The Institute of Statistical, Social and Economic Research (ISSER) has stated that the dependence on gold and cocoa leaves Ghana exposed to changes in global commodity prices and production conditions.
The country’s external position strengthened considerably in 2025, with export earnings growing much faster than imports.
The merchandise trade surplus widened from US$3.8 billion to US$13.8 billion, while the current account surplus rose from US$1.6 billion to US$9.4 billion. International reserves also increased, strengthening the country’s foreign exchange position, while the cedi appreciated against major international currencies.
However, ISSER expressed worry in its 2025 State of the Ghanaian Economy Report that the improvement was heavily concentrated in primary commodities, particularly gold and cocoa. Minerals accounted for 68.2% of merchandise exports, highlighting continued export concentration.
It explained that although non-traditional exports grew by 30.7%, Ghana’s export base remained relatively undiversified.
“A strong trade surplus does not necessarily indicate that the economy has become more diversified or internationally competitive”, it warned.
Policy Priorities
ISSER called for diversification of exports through expand manufactured and processed exports to reduce commodity dependence.
Similarly, it wants increased domestic value addition that is the strengthening of processing capacity and linkages between agriculture, mining and domestic industry.
Finally, it urged the country to build external resilience via sustain reserve buffers and the strengthening of export competitiveness while reducing vulnerability to commodity price fluctuations.