Ghana’s trade surplus triples to GH¢148.3bn on gold exports
Ghana recorded a trade surplus of GH¢148.3 billion in 2025, more than three times the surplus recorded in 2024, driven by strong gold exports and expanding trade with global markets.
Ghana recorded a trade surplus of GH¢148.3 billion (US$11.5 billion) in 2025, more than three times the surplus recorded in 2024, driven by strong gold exports and expanding trade with global markets. According to the Ghana Statistical Service’s Annual International Merchandise Trade Statistics Report, the country’s total trade reached GH¢654.7 billion (US$52.5 billion), with exports of GH¢401.5 billion exceeding imports of GH¢253.2 billion.
Gold remained Ghana’s largest export, contributing nearly 63% of total export earnings, while cocoa products and mineral fuels also played significant roles. Ghana expanded its trade network, importing from 216 countries and exporting to 163 countries during the year. The country also recorded a GH¢34.7 billion trade surplus with African nations, supported by strong food exports. Despite the positive performance, the report noted Ghana’s continued dependence on primary commodities and imported petroleum products, highlighting the need for greater export diversification and value addition.
The Nigerian stake is clear. Ghana’s trade performance is closely watched in Nigeria, as both countries compete for investment and export markets. Ghana’s success in gold exports is a reminder that Nigeria must diversify its export base to reduce its dependence on oil.
From a Nigerian vantage point, Ghana’s trade surplus is a model and a warning. The model: a country leveraging its natural resources to generate export earnings. The warning: Nigeria’s own export performance has been underwhelming, and the country must do more to diversify.
This echoes Ghana's 2010s trade performance, which also saw the country benefit from commodity exports. The mechanism then was different, but the result was the same: a country benefiting from its natural resources.
The winners: Ghana, which has recorded a significant trade surplus; and the Ghanaian economy, which benefits from export earnings. The losers: Nigeria, which has not achieved the same level of trade performance; and the Nigerian government, which must learn from Ghana’s example.
Bottom Line: Ghana’s trade surplus has tripled, driven by gold exports. Nigeria is watching. The question is whether Nigeria can replicate Ghana’s success or continue to rely on oil.