Ghana’s gold exports reach 63.1% as GSS warns of rising economic risk

Gold made up 63.1% of Ghana’s total exports in 2025, exposing the country to greater risk from changes in global commodity prices, the Ghana Statistical Service (GSS) has warned.

The proportion of export earnings generated by gold has risen sharply from 38.5% in 2004, according to the GSS report, Ghana’s Merchandise Trade Statistics 2004-2025: Two Decades in Review.

Presenting the report in Accra, Government Statistician Dr Alhassan Iddrisu said Ghana’s export economy had become increasingly concentrated instead of more diversified over the past two decades.

Gold exports generated US$20.2 billion in 2025, surpassing the combined earnings from cocoa and crude oil, he said.

“Gold is our anchor, but at the same time it is our greatest exposure,” Dr Iddrisu said.

He explained that relying heavily on one commodity left the wider economy vulnerable to movements in international markets.

“When one product carries an economy, a swing in its world price is felt by everyone, from the national treasury to traders and households,” he said.

The report recorded a substantial expansion in Ghana’s merchandise trade between 2004 and 2025. Total merchandise trade grew from US$6 billion to US$52.5 billion, while exports increased from US$1.9 billion to US$32 billion over the same period.

However, much of that growth was driven by gold, crude oil and cocoa. Together, the three commodities accounted for about 75% of Ghana’s exports from 2011 onwards.

The GSS said non-traditional exports had also expanded, but traditional commodities continued to dominate the country’s export profile.

Cocoa products increased their share of total exports from 9.8% in 2004 to 27% in 2025. The share of edible fruits and nuts also doubled, rising from 6.1% to 12.1% over the period.

Dr Iddrisu called for more value to be added to Ghana’s gold and cocoa before export, alongside stronger support for non-traditional export industries.

He also urged policymakers and businesses to widen the country’s export base in order to limit the impact of external shocks and build greater long-term economic resilience.

According to the report, investment in manufacturing, agro-processing and other value-added industries would help Ghana develop a more diversified and sustainable export sector.

The findings underline the contrast between the growth in Ghana’s overall trade and the continued dependence on a small number of commodities. While the value of exports has risen considerably since 2004, the report indicates that the structure of those earnings has become more concentrated.

Dr Iddrisu said reducing that dependence would require coordinated action from both government and the private sector, with a focus on expanding industries capable of producing a broader range of export goods.

By Jibril Abdul Mumuni

GNA

Edited by Kenneth Sackey

Reporter: Jibril Abdul Mumuni

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