The United Arab Emirates and India together absorbed more than 40 percent of Ghana’s total exports in 2025, displacing Switzerland from its long-held position at the top of the country’s export destination rankings, according to data compiled by the Ghana Statistical Service (GSS) covering the full four quarters of the year.
Exports to the United Arab Emirates (UAE) reached GH₵104 billion, representing 25.9 percent of total outbound shipments. India followed with GH₵64.3 billion, or 16.0 percent. Switzerland, which had dominated as Ghana’s leading export market in prior years, slipped to third with GH₵56.8 billion and a 14.2 percent share.
South Africa ranked fourth at GH₵41.3 billion, accounting for 10.3 percent, while China completed the top five with GH₵19.6 billion and a 4.9 percent share. Combined, the five countries absorbed 71.2 percent of Ghana’s total export earnings during the year.
The rankings reflect the global mechanics of the gold trade more than any strategic reorientation. Gold exports have been channelled primarily to the UAE, Switzerland, South Africa, and India, which together account for nearly the entire gold export flow. The UAE has grown into one of the world’s leading gold trading and refining hubs, drawing shipments from producers across Africa and redirecting them into broader international markets. The shift in rankings tracks that commercial reality closely.
The concentration of Ghana’s exports within five destinations continues to draw scrutiny from economists. In 2023, approximately 78.4 percent of Ghana’s total foreign trade involved just 10 major partners, a significant increase from 68.6 percent in 2017, showing how Ghana’s trade relationships have become more concentrated rather than more diversified over time. The 2025 figures suggest that trend has continued.
Within Africa, South Africa maintained its position as Ghana’s leading continental export destination, with the GSS noting that intra-African exports reached their highest recorded level in the fourth quarter of 2025, supported by integration efforts under the African Continental Free Trade Area (AfCFTA).
China’s presence in the top five as an export destination is notable given that it simultaneously functions as Ghana’s largest import source, pointing to a gradually more balanced but still asymmetric bilateral trade relationship.
Analysts have repeatedly urged policymakers to reduce dependence on a handful of commodity-driven markets, warning that the current structure leaves Ghana exposed to price shocks and demand shifts beyond its control.
