The United Arab Emirates (UAE) accounted for GH₵104 billion, representing 25.9 percent of Ghana’s total exports between Q1 and Q4 2025, maintaining its position as the country’s top export destination, according to the latest trade newsletter released by the Ghana Statistical Service (GSS).
India followed as the second-largest export market with GH₵64.3 billion (16.0%), while Switzerland recorded GH₵56.8 billion (14.2%), reflecting strong global demand for Ghana’s key commodities, particularly gold. South Africa ranked fourth with GH₵41.3 billion (10.3%), and China completed the top five with GH₵19.6 billion (4.9%).
The figures highlight Ghana’s continued dependence on a narrow set of export markets, with the top five destinations collectively accounting for more than 70 percent of total export earnings over the period.
In the fourth quarter of 2025 alone, Ghana’s external trade reached GH₵170.1 billion, comprising exports valued at GH₵108.6 billion and imports of GH₵61.4 billion, resulting in a trade surplus of GH₵47.2 billion.
This marks a significant improvement from the GH₵17.5 billion surplus recorded in the third quarter, representing a sharp increase of 169.7 percent, largely driven by rising export values.
Asia Tightens Grip
The dominance of the UAE and India underscores Asia’s growing importance in Ghana’s trade architecture. The continent accounted for more than half (53.4 percent) of total exports in Q4 2025 more than double Europe’s share of 24.9 percent.
Asia also remained the primary source of imports, contributing 46.8 percent of all goods entering the country, reinforcing its central role in Ghana’s global trade network.
Other key export destinations in Q4 2025 included South Africa (GH₵12.1 billion), Switzerland (GH₵11.9 billion), and the Netherlands (GH₵5.3 billion), with the top five destinations accounting for 74.8 percent of total exports during the quarter.
Gold Dominates Export Earnings
Ghana’s export performance continues to be heavily driven by gold, which remains the backbone of the country’s external sector.
In Q4 2025, gold bullion exports were valued at GH₵72.7 billion, accounting for 66.9 percent of total exports. This was more than seven times the value of cocoa beans (GH₵9.6 billion), the second-largest export commodity, and far exceeded crude petroleum exports, which stood at GH₵7.6 billion.
The top five export products, gold, cocoa beans, crude petroleum, cocoa paste, and shea nuts, collectively accounted for 86 percent of total exports, reflecting a high concentration of export earnings in a few primary commodities.
Over the full year, gold alone contributed 62.9 percent of total exports, followed by cocoa beans and crude petroleum, with the three products accounting for nearly 80 percent of export revenue. The report notes that the surge in gold export earnings has been largely driven by price increases rather than higher volumes, pointing to potential vulnerability to global price fluctuations
China Remains Top Import Partner
On the import side, China maintained its position as Ghana’s largest trading partner, accounting for GH₵14.3 billion, or 23.3 percent of total imports in Q4 2025.The United States followed with GH₵5.3 billion, while the Netherlands, Belgium, and Nigeria also featured among the top import sources.
Imports were dominated by mineral fuels and oils, with motor spirit (GH₵6.4 billion) and gas oil (GH₵4.5 billion) leading the list. Vehicle imports also remained significant, reflecting sustained demand for transport and industrial equipment. Despite the strong nominal trade surplus, the report presents a more nuanced picture when adjusted for price changes.
