion and imports at GH₵31.7 billion.

“The growth in total export value is driven primarily by increases in the unit price rather than by higher quantities exported,” the report explained, particularly in relation to gold exports.

In the fourth quarter, export prices with the export unit value index increasing by 23.2% quarter-on-quarter, largely reflecting higher gold prices, while import prices remained relatively stable.

Regionally, Ghana continued to expand trade within Africa, maintaining a surplus with the continent since late 2024. Exports to African countries reached their highest level in Q4 2025, led by South Africa.

“Ghana’s trade with African countries has expanded steadily,” the report noted, pointing to the impact of regional integration efforts such as the African Continental Free Trade Area (AfCFTA).

However, the report cautioned that Ghana remains vulnerable to external shocks due to its heavy reliance on a narrow range of commodities and limited trading partners.

It recommended stronger efforts to diversify exports, promote value addition, and deepen regional trade integration to sustain gains from the current export-led growth while reducing exposure to global commodity price swings.