Gold concentration exposes Ghana to export risks – GSS

Ghana's gold exports now represent 63.1% of the country's total exports, up from 38.5% in 2004, according to the Ghana Statistical Service (GSS). This trend of greater export concentration, rather than diversification, was highlighted in the GSS's report, "Ghana's Merchandise Trade Statistics 2004-2025: Two Decades in Review," presented in Accra.

Dr Alhassan Iddrisu, the Government Statistician, noted that while gold has become the dominant export earner, surpassing the combined revenues of cocoa and crude oil in 2025, it also poses significant risks to the economy. "Gold is our anchor, but at the same time it is our greatest exposure," Dr Iddrisu stated. His warning underscores the vulnerabilities that come with such a heavy reliance on a single commodity.

The report further showed that Ghana's total 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. However, this growth was primarily fueled by gold, crude oil, and cocoa, which together accounted for approximately 75% of exports from 2011. Traditional exports have remained dominant, with cocoa's share increasing from 9.8% in 2004 to 27% in 2025, and edible fruits and nuts growing from 6.1% to 12.1%.

Dr Iddrisu called for enhanced value addition in gold and cocoa, along with greater support for non-traditional exports. He urged policymakers and businesses to diversify the export base to mitigate the risks of external shocks and enhance long-term economic resilience. The report recommended expanding manufacturing, agro-processing, and other value-added industries to foster a more diversified and sustainable export sector.