Ghana closed 2025 on a strong external note, recording a US$31.1 billion in export earnings, up sharply from US$19.1 billion in 2024.

According to the Bank of Ghana’s Summary of Economic and Financial Data released on January 27, 2026, the surge was driven overwhelmingly by gold exports, which emerged as the backbone of Ghana’s external performance. Gold earnings climbed to US$20.0 billion in 2025, nearly doubling the US$10.3 billion recorded a year earlier, and accounting for the bulk of the expansion in merchandise exports.

Cocoa exports also posted a strong rebound, generating US$3.8 billion in receipts—double the US$1.9 billion recorded in 2024. This performance has drawn attention within the industry, especially given the decline in global cocoa prices over the period.

In contrast, oil export earnings fell to US$2.6 billion in 2025 from US$3.8 billion the previous year, reflecting weaker global crude prices. Other exports contributed a combined US$3.6 billion to total export earnings.

Import Bill and Trade Balance

On the import side, Ghana’s total import bill reached US$17.4 billion in 2025. Oil imports increased to US$5.1 billion from US$4.6 billion in 2024, while non-oil imports rose to US$12.3 billion, up from US$10.7 billion.

The strong export performance, against relatively moderate import growth, translated into a substantial improvement in the trade balance, which recorded a surplus of US$13.6 billion.

Reserves and External Buffers Strengthen

Ghana’s improved trade position significantly strengthened its external buffers. Gross international reserves rose to a record US$13.8 billion in 2025, providing enhanced cover against external shocks.

The current account balance also improved markedly, ending December 2025 at over US$9.0 billion, compared with US$1.5 billion (1.8 percent of GDP) a year earlier.

The Bank of Ghana attributed the turnaround largely to the trade account surplus of US$13.7 billion, a sharp rise from US$3.8 billion in 2024, underpinned by a 62 percent increase in exports, driven primarily by a 103 percent jump in gold export revenues.

The data further show that Ghana’s economy, in nominal terms, was valued at approximately US$1.4 trillion, underscoring the scale of the country’s expanding economic footprint.