Ghana achieved a record US$13.6 billion trade surplus in 2025. This marks the strongest external trade performance in the nation's history. Despite this success, the record trade surplus has not led to widespread job creation in the country.
The growth in exports was mainly due to gold, which generated US$20.98 billion. Global demand and increased volumes further boosted gold exports. However, Ghana's export model remains heavily focused on raw commodities. A small number of dominant firms also control most of the export sector. These factors limit the creation of new employment opportunities.
This situation highlights a critical challenge in Ghana's economic development. The country's merchandise export basket has become less diverse over the past decade. Gold, cocoa, and oil continue to dominate, making the economy vulnerable to global price changes. The lack of diversification means that gains from trade do not spread widely across the economy. This affects employment and long-term industrial growth.
Minister for Trade, Agribusiness and Industry, Elizabeth Ofosu-Adjare, confirmed these figures. She stated that Ghana recorded US$31.11 billion in export receipts in 2025. These remarks were made at a joint World Bank–African Center for Economic Transformation (ACET)–ISSER seminar. Ms. Ofosu-Adjare also cautioned that these gains should not hide deeper structural weaknesses. She noted that the export base remains heavily concentrated in raw commodities.
The government plans to address these issues by moving away from raw material exports. President John Dramani Mahama’s administration aims for an industrial and export-led growth model. This model will focus on adding value to products. Authorities have set a target to process at least 50 percent of cocoa domestically. Ghana has also installed cocoa grinding capacity exceeding 500,000 metric tonnes. Furthermore, efforts are underway to increase local industrial input supply through the Feed the Industry Programme. These initiatives aim to diversify the economy and create more jobs.
Data from the World Bank shows that Ghana’s export sector is highly concentrated. The top 10 exporters account for 74 percent of all exports. This is the highest concentration among peer economies like Kenya and Vietnam. Employment growth among exporting firms was negative between 2013 and 2023. A one percent increase in exports generated only a 0.19 percent increase in employment. This is the lowest among comparable economies studied.
Goosie Tanoh, presidential advisor on the 24-hour economy programme, noted persistent structural constraints. These constraints include issues with financing, infrastructure, and logistics. Lack of finance limits efforts to diversify export products and destinations. Agriculture received only about 5 percent of total credit, despite the sector's importance. Exports accounted for only about 7 percent of credit.
Weak logistics performance and non-tariff measures also hinder Ghana's trade competitiveness. Ghana ranks 97th globally on the Logistics Performance Index. This reflects customs delays and high transaction costs. Around 93 percent of Ghana’s exports are affected by at least one non-tariff measure. This is the highest incidence among peer economies. Technical barriers to trade and sanitary measures are the most common export constraints.
Policymakers also see digital services exports as a new opportunity. David Gowu, CEO of the Business Outsourcing Services Association Ghana, highlights Ghana’s potential in this area. Ghana’s technology talent, stability, and English-language advantage can make it a regional outsourcing hub. Services exports have already grown from US$3 billion to US$9 billion. This sector could offer significant formal employment and foreign exchange.