Ghana’s Export Earnings Soar to $31bn in 2025 on Gold Export Boom

Ghana’s export revenues reached a record $31.1 billion in 2025, largely driven by a surge in gold exports, according to data from the Bank of Ghana.

The central bank’s Summary of Economic and Financial Data, released on January 27, 2026, shows that total export earnings jumped from $19.1 billion in 2024—a 62% year-on-year increase.

Gold remained the country’s dominant export, with revenues more than doubling to $20 billion from $10.3 billion in 2024, despite international price fluctuations. Cocoa exports also grew significantly, rising to $3.8 billion from $1.9 billion, exceeding expectations given the softer global cocoa market.

Oil export earnings fell to $2.6 billion from $3.8 billion the previous year, reflecting weaker crude oil prices, while other exports contributed $3.6 billion.

On the import side, Ghana spent $17.4 billion in 2025, with oil imports rising to $5.1 billion from $4.6 billion and non-oil imports increasing to $12.3 billion from $10.7 billion.

The strong export performance helped push Ghana’s trade balance into a $13.6 billion surplus, a significant improvement from prior years. Gross international reserves hit a record $13.8 billion, while the current account balance exceeded $9 billion, up from $1.5 billion (1.8% of GDP) in 2024.

The Bank of Ghana attributed the improvement to a $13.7 billion trade surplus, led by a 103% increase in gold exports. Ghana’s nominal GDP was valued at $1.4 trillion.