Ghana’s export earnings climbed to an all-time high of $31.1 billion in 2025, driven largely by a dramatic surge in gold exports, according to newly released data from the Bank of Ghana (BoG).
Figures contained in the central bank’s Summary of Economic and Financial Data, published on 27 January 2026, show total export receipts rose sharply from $19.1 billion in 2024, representing a 62 per cent year-on-year increase.
Gold remained Ghana’s top export, with earnings more than doubling to $20 billion in 2025, up from $10.3 billion the previous year. This performance came despite volatility and generally weaker prices on international commodity markets, further reinforcing gold’s dominant role in the country’s export profile.
Cocoa exports also recorded a strong rebound, with earnings rising to $3.8 billion, compared with $1.9 billion in 2024. Industry analysts described the increase as unexpected, given softer global cocoa prices during the period.
In contrast, oil export revenues declined to $2.6 billion, down from $3.8 billion a year earlier, largely reflecting lower international crude oil prices. Other exports contributed a combined $3.6 billion to total receipts.
On the import side, Ghana spent $17.4 billion in 2025. Oil imports rose to $5.1 billion, up from $4.6 billion in December 2024, while non-oil imports increased to $12.3 billion from $10.7 billion.
The strong export performance pushed Ghana’s trade balance into a surplus of $13.6 billion, marking a significant improvement compared to previous years.
As a result, gross international reserves climbed to a record $13.8 billion, while the current account surplus exceeded $9.0 billion at the end of December 2025. This compares with $1.5 billion, or 1.8 per cent of GDP, recorded at the same time in 2024.
According to the Bank of Ghana, the improvement was driven primarily by a trade surplus of $13.7 billion, up from $3.8 billion in 2024, with gold exports alone increasing by 103 per cent.
Ghana’s economy was valued at $1.4 trillion in nominal terms, underscoring the growing impact of export-led growth on the country’s overall economic performance.
