Ghana’s Import and Export Market Explained: Structure, Trends, and Strategic Position in West Africa

Ghana’s trade architecture is undergoing a profound transformation, driven by record gold revenues, shifting geopolitical alliances, and an ambitious push toward value addition. In 2025, the country recorded its strongest external trade performance in history, with total exports reaching US$31.1 billion and a trade surplus of US$13.6 billion . Yet beneath these headline numbers lies a more complex story—one of persistent structural challenges, concentrated export baskets, and a strategic repositioning within the African Continental Free Trade Area (AfCFTA).

This profile examines Ghana’s import and export market in depth, exploring how the country makes money, where its goods go, what it buys, and what these patterns mean for investors, businesses, and policymakers.

Executive Introduction

Ghana has long been a trading nation, serving as a commercial gateway to West Africa. Its ports at Tema and Takoradi handle millions of tonnes of cargo annually, connecting landlocked neighbours like Burkina Faso, Mali, and Niger to global markets. But Ghana’s trade story is not merely about transit; it is about the commodities that underpin its economy—gold, cocoa, and oil—and the growing recognition that this model must evolve.

The country’s export earnings surged to a record US$31.11 billion in 2025, driven primarily by a 103 percent spike in gold export revenues to approximately US$20 billion . Non-traditional exports also reached a milestone, crossing US$5 billion for the first time . On the import side, China cemented its position as Ghana’s largest supplier, accounting for 23.3 percent of all goods brought into the country in the fourth quarter of 2025 .

However, economists and policymakers have issued stark warnings: Ghana’s trade model remains heavily concentrated in raw commodities, dominated by a few large firms, and insufficient to drive broad-based job creation . The government has set an ambitious agenda to shift from exporting raw materials to processing domestically, with targets including processing at least 50 percent of cocoa within Ghana .

This THSB report provides a comprehensive breakdown of Ghana’s import and export market, analysing trade flows, key partners, commodity structures, and the strategic initiatives shaping the country’s trade future.

Ghana’s Export Market: Structure, Partners, and Commodities

Export Performance Overview

Ghana’s export sector delivered a record performance in 2025, with total export earnings reaching US$31.1 billion, a sharp increase from US$19.1 billion in 2024 . This performance translated into a trade surplus of approximately US$13.6 billion, up from US$3.8 billion the previous year . The surplus was underpinned by a 62 percent increase in exports, with gold alone accounting for the lion’s share of growth .

The Ghana Statistical Service reported that in the fourth quarter of 2025 alone, exports were valued at GH₵108.6 billion, compared to imports of GH₵61.4 billion, resulting in a quarterly trade surplus of GH₵47.2 billion . This represented a sharp increase of 169.7 percent from the GH₵17.5 billion surplus recorded in the third quarter .

Source: Bank of Ghana Summary of Economic and Financial Data 

Key Export Commodities

Gold remains the undisputed backbone of Ghana’s export sector. In 2025, gold bullion exports reached approximately US$20 billion, more than doubling from US$10.3 billion in 2024 . In the fourth quarter of 2025, gold accounted for 66.9 percent of total exports, valued at GH₵72.7 billion—more than seven times the value of cocoa beans . For the full year, gold contributed 62.9 percent of total exports .

The surge in gold earnings has been driven largely by price increases rather than higher volumes, pointing to potential vulnerability to global price fluctuations . The government’s establishment of the Ghana Gold Board (GoldBod) has been credited with reforms that supported this performance .

Cocoa remains Ghana’s second-largest export earner, generating US$3.8 billion in 2025, up from US$1.9 billion in 2024 . However, cocoa’s share of total exports has declined relative to gold, reflecting both gold’s extraordinary performance and challenges in the cocoa sector, including climate pressures and disease.

Crude petroleum exports declined in 2025 to US$2.6 billion, down from US$3.8 billion in 2024, reflecting softer international crude prices .

Non-Traditional Exports (NTEs) achieved a significant milestone in 2025, crossing US$5 billion for the first time, representing a 30.7 percent increase over 2024’s US$3.83 billion . Processed and semi-processed products dominated the NTE basket, contributing US$3.09 billion—a 52.78 percent increase—and accounting for 83.47 percent of total NTE earnings . Cocoa derivatives, including cocoa paste, butter, and powder, remained the single largest contributor at 33.18 percent of the NTE export basket .

Agricultural exports grew by 37.82 percent to US$710.3 million, driven by cashew nuts, shea nuts, and bananas, with yam exports recording a remarkable 559 percent increase .

Top Export Destinations

The United Arab Emirates (UAE) has emerged as Ghana’s single largest export destination. Between Q1 and Q4 2025, the UAE accounted for GH₵104 billion, representing 25.9 percent of Ghana’s total exports . This dominance reflects the UAE’s role as a major hub for gold trading and re-exports.

India followed as the second-largest export market with GH₵64.3 billion (16.0 percent), while Switzerland recorded GH₵56.8 billion (14.2 percent) . South Africa ranked fourth with GH₵41.3 billion (10.3 percent), and China completed the top five with GH₵19.6 billion (4.9 percent) .

The top five destinations collectively accounted for more than 70 percent of total export earnings, highlighting Ghana’s continued dependence on a narrow set of markets .

In the fourth quarter of 2025, other key export destinations included the Netherlands at GH₵5.3 billion . The top five destinations for the quarter accounted for 74.8 percent of total exports .

Regional Export Patterns

Asia has tightened its grip on Ghana’s exports, accounting for more than half (53.4 percent) of total exports in Q4 2025—more than double Europe’s share of 24.9 percent . Within Asia, the UAE and India are the dominant recipients of Ghanaian goods.

Europe remained the largest destination for non-traditional exports, generating US$2.29 billion, a 55.34 percent increase . Africa accounted for 30.36 percent of NTE exports, largely driven by intra-ECOWAS trade . North America recorded the highest growth rate at 82.40 percent .

For traditional commodities, the patterns are distinct. Three countries accounted for 91.0 percent of gold exports in 2024: Switzerland (36.5 percent), the UAE (36.5 percent), and South Africa (18.0 percent) . More than half of cocoa beans and products went to four countries: Netherlands (29.3 percent), United States (11.5 percent), Malaysia (7.6 percent), and Spain (7.5 percent) .

Export Concentration: A Structural Concern

Ghana’s export basket has become less diversified over the past decade. Gold, cocoa, and oil continue to dominate, with gold’s share of exports rising from 33 percent in 2013 to 38 percent in 2024, while the share of “other exports” fell from 32 percent to 26 percent .

The concentration extends to firms: the top 10 exporters account for 74 percent of exports, the highest concentration among comparator economies including Kenya, Vietnam, Côte d’Ivoire, and South Africa . While about 40 percent of firms entering the export sector are new entrants, they contribute only 2 percent of export value, and only 10 percent survive beyond three years .

Goosie Tanoh, presidential advisor on the 24-hour economy programme, noted that Ghana’s export structure has changed little over decades: “The only difference between export mix in terms of products today is that oil has taken over timber. Before it was timber, gold and cocoa. There’s no timber, so we have oil, gold and cocoa. And so the argument for diversification is very strong” .

Ghana’s Import Market: Structure, Partners, and Products

Import Overview

Ghana’s total import bill stood at US$17.4 billion in 2025, up from approximately US$14.5 billion in 2024 . Oil imports rose marginally to US$5.1 billion, while non-oil imports increased to US$12.3 billion . In the fourth quarter of 2025 alone, imports were valued at GH₵61.4 billion .

Source: Bank of Ghana 

Key Import Partners

China maintained its position as Ghana’s largest trading partner on the import side, accounting for GH₵14.3 billion, or 23.3 percent of total imports in Q4 2025 . This cements China’s role as the single largest external supplier to Ghana, underscoring the deep trade relationship between the two countries.

The United States followed with GH₵5.3 billion, while the Netherlands, Belgium, and Nigeria also featured among the top import sources .

Asia remained the primary source of imports, contributing 46.8 percent of all goods entering Ghana in Q4 2025, reinforcing its central role in Ghana’s global trade network .

Key Import Products

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 remained significant, reflecting sustained demand for transport and industrial equipment .

For fuels specifically, Ghana’s top import partners in 2023 included the Netherlands, Russian Federation, Belgium, UAE, and Switzerland . The diversity of fuel suppliers reflects Ghana’s efforts to secure competitive pricing and reliable supply.

Vegetable products, a key component of food imports, were sourced predominantly from Vietnam, underscoring the role of Asian markets in supporting domestic consumption .

Structural Gap in Trade

The data highlights a persistent structural gap: Ghana exports largely raw materials but depends on global partners for finished and semi-processed goods, including food supplies . With Asia accounting for nearly half of all imports, the country’s food security and price stability remain closely tied to global trade dynamics .

As Trade Minister Elizabeth Ofosu-Adjare put it: “The old model of exporting raw materials while importing finished goods is one Ghana can no longer accept” .

Trade Policy Framework

Liberalisation and Tariffs

Ghana has progressively reduced tariffs on imported goods, aligning with its commitments under the World Trade Organization (WTO) and ECOWAS. The average tariff rate is around 12 percent, with lower rates for essential goods and higher rates for luxury items . Efforts have been made to reduce non-tariff barriers such as import quotas and licensing requirements .

Export Promotion

The Ghana Export Promotion Authority (GEPA) has been active in enhancing the export potential of non-traditional products, providing support services, market information, and capacity-building programs to exporters . The Accelerated Export Development Programme has been credited with contributing to the 30.7 percent growth in NTEs in 2025 .

Free Zones

Ghana has developed free zones to attract investment in export-oriented industries. Companies operating in these zones enjoy tax incentives, duty-free imports, and other benefits .

Regional Integration

As a member of ECOWAS, Ghana benefits from the ECOWAS Trade Liberalisation Scheme (ETLS), which allows for the free movement of goods within the region . Ghana is also an active participant in the AfCFTA, which aims to create a single continental market for goods and services covering 54 countries with a combined GDP of more than US$3.4 trillion .

Twenty-five countries, including Ghana, have completed the process of finalising their Schedules of Tariff Concessions, outlining how they will eliminate or reduce duties on qualified goods from other countries . Ghana was also one of eight countries that participated in the Guided Trade Initiative, a pilot programme to facilitate trade under AfCFTA .

Investment Incentives

New businesses in key sectors such as manufacturing, agriculture, and tourism can benefit from tax holidays for up to ten years . Importation of machinery and equipment for production purposes often qualifies for customs duty exemptions to encourage industrialisation .

Trade Facilitation

Ghana has implemented a Single Window System to streamline and simplify trade processes, reducing the time and cost of doing business . The government is also advancing the digitalisation of ports with the introduction of artificial intelligence-driven customs and risk assessment systems .

Infrastructure investments include the US$1.5 billion Tema Port Expansion project, the introduction of 24-hour port operations, and plans to position Takoradi Port as a dedicated oil and gas hub . The Boankra Integrated Logistics Terminal in Kumasi aims to bring port services closer to businesses and traders in northern Ghana and strengthen Ghana’s position as a transit corridor for landlocked countries .

Challenges and Risks

Export Concentration

Ghana’s heavy reliance on gold, cocoa, and oil exposes the economy to commodity price volatility. The surge in gold export earnings in 2025 has been largely price-driven rather than volume-driven, raising concerns about vulnerability to global price fluctuations .

Limited Job Creation

Despite record trade surpluses, Ghana’s export sector has failed to generate broad-based employment. Employment growth among exporting firms was negative between 2013 and 2023, while a one percent increase in exports generated only a 0.19 percent increase in employment—the lowest among peer economies studied . Ghana’s employment elasticity of output has fallen from around 0.7 in 2000 to 0.2 in 2024 .

Logistics and Non-Tariff Barriers

Ghana ranked 97th globally on the Logistics Performance Index, reflecting customs delays, multiple inspections, licensing bottlenecks, and high transaction costs . The World Bank found that 93 percent of Ghana’s exports are affected by at least one non-tariff measure, the highest incidence among peer economies reviewed .

Infrastructure Gaps

Despite improvements, gaps in transportation and energy infrastructure pose challenges to trade efficiency . The government’s maritime reforms and infrastructure investments aim to address these gaps .

Regulatory Compliance

Ensuring compliance with international standards remains a challenge for some local producers, affecting their competitiveness in export markets .

Future Outlook and Strategic Direction

Value Addition Agenda

The government has set an ambitious target to process at least 50 percent of cocoa domestically and has installed cocoa grinding capacity exceeding 500,000 metric tonnes . Authorities are also pursuing domestic gold refining and policies to increase local industrial input supply through the Feed the Industry Programme .

AfCFTA Opportunities

The African Continental Free Trade Area presents significant opportunities for Ghana to expand intra-African trade. With Ghana serving as the host of the AfCFTA Secretariat and having completed its tariff concession schedules, the country is well-positioned to benefit from the single continental market . The government aims to leverage this position to attract investment in manufacturing and services.

Digital Services Export

Policymakers and industry players have identified digital services exports as a growing opportunity for formal employment and foreign exchange generation. Ghana’s technology talent pool, political stability, and English-language advantage position the country to become a regional outsourcing hub . The Business Outsourcing Services Association Ghana reports that international outsourcing firms already operating in Ghana have employed more than 2,500 young people, with the broader industry supporting about 6,000 jobs .

Maritime Hub Ambitions

The government is committed to positioning Ghana as the leading maritime hub in West Africa through expanded port infrastructure, improved logistics systems, and digital transformation . The Tema Port Expansion, Takoradi Port development, and Boankra Integrated Logistics Terminal are central to this vision.

Investment Framework Reform

The new Ghana Investment Promotion Authority Bill, passed in 2026, introduces significant changes to the investment framework . Key changes include:

• Annual renewal of registration with the new Ghana Investment Promotion Authority (GIPA)

• Removal of minimum foreign capital requirements for joint ventures with Ghanaians and wholly foreign-owned enterprises

• Reduction of the threshold for trading enterprises from US$1 million to US$500,000

• Introduction of an investor grievance mechanism

• Reform of the Technology Transfer Agreement framework 

THSB Conclusion

Ghana’s import and export market stands at a crossroads. The record trade surplus of 2025 demonstrates the country’s ability to generate substantial foreign exchange, driven largely by gold’s extraordinary price surge. Yet the structural weaknesses in Ghana’s trade model—concentration in raw commodities, limited job creation, and a narrow base of exporting firms—call for urgent and sustained policy action.

The government’s value addition agenda, combined with the opportunities presented by the AfCFTA and digital services exports, offers a path toward a more diversified and inclusive trade model. However, success will require addressing logistics bottlenecks, improving the business environment, and ensuring that trade growth translates into tangible benefits for Ghanaian workers and businesses.

As Trade Minister Elizabeth Ofosu-Adjare observed: “A record surplus is a moment to be proud of, not a destination to settle in” . For Ghana, the challenge ahead is to build on its trade success to create an economy that exports not just commodities, but value, jobs, and sustainable prosperity.

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Samuel Kwame Boadu

Samuel Kwame Boadu is a Ghanaian entrepreneur, writer, and digital consultant passionate about creating impactful stories and business solutions. He is the Founder & CEO of SamBoad Business Group Ltd, a dynamic company with subsidiaries in digital marketing, logistics, publishing, and risk management.