Ghana’s total trade value increased from GH¢545.1 billion in 2024 to GH¢654.7 billion in 2025, marking a significant GH¢109.6 billion increase, according to the latest Ghana Merchandise Trade report.

The report, officially released by the Ghana Statistical Service (GSS) on Thursday, July 30, 2026, and presented publicly again on Tuesday, August 11, by Government Statistician Alhassan Iddris, indicates that trade recorded a 20% year-on-year increase within the 12 months.

“Ghana’s total trade value increased from GH¢545.1 billion in 2024 to GH¢654.7 billion in 2025, representing a year-on-year growth of 20 percent. The country recorded a trade surplus of GH¢148.3 billion in 2025, more than triple the GH¢44.7 billion surplus registered in 2024,” the report indicated.

Exports accounted for GH¢401.5 billion of the total trade, with gold leading the country's export earnings.

“Gold exports alone contributed GH¢252.4 billion, representing about 63 percent of total exports,” the report stated.

Cocoa followed with GH¢56.2 billion, while mineral fuels and oils contributed GH¢35.3 billion.

Imports stood at GH¢253.2 billion, resulting in a trade surplus of GH¢148.3 billion in 2025, compared with GH¢44.7 billion in 2024.

The development comes amid a strong performance in Ghana’s external trade, particularly in the final quarter of 2025.

An international trade newsletter published by the Ghana Statistical Service in mid-July reported that Ghana recorded a 169.7% increase in export trade flow in the fourth quarter (Q4) of 2025.

The surge was attributed to higher prices of key exports, including gold, oil and cocoa, as well as strong demand from Asian countries.

Between October and December 2025, Ghana earned GH¢108.6 billion from exports and spent GH¢61.4 billion on imports, resulting in a GH¢47.2 billion trade surplus.

“This represents a substantial increase from the GH¢17.5 billion surplus recorded in Q3 2025,” the report said.

In US dollar terms, Ghana’s total trade in Q4 2025 was valued at US$15.1 billion. Exports accounted for US$9.7 billion, representing about 64% of total trade during the period.

The export performance 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.

Cocoa beans and crude petroleum were among the other major commodities contributing to the country’s export earnings, although their values remained significantly below that of gold.

The data highlights Ghana’s continued dependence on a relatively small number of major export commodities, particularly gold.

Asia emerged as Ghana’s leading export destination, accounting for 53.4% of total exports. The region purchased more than half of everything Ghana exported during the period, more than twice the share recorded by Europe.

India and the United Arab Emirates were the biggest individual buyers of Ghanaian exports. Together, the two countries accounted for almost half of the country’s export earnings.

“Asia led with over half (53.4%) of total exports,” the report stated, underscoring the region’s growing importance to Ghana’s trade network.

Despite the strong growth in export earnings, the report noted that the increase was driven largely by higher commodity prices rather than a significant rise in the volume of goods exported.

When the effect of price increases is removed to reflect real economic activity, Ghana recorded a trade deficit, with real exports valued at GH¢30.0 billion compared with GH¢31.7 billion in imports.

“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.