Ghana's merchandise trade has grown nearly ninefold over the past two decades, rising from US$6 billion in 2004 to US$52.5 billion in 2025, according to a new report by the Ghana Statistical Service.
Ghana recorded a record trade surplus of GH¢148.3 billion (US$11.5 billion) in 2025, more than three times the GH¢44.7 billion surplus recorded in 2024.
Presenting the report titled "Ghana's Merchandise Trade Statistics, 2004-2025: Two Decades in Review," Government Statistician Dr Alhassan Iddrisu said the figures reflect a significant transformation in the country's trade position.
"Exports accounted for 32.1 per cent of total trade in 2004, compared with 67.9 per cent for imports. By 2025, exports accounted for 61.3 per cent and imports 38.7 per cent," Dr Iddrisu said.
Gold dominates exports
Gold has emerged as the undisputed heavyweight of Ghana's export sector, with its share climbing 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, outstripping cocoa and oil combined.
Cocoa beans and cocoa products, which accounted for 29.3 per cent of exports in 2004, fell to 14 per cent in 2025, while mineral fuels and oils made up 8.8 per cent.
Non-traditional exports showed promising growth, with cocoa products increasing their share from 9.8 per cent to 27 per cent, while edible fruits and nuts rose from 6.1 per cent to 12.1 per cent.
Asia overtakes Europe
Ghana's trading relationships have fundamentally shifted, with Asia replacing Europe as the country's largest trading partner. Asia accounted for 50.1 per cent of exports in 2025, up from just 7.9 per cent in 2004, while Europe's share fell from 51.2 per cent to 26.8 per cent.
Similarly, Asia's share of imports increased from 26.9 per cent in 2004 to 48.4 per cent in 2025, with China remaining Ghana's largest source of imports.
Record trade activity
Total trade in cedi terms rose from GH¢5.4 billion in 2004 to GH¢654.7 billion in 2025. Ghana exported to 163 countries and imported from 216 countries in 2025. Trade within Africa also strengthened, with Ghana recording a GH¢34.7 billion surplus with African nations.
Concentration risk
The report warns that Ghana's growing dependence on a single commodity exposes the economy to external shocks. A significant decline in international gold prices could have a major impact on export earnings and broader economic performance.
On the import side, fuel purchases accounted for 26 per cent of Ghana's total imports, highlighting the challenge of exporting crude oil while importing refined fuel. The report recommends greater value addition in gold and cocoa processing, expansion of non-traditional exports and support for small and medium enterprises to access international markets.
"Good data tells us where we stand and where we must go," Dr Iddrisu said in the report. "Leaning heavily on a few raw commodities leaves us exposed when global prices swing. The lesson is clear: we must add value at home, widen our export base, and produce more of what we currently import."