$13.6bn Trade Surplus Ghana’s Strongest External Trade Performance in History
Ghana has recorded its strongest external trade performance in history, posting a trade surplus of US$13.6 billion in 2025, driven overwhelmingly by a sharp rise in gold exports.
According to Trade Minister Elizabeth Ofosu-Adjare, speaking at a World Bank–ACET–ISSER seminar in Accra, the country’s export sector delivered a significant boost to external stability following a period of fiscal adjustment and macroeconomic correction.
Gross international reserves rose to US$13.8 billion, while the current account surplus expanded dramatically from US$1.5 billion in the previous year to more than US$9 billion, reflecting improved foreign exchange inflows and tighter economic management.
Export earnings reached US$31.11 billion, with gold accounting for the dominant share. Gold receipts more than doubled to US$20.98 billion, supported by higher global prices, increased production volumes, and regulatory reforms in the sector.
Hon. Ofosu-Adjare said the performance demonstrated the effectiveness of recent reforms, particularly in strengthening value retention and tightening oversight of mineral exports.
However, she cautioned that the strength of the external position remains heavily concentrated, with commodities particularly gold continuing to anchor Ghana’s export base.
While the surplus marks a historic milestone, analysts at the seminar noted that reliance on a single dominant export exposes the economy to global price volatility, despite current gains in reserves and external buffers.
The Minister described the result as a “foundation for reset rather than a destination,” signalling that future policy will focus on reducing concentration risks in the export structure.
