Ghana Posts Record Trade Surplus in Late 2025 as Export Boom Outpaces Imports

Ghana’s external sector closed 2025 on an unusually strong footing, with the country recording a trade surplus of $13.7 billion in the fourth quarter, equivalent to 12 percent of gross domestic product (GDP). The performance marks one of the strongest quarterly trade outcomes in recent years and underscores a sharp acceleration in export earnings toward the end of the year.

The Q4 result represents a decisive improvement from the third quarter, when the trade balance stood at $7.7 billion, or 6.8 percent of GDP, highlighting how rapidly Ghana’s export position strengthened as global commodity prices remained elevated.

Gold Anchors Export Expansion

The surge was driven overwhelmingly by exports, which expanded by $10.6 billion quarter-on-quarter, rising from $20.5 billion in Q3 to $31.1 billion in Q4. Gold continued to dominate the export mix, accounting for nearly two-thirds of total export receipts, supported by firm international prices and steady production.

Cocoa and crude oil exports also contributed meaningfully to the gains. Cocoa benefited from improving supply conditions and resilient global demand, while oil exports reflected both price stability and sustained output levels.

Together, the three commodities reinforced Ghana’s traditional role as a commodity-led exporter, while delivering unusually strong foreign exchange inflows late in the year.

Imports Rise, but at a Slower Pace

Imports increased during the quarter, but far more modestly than exports. Total imports rose by $4.6 billion, reaching $17.5 billion by the end of December.

Non-oil imports—covering machinery, intermediate goods, and consumer products—continued to account for the largest share of the import bill, reflecting ongoing domestic demand and industrial activity. Oil imports, while still significant, remained contained relative to the scale of export growth.

The divergence between export and import growth rates proved decisive, allowing the trade surplus to widen sharply.

Trade Balance Swells Relative to GDP

Measured against the size of the economy, the Q4 trade surplus represents a 78 percent increase relative to Q3, signalling that Ghana exported far more value than it imported in proportion to GDP.

Such an outcome is rare for an economy that has historically faced persistent trade and current account pressures, and it marks a notable shift in the external sector narrative.

Why the Numbers Matter

A strong trade surplus carries implications well beyond headline figures. Higher export earnings can help ease pressure on the cedi, support foreign reserve accumulation, and improve Ghana’s capacity to finance infrastructure and industrial investment without excessive reliance on external borrowing.

It also provides a buffer against global volatility, particularly in periods of tightening international financial conditions, and strengthens confidence in macroeconomic management.

A Moment of Optimism, With Caveats

While the Q4 figures offer a rare moment of optimism, sustaining such performance will depend on commodity prices, production stability, and the pace of import growth in 2026.

For now, however, the data tell a clear story: Ghana’s exports ran well ahead of imports in the final quarter of 2025, pushing the trade surplus to a record $13.7 billion, or 12 percent of GDP. It stands as the strongest quarterly trade balance the country has recorded in years.

Source: Accra Street Journal

Last Updated on January 28, 2026 by Samuel Kwame Boadu

Samuel Kwame Boadu

Samuel Kwame Boadu is a Ghanaian media entrepreneur and storyteller with a passion for amplifying urban voices and uncovering everyday truths. He is the Editor-in-Chief and Founder of Accra Street Journal, a dynamic digital platform dedicated to capturing the pulse of Ghana’s capital—its people, culture, challenges, business, sports and innovations.

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