Ghana records first trade surplus in nearly two decades as exports overtake imports

Ghana’s merchandise exports overtook imports in 2025 for the first time in almost 20 years, according to a new report from the Ghana Statistical Service (GSS).

The publication, Ghana’s Merchandise Trade Statistics 2004–2025: Two Decades in Review, found that exports represented 61.3% of the country’s total merchandise trade last year. That compared with 32.1% in 2004.

Imports, meanwhile, accounted for 67.9% of total trade at the start of the period covered by the report, but their share fell to 38.7% in 2025.

Government Statistician Dr Alhassan Iddrisu said Ghana sold more goods internationally than it bought from overseas markets in only seven of the 21 years examined.

The report identified 2023 as the key turning point, when Ghana returned to a trade surplus. The country has remained in positive territory in each year since then.

Ghana’s surplus stood at GHS 5.3bn in 2023 before increasing sharply to GHS 44.7bn in 2024. It reached a record GHS 148.3bn in 2025.

The figures show a major expansion in the value of Ghana’s exports over the two decades. Merchandise exports rose from US$1.93bn in 2004 to US$32bn last year.

Imports also increased in absolute terms during the same period, rising from US$4.09bn to US$20.5bn. However, export growth was substantially greater, helping to produce the country’s recent trade surpluses.

Overall merchandise trade grew from US$6bn in 2004 to US$52.5bn in 2025.

Dr Iddrisu said the improvement in the trade balance had strengthened Ghana’s standing in international commerce and contributed to higher foreign exchange earnings.

He warned, however, that maintaining that progress would depend on expanding the range of goods Ghana sells abroad and increasing the amount of value added to locally produced commodities.

Gold remained the country’s dominant export in 2025, making up 63.1% of total exports, according to the GSS report.

The report called for increased investment in processing industries so that more Ghanaian products could be refined or manufactured before being sold internationally.

It also recommended stronger support for non-traditional exports and measures to help small and medium-sized enterprises gain greater access to export markets.

The findings cover Ghana’s merchandise trade between 2004 and 2025 and were published by the Ghana Statistical Service.

Report by Jibril Abdul Mumuni, Accra