Ghana recorded a trade surplus of GHC16.7 billion in the third quarter of 2025, according to the Ghana Statistical Service.

This represents a decline from the GHC29.5 billion surplus recorded in the second quarter, despite continued strong export performance.

Total trade for the period stood at GHC145.0 billion, with exports valued at GHC80.8 billion and imports at GHC64.1 billion.

Gold remained the country’s leading export, accounting for 73.4% of total exports, with earnings of GHC59.2 billion. Crude petroleum followed at GHC5.9 billion.

The GSS noted that export earnings remain highly concentrated, with the top five products contributing over 85% of total exports.

On the import side, fuel products dominated, with gas oil and motor spirit recorded at GHC8.1 billion and GHC3.5 billion respectively.

Asia continued to be Ghana’s main trading partner, accounting for more than half of export destinations and nearly half of import sources. India and the United Arab Emirates were the leading export markets, while China remained the top source of imports.

Ghana also maintained a trade surplus with African countries, driven largely by gold exports.

However, the GSS indicated that when adjusted for inflation, the country recorded a real trade deficit, with exports at GHC27.6 billion and imports at GHC33.1 billion.

The report also showed declines in export and import prices, and warned of risks associated with Ghana’s reliance on a narrow export base.

It recommended diversification, expansion of export markets and increased trade under the African Continental Free Trade Area.