Gold concentration exposes Ghana to export risks – GSS

In 2025, gold constituted 63.1% of Ghana's total exports, revealing a growing concentration in the nation's export revenues. This proportion had surged from 38.5% in 2004, as reported by the Ghana Statistical Service (GSS) in their comprehensive review of the country's trade statistics over the past two decades. During a presentation in Accra, Dr Alhassan Iddrisu, the Government Statistician, conveyed that Ghana's export earnings had become more concentrated rather than more diversified over this period.

He highlighted that gold exports in 2025 amounted to US$20.2 billion, surpassing the combined earnings from cocoa and crude oil.

Dr Iddrisu emphasized that gold serves as Ghana's anchor but also represents its greatest exposure. He pointed out that dependence on a single commodity exposes the economy to volatility in global prices. "When one product carries an economy, a swing in its world price is felt by everyone, from the national treasury to traders and households," he cautioned.

The GSS report further revealed that Ghana's overall merchandise trade expanded from US$6 billion in 2004 to US$52.5 billion in 2025, with exports growing from US$1.9 billion to US$32 billion. The majority of this growth was driven by gold, crude oil, and cocoa, which together comprised approximately 75% of Ghana's exports from 2011. Despite these figures, non-traditional exports also experienced growth, although traditional commodities still dominated the export landscape.

Cocoa products, for instance, saw their share of exports rise from 9.8% in 2004 to 27% in 2025, while edible fruits and nuts increased from 6.1% to 12.1% during the same period. Dr Iddrisu advocated for enhanced value addition in gold and cocoa, alongside bolstered support for non-traditional exports. He urged policymakers and businesses to diversify the country's export base to mitigate vulnerability to external shocks and fortify long-term economic resilience.

The report underscored that expanding manufacturing, agro-processing, and other value-added industries would contribute to a more diversified and sustainable export sector.