Central bank data shows energy costs rising while trade surplus reaches record levels
Ghana’s petroleum import expenditure reached $3.7 billion by August 2025, reflecting sustained domestic energy demand despite the country achieving its strongest trade performance in recent years, according to Bank of Ghana statistics.
The oil import figure represents a significant portion of Ghana’s total import bill, though it remains substantially lower than the $10.2 billion spent on petroleum products in 2024. Oil imports accounted for $3.7 billion, a sharp decline from $10.2 billion in 2024, indicating improved efficiency in energy procurement or reduced consumption patterns.
Non-petroleum imports reached $8 billion in August 2025, up from $7 billion in the corresponding period last year, demonstrating continued economic activity across manufacturing, consumer goods, and industrial sectors. The increase suggests steady demand for machinery, raw materials, and finished products necessary for Ghana’s economic operations.
Despite rising import costs, Ghana maintained exceptional export performance that drove the country to a record trade surplus. Ghana has posted a trade surplus of $6.2bn in the eight months of 2025, buoyed by robust gold exports and stronger cocoa receipts, according to central bank officials.
Gold exports dominated Ghana’s revenue streams, with the precious metal generating substantial foreign exchange earnings that offset energy import costs. The mining sector’s performance has been particularly strong, with gold prices maintaining favorable levels throughout 2025.
Cocoa exports also contributed significantly to the positive trade balance, with the agricultural commodity showing remarkable recovery. Total exports rose by 49.9% year-on-year in the first two months of 2025, with gold up 63% and cocoa up by 126%, demonstrating the strength of Ghana’s traditional export sectors.
The country’s energy import patterns reflect broader economic dynamics, including transportation fuel demand, electricity generation requirements, and industrial consumption. Ghana’s refineries and thermal power plants rely heavily on imported petroleum products to meet domestic energy needs.
Bank of Ghana Governor Dr. Johnson Asiama highlighted the positive trajectory of Ghana’s external sector, noting that gross international reserves reached $10.7 billion by August 2025. This reserve level provides substantial buffer against external shocks and supports the country’s ability to finance essential imports including energy products.
The energy import bill occurs against the backdrop of Ghana’s ongoing efforts to diversify its energy mix and reduce dependence on imported petroleum. Ghana’s crude oil production has declined for the fifth consecutive year, dropping from a peak of 71.44 million barrels in 2019 to 48.25 million barrels in 2024, necessitating increased imports to meet consumption demands.
Major energy companies have announced new investments in Ghana’s oil and gas sector, with significant funding allocated for drilling operations in the Jubilee and TEN fields. These developments could potentially reduce future import requirements as domestic production capacity expands.
The trade surplus achievement represents a remarkable turnaround for Ghana’s external sector, providing fiscal space for essential imports while strengthening the country’s balance of payments position. Strong commodity exports have enabled Ghana to maintain economic stability despite global energy price pressures.
Ghana’s export diversification strategy continues showing results, with non-traditional exports including processed foods, horticultural products, and manufactured goods contributing $1.87 billion to total export earnings. This diversification helps reduce the economy’s vulnerability to single commodity price fluctuations.
The energy import expenditure underscores the importance of Ghana’s renewable energy initiatives and energy efficiency programs aimed at reducing long-term dependence on imported petroleum products. Government policies promoting solar, wind, and hydroelectric power generation could significantly impact future energy import requirements.
