Ghana closed 2025 with a record export earnings total of US$31.1 billion, a sharp increase from US$19.1 billion in 2024, according to the Summary of Economic and Financial Data released by the Bank of Ghana on 27 January 2026.
The strong outturn was driven overwhelmingly by gold, underscoring the growing strategic importance of the mineral to Ghana’s external sector and macroeconomic stability.
Data from the central bank show that gold export earnings surged to about US$20 billion in 2025, nearly doubling from US$10.3 billion in 2024.
Gold accounted for the single largest share of export receipts, far outpacing cocoa and oil, and anchoring the country’s strongest export performance on record.
The surge in gold revenues comes against the backdrop of ongoing reforms in Ghana’s gold trading and value chain management, including enhanced state oversight, formalisation of gold flows, and improved value retention through the Ghana Gold Board (GoldBod).
These measures have helped maximise export proceeds, improve traceability, and channel gold earnings more efficiently into the formal economy.
Cocoa followed as the second-largest export earner, generating US$3.8 billion in 2025, up from US$1.9 billion in 2024, despite challenges in global commodity markets. Oil exports, however, declined from US$3.8 billion to US$2.6 billion, reflecting softer international crude prices. Other exports contributed a combined US$3.6 billion.
On the import side, Ghana’s total import bill stood at US$17.4 billion in 2025. Oil imports rose marginally to US$5.1 billion, while non-oil imports increased to US$12.3 billion, up from US$10.7 billion in 2024.
Despite higher imports, the strength of export earnings, particularly from gold pushed Ghana’s trade balance to a surplus of about US$13.6 billion.
The Bank of Ghana data further show that gross international reserves climbed to a record US$13.8 billion by the end of 2025, while the current account balance exceeded US$9.0 billion, a significant improvement from US$1.5 billion (1.8% of GDP) recorded a year earlier.
The turnaround was largely underpinned by a US$13.7 billion trade surplus, compared to US$3.8 billion in 2024, driven by a 62 per cent increase in exports, including a 103 percent spike in gold export revenues.
The performance highlights the central role of gold managed through structured and transparent mechanisms in strengthening Ghana’s external position, supporting reserve accumulation, and reinforcing currency stability.
As Ghana’s economy was valued at about US$1.4 trillion in nominal terms, the data reinforce gold’s position as a strategic pillar of economic resilience and long-term growth.
