Gold has become Ghana’s biggest export earner, bringing in $20.2 billion in 2025, more than the combined earnings from cocoa and crude oil, according to the Ghana Statistical Service (GSS).

The GSS report released on August 11, 2026 on Ghana’s Merchandise Trade, 2004–2025: Two Decades in Review indicates that Gold made up 63% of Ghana’s total export earnings in 2025, compared with 39% in 2004.

Cocoa exports generated $4.2 billion for the country, while crude oil contributed $3.7 billion. Together, the two commodities earned $7.9 billion, far below gold’s $20.2 billion.

The figures show how much Ghana’s export economy has changed over the past two decades. Gold has steadily become more important, while cocoa’s share of total exports has fallen.

Even though cocoa recorded its highest-ever export earnings in 2025, gold grew much faster, helped by increased production and high gold prices on the world market.

The strong performance of gold also helped Ghana record a large trade surplus and increase its foreign exchange earnings.

Exports now account for 61.3% of Ghana's trade - GSS

However, the GSS warned that relying heavily on gold could expose Ghana to problems if global gold prices fall.

The report therefore recommends that Ghana increase value addition in gold and cocoa, support non-traditional exports and develop more products for export.

Overall, Ghana’s exports grew from $1.9 billion in 2004 to $32 billion in 2025, but the GSS says the country needs to diversify its exports to make the economy more stable.

DR/SA