Ghana reports US$13.66B trade surplus in 2025 as gold, cocoa exports surge 

GHANA – Ghana recorded a trade surplus of US$13.66 billion in 2025, up sharply from US$9.88 billion in 2024, driven by significant growth in export earnings from gold and cocoa.  

New data released by the Bank of Ghana showed total export receipts reached US$31.11 billion at the end of December 2025, compared with US$19.16 billion during the same period the previous year. 

Gold remained the country’s largest export contributor, with earnings more than doubling to US$20.98 billion in 2025, up from US$10.31 billion in 2024.  

Cocoa exports, including beans and processed products, also recorded strong growth, generating US$3.86 billion compared to US$1.94 billion the previous year. The improvement was attributed to increased export volumes and elevated global cocoa prices. 

Despite the strong performance, the Ghana National Cocoa Farmers Association (GNACOFA) raised concerns over farmer welfare and called for the immediate establishment of an independent welfare fund. The association accused the Ghana Cocoa Board (COCOBOD) of failing to comply with legal provisions requiring a portion of its profits to support farmers. 

In a statement, GNACOFA said, “COCOBOD should not manage or control the welfare of cocoa farmers. Cocoa farmers are private entrepreneurs, not employees of COCOBOD, and therefore their welfare should not be treated as an internal administrative matter of the Board.” 

The association cited Sections 26–27 of PNDC Law 81, which mandate the allocation of 10 percent of annual profits to a Farmers’ Welfare Fund. It said failure to implement the provision has deprived farmers of essential social protections.  

GNACOFA stated, “Farm inputs, including fertilizers and cocoa farmers’ ward scholarships, are mandatory provisions from our off-takers and are not funded from the national consolidated fund or taxpayers’ money. These entitlements must be treated as direct benefits due to farmers.” 

GNACOFA also called for prompt payments to farmers for the 2025/2026 cocoa season and warned that it may pursue legal action if statutory obligations are not met. 

Meanwhile, Ghana recently reduced its farmgate cocoa price to 41,392 cedis ($3,580) per metric ton for the remainder of the 2025/2026 crop season, citing declining global cocoa prices and weakening demand that left significant quantities of unsold beans. 

The government also announced plans to introduce a domestic financing model using cocoa bonds issued by COCOBOD to ensure timely payments to farmers and improve financial stability in the sector. 

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