Dr. Alhassan Iddrisu
Ghana’s merchandise trade has grown nearly ninefold in 21 years, rising from US$6.0 billion in 2004 to US$52.5 billion in 2025, new data from the Ghana Statistical Service (GSS) shows.
Released by Government Statistician, Dr. Alhassan Iddrisu, the ‘Merchandise Trade Statistics 2004–2025: Two Decades in Review’ shows total trade in cedi terms expanded over a hundredfold, from GH¢5.4 billion to GH¢654.7 billion over the period.
The data was compiled from the Ghana Revenue Authority (GRA) Customs Division’s Integrated Customs Management System (ICUMS) under United Nations International Merchandise Trade Statistics (IMTS 2010) standards.
From Deficit to Surplus
The report highlights a major shift in Ghana’s trade balance. For most of the last two decades Ghana was a net importer. In 2004, exports made up just 32.1% of total trade.
That changed in 2023. By 2025, exports accounted for 61.3% of trade at US$32.0 billion / GH¢401.5 billion, while imports fell to 38.7% at US$20.5 billion / GH¢253.2 billion.
Ghana recorded a trade surplus in only 7 of the 21 years: 2011, 2014, 2018, 2019, 2023, 2024 and 2025. The surplus jumped from GH¢5.3 billion in 2023 to GH¢44.7 billion in 2024, before hitting a record GH¢148.3 billion / US$11.51 billion in 2025.Gold Leads Export Boom
The export basket remains dominated by three commodities: gold, crude oil and cocoa beans. Together they have accounted for about 75% of exports since 2011, up from 64.5% in 2004.Gold is now the single biggest earner.
Its share of total exports rose from 38.5% in 2004 to 63.1% in 2025, generating a record US$20.2 billion / GH¢250 billion. That is more than cocoa and oil combined.
“Export volumes fluctuated between 5 and 8 million ounces from 2004–2018, dipped to 3 million ounces in 2021, and recovered to 7 million ounces in 2025, confirming that skyrocketing global prices, rather than volume growth, drove the export boom,” Dr. Iddrisu said.
Cocoa’s share declined from 29.3% in 2004 to 14.0% in 2025. But in dollar terms, cocoa bean exports rose from US$498 million to US$2.51 billion, while total cocoa exports including processed products hit a record US$4.2 billion.
Crude oil, which entered exports in 2011, peaked at 32.5% in 2014 and now stands at 8.8%. Non-traditional exports also grew. Processed cocoa rose to 27.0% of exports, edible fruits and nuts doubled to 12.1%, and plastics climbed to 8.5%.Trade Partners Shift to Asia
Geographically, Asia has overtaken Europe. Asia’s share of exports rose from 7.9% in 2004 to 50.1% in 2025, while Europe’s fell from 51.2% to 26.8%. The UAE is now Ghana’s top export market with 40.8%.On the import side, fuel, machinery and vehicles dominate. Mineral fuels peaked at 32.1% in 2023 and stood at 25.7% in 2025. Asia also leads import sources with a 48.4% share.
Sea transport still carries over 90% of imports, while air transport’s share of exports jumped to 63.4% in 2025, driven by high-value gold shipments.
Ghana remained a net food importer in 19 of the 21 years, but recorded a GH¢8.5 billion food surplus in 2025.
By Janet Amponsah