Ghana’s export earnings hit $17bn on back of strong gold and cocoa performance

Ghana’s total export earnings rose to $17 billion by the end of August 2025, driven largely by surging gold and cocoa exports, according to new data from the Bank of Ghana (BoG).

The figures, released in the central bank’s September Economic and Financial Data on Monday, highlight a marked improvement in the country’s external position compared to the same period last year.

Gold remained Ghana’s top export earner, bringing in $11.7 billion between January and August, a sharp rise from $6.6 billion in July 2024. Cocoa also delivered strong gains, with export receipts climbing to $2.4 billion, up from $915 million a year earlier. By contrast, oil exports fell to $1.8 billion, down from $2.7 billion in 2024.

On the import side, Ghana spent $11.7 billion by the end of August to finance goods and services, compared with $10.7 billion during the same period in 2024. Oil imports accounted for $3.7 billion, a significant reduction from $10.2 billion in the previous year, while non-oil imports increased to $8 billion from $7 billion.

The combined effect of higher export receipts and moderated oil imports pushed Ghana’s trade surplus to $6.1 billion.

Gross international reserves ended August at $10.7 billion, down slightly from $11.1 billion in June, but still providing a buffer against external shocks.

Addressing journalists at the Pre-Monetary Policy Committee Meeting, BoG Governor Dr Johnson Asiama said Ghana’s trade performance underscored the resilience of its export sector.

“Our strong trade position and reserves are being driven by robust gold exports and higher cocoa receipts,” he said. “Even with seasonal pressures on the cedi and moderating remittance inflows in recent weeks, the country’s gross international reserves still cover about four and a half months of imports.”

The Governor also touched on the performance of the cedi, stressing that it remains one of the most stable currencies globally in 2025.

“As of September 12, the cedi has appreciated by about 21 percent year-to-date,” Dr Asiama noted. “This performance reflects confidence in the domestic economy and sustained inflows from key exports.”

The BoG’s latest figures provide some relief for policymakers, who have grappled in recent years with volatile commodity markets, exchange rate pressures and a widening current account deficit. While gold and cocoa have lifted export receipts, the fall in oil exports reflects ongoing challenges in the sector, including lower global prices and production shortfalls.

Economists say the decline in oil imports has also played a role in improving the trade balance, easing pressure on the country’s reserves and currency. However, with non-oil imports continuing to rise, sustaining the trade surplus will depend heavily on the performance of Ghana’s primary commodities.

The Bank of Ghana will announce its next monetary policy decision later this month. Analysts expect the strong external sector performance to weigh on the central bank’s outlook, though inflation dynamics and domestic growth concerns will remain key considerations.