Ghana ended 2025 on a strong external footing, posting a remarkable US$31.1 billion in export earnings, a sharp increase from the US$19.1 billion recorded in 2024.
Figures from the Bank of Ghana’s Summary of Economic and Financial Data, released on January 27, 2026, show that the surge was largely propelled by gold exports, which firmly anchored the country’s external performance. Gold earnings soared to US$20.0 billion in 2025, nearly doubling the US$10.3 billion achieved the previous year, and accounting for the bulk of the growth in merchandise exports.
Cocoa exports also staged a significant rebound, bringing in US$3.8 billion—twice the US$1.9 billion earned in 2024. This strong showing has attracted attention across the cocoa industry, particularly against the backdrop of declining global cocoa prices during the period.
By contrast, oil export receipts declined to US$2.6 billion in 2025 from US$3.8 billion a year earlier, reflecting softer global crude prices. Other non-traditional exports contributed a combined US$3.6 billion to total export earnings.
Import Bill and Trade Balance
On the import front, Ghana’s total import bill stood at US$17.4 billion in 2025. Oil imports rose to US$5.1 billion from US$4.6 billion in 2024, while non-oil imports increased to US$12.3 billion, up from US$10.7 billion.
The strong export growth, coupled with relatively moderate import expansion, resulted in a significant improvement in the trade balance, which recorded a surplus of US$13.6 billion.
Reserves and External Buffers Strengthen
Ghana’s improved trade performance translated into stronger external buffers. Gross international reserves climbed to a record US$13.8 billion in 2025, enhancing the country’s ability to withstand external shocks.
The current account balance also saw a major turnaround, closing December 2025 at over US$9.0 billion, compared with US$1.5 billion (1.8 percent of GDP) in 2024.
The Bank of Ghana attributed this improvement largely to the trade account surplus of US$13.7 billion, up from US$3.8 billion in the previous year, driven by a 62 percent increase in exports and a 103 percent surge in gold export revenues.
The data further indicate that Ghana’s economy, in nominal terms, was valued at about US$1.4 trillion, highlighting the growing scale of the country’s economic footprint on the global stage.
