Ghana’s Oil Export Share Slips to 10%, Overtaken by Gold and Cocoa

ACCRA — Ghana’s oil sector continues its retreat from dominance, contributing just 10.4% to the nation’s total merchandise exports in April 2025, according to the latest figures from the Bank of Ghana. The sharp decline signals a shifting trade dynamic in which gold and cocoa are reclaiming center stage, Accra Street Journal reports.

Oil exports totaled $972 million out of $9.33 billion in overall exports last month — a far cry from gold’s commanding $5.2 billion and cocoa’s solid $1.84 billion. The Accra Street Journal notes this trend reflects not only market forces but also long-standing structural issues in Ghana’s petroleum sector.

The downward trajectory has been steady: oil accounted for 18.9% of export earnings in December 2024, dropped to 11.3% in March 2025, and has now slid further to 10.4% in April. In comparison, gold surged to an impressive 56.2% share, thanks to rising global prices, while cocoa maintained nearly 20%.

“This data highlights a broader transformation,” Accra Street Journal analysts said. “Ghana’s economy is recalibrating around sectors that offer better value and international price strength.”

Imports Tell a Similar Story

The decline in oil’s prominence isn’t confined to exports. On the import side, oil-related products are also fading in significance. Oil made up 30.1% of Ghana’s imports in December 2024, but that figure had fallen to 23.5% by April 2025, even as total imports grew.

Analysts at Accra Street Journal suggest that shifting energy consumption patterns, possible restructuring of import supply chains, and growing investor confidence in gold and cocoa are all contributing factors.

Structural Challenges Loom Large

Despite its potential, Ghana’s oil sector continues to battle deep-rooted issues — chief among them, the lack of domestic refining capacity. The country still exports crude and imports refined petroleum products, an imbalance that remains costly.

Efforts to revive the Tema Oil Refinery and implement modular refining solutions through private partnerships have faced multiple delays. Policy uncertainty and infrastructure gaps have slowed progress, undermining the sector’s competitiveness.

Until Ghana can process its crude domestically, the oil trade will remain both costly and vulnerable to price swings,” Accra Street Journal warned in an earlier analysis.

Gold and Cocoa Steal the Spotlight

In contrast, gold has benefited from a global price rally, driven by investor demand for safe-haven assets amid geopolitical uncertainties. Ghana’s gold exports soared by over 22% year-to-date, according to Bank of Ghana data cited by Accra Street Journal.

Cocoa exports have also remained resilient, boosted by favorable harvests and rising global demand. Together, these sectors are helping Ghana diversify its export base and weather fluctuations in oil-related revenues.

As the country grapples with its next economic chapter, oil’s waning export dominance — once unthinkable — may now be the clearest sign of a broader shift in Ghana’s trade priorities.

Last Updated on March 9, 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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