ACCRA, August 11, 2026 — Gold has become the dominant driver of Ghana’s merchandise exports, accounting for 63.1 per cent of the country’s total exports in 2025, prompting the Ghana Statistical Service (GSS) to warn that the growing dependence on a single commodity exposes the economy to significant external shocks.
The latest figures were contained in the GSS report, Ghana’s Merchandise Trade Statistics, 2004–2025: Two Decades in Review, which shows that gold’s share of Ghana’s exports has risen sharply from 38.5 per cent in 2004 to 63.1 per cent in 2025.
Gold export earnings alone reached US$20.2 billion in 2025, exceeding the combined export earnings from cocoa and oil, according to the report.
The development has strengthened Ghana’s external trade position, but the GSS says it also presents a major vulnerability because a substantial portion of the country’s export earnings is now tied to the performance of one commodity and developments in the international gold market.
The Government Statistician, Dr Alhassan Iddrisu, said the trade figures demonstrate a significant transformation in Ghana’s position in the global economy but stressed the need for the country to broaden its export base and increase domestic value addition.
The warning comes as Ghana’s merchandise trade has expanded dramatically over the past two decades, with total trade increasing from US$6 billion in 2004 to US$52.5 billion in 2025.
Gold’s growing dominance
The rise in gold’s contribution represents a major shift in the structure of Ghana’s export economy.
In 2004, gold accounted for 38.5 per cent of merchandise exports. By 2025, its share had increased to 63.1 per cent, making the precious metal by far the country’s largest export commodity.
The increase has occurred alongside a decline in the relative contribution of some traditional exports.
Cocoa beans and cocoa products, which accounted for 29.3 per cent of Ghana’s exports in 2004, represented about 14 per cent in 2025. Mineral fuels and oils accounted for 8.8 per cent of exports during the same year.
The figures highlight the extent to which Ghana’s export earnings have become concentrated around gold, even as other sectors continue to contribute to international trade.
The trend is significant because gold prices are determined largely by international market conditions. A sharp fall in global prices could therefore reduce Ghana’s export earnings even if the physical volume of gold exported remains unchanged.
The GSS identified this dependence as a key concentration risk facing the economy.
Record trade surplus recorded
Despite the vulnerability, Ghana recorded a significant improvement in its trade position in 2025.
The country posted a record trade surplus of GH¢148.3 billion, equivalent to about US$11.5 billion, more than three times the GH¢44.7 billion surplus recorded in 2024.
The figures indicate that Ghana exported substantially more goods than it imported during the year, with the strong performance of gold exports playing an important role.
The structure of total merchandise trade has also changed considerably.
In 2004, exports represented only 32.1 per cent of Ghana’s total trade, while imports accounted for 67.9 per cent. By 2025, exports had risen to 61.3 per cent of total trade, while the share of imports had fallen to 38.7 per cent.
Total trade in cedi terms also increased from GH¢5.4 billion in 2004 to GH¢654.7 billion in 2025.
Ghana exported goods to 163 countries and imported from 216 countries during 2025, reflecting the broad geographical reach of the country’s trading activities.
GSS calls for diversification
While the strong gold performance has helped improve Ghana’s trade balance, the statistical service is cautioning against relying too heavily on raw commodities.
The GSS has called for greater value addition in gold and cocoa processing, expansion of non-traditional exports and stronger support for small and medium-sized enterprises seeking access to international markets.
The recommendations are aimed at ensuring that Ghana does not merely increase the volume or value of commodities it exports but also develops domestic industries capable of processing those commodities into higher-value products.
Such diversification, according to the report, could reduce the economy’s exposure to fluctuations in international commodity prices.
The concern is not entirely new. Previous GSS trade vulnerability analysis has also identified Ghana’s reliance on a small number of primary commodities as a structural weakness. A GSS report noted that gold, crude petroleum and cocoa have historically accounted for a large proportion of Ghana’s exports, leaving the country vulnerable to movements in global commodity markets.
Non-traditional exports show potential
The latest trade review also points to areas where Ghana has made progress in expanding its export portfolio.
The share of cocoa products increased from 9.8 per cent to 27 per cent within the non-traditional export category, while edible fruits and nuts increased their share from 6.1 per cent to 12.1 per cent.
These developments suggest that there is potential for Ghana to reduce its dependence on a few traditional commodities if investment and policy support are directed towards processing, manufacturing and other value-added activities.
Expanding non-traditional exports could also create additional employment opportunities while bringing more foreign exchange into the country.
The GSS has therefore urged policymakers and businesses to use trade data to identify new markets and products that can strengthen the resilience of Ghana’s export sector.
Asia overtakes Europe as largest export destination
The report also highlights a significant change in the geographical pattern of Ghana’s international trade.
Asia has overtaken Europe as Ghana’s largest export destination, accounting for 50.1 per cent of the country’s exports in 2025, compared with just 7.9 per cent in 2004.
Europe’s share, meanwhile, fell from 51.2 per cent in 2004 to 26.8 per cent in 2025.
Asia has also become increasingly important on the import side, accounting for 48.4 per cent of Ghana’s imports in 2025, up from 26.9 per cent in 2004.
China remained Ghana’s largest source of imports during the period.
The shift demonstrates how Ghana’s trading relationships have changed over the past two decades, with emerging Asian markets playing a much larger role in the country’s international commerce.
Africa records trade surplus
Ghana’s trade relationship with the African continent also strengthened during 2025.
The country recorded a GH¢34.7 billion trade surplus with African countries, indicating that Ghana exported more goods to the continent than it imported from its African trading partners.
The development provides further evidence of opportunities for Ghana to expand regional trade and reduce its dependence on distant international markets.
The African Continental Free Trade Area also presents opportunities for Ghanaian businesses to expand into other African markets, particularly if domestic producers can improve competitiveness, quality and production capacity.
Import dependence remains a concern
While gold has become Ghana’s dominant export, the country’s import structure reveals another challenge.
Fuel purchases accounted for 26 per cent of Ghana’s total imports in 2025, highlighting what the GSS described as a structural challenge in which Ghana exports crude oil while importing refined petroleum products.
The situation means that gains from commodity exports can be offset by substantial import requirements, particularly when international energy prices rise.
The GSS has consequently emphasised the importance of increasing domestic production and processing to reduce Ghana’s dependence on imported goods.
The broader objective is to build an export economy that is not overly dependent on raw commodities or vulnerable to sudden changes in international prices.
Call for a broader export base
The latest GSS figures present a mixed picture of Ghana’s trade performance.
On one hand, the country has recorded a dramatic increase in merchandise trade, achieved a record trade surplus and strengthened its position as an exporting economy.
On the other hand, the increasing dominance of gold means that a significant proportion of those gains remains tied to one commodity.
The GSS is therefore urging Ghana to use the current strength in its external trade position as an opportunity to invest in diversification, domestic processing and the development of new export industries.
For Ghana, the challenge now is not simply to export more, but to build an export structure capable of generating foreign exchange across a wider range of commodities and industries.
With gold accounting for more than three-fifths of exports, the latest trade data has placed the issue of export diversification and value addition firmly at the centre of Ghana’s economic policy debate.