Ghana’s trade surplus swells to $13.66B on gold and cocoa boom

Ghana recorded a trade surplus of $13.66 billion in 2025, driven by soaring earnings from gold and cocoa exports, the Bank of Ghana has reported.

The surplus represents a significant increase from the $9.88 billion recorded in 2024, underscoring the resilience of the country’s commodity-driven economy despite global uncertainties.

Total export receipts surged to $31.11 billion by the end of December 2025, compared with $19.16 billion in the corresponding period of the previous year, according to the central bank’s latest Monetary Policy Report.

Gold maintains dominant position

Gold remained the cornerstone of Ghana’s export performance, with earnings more than doubling to $20.98 billion from $10.31 billion in 2024.

The Bank of Ghana attributed the remarkable performance to a combination of higher export volumes and favourable global prices. Export volumes rose by 35.7 percent to 6.17 million fine ounces, while the average price of gold jumped 49.9 percent to $3,400.35 per fine ounce.

The price surge reflects heightened global economic uncertainty and ongoing geopolitical tensions, which have driven investors toward safe-haven assets.

Cocoa stage strong comeback

Cocoa exports, including beans and processed products, delivered a robust performance, generating $3.86 billion in 2025 compared to $1.94 billion the previous year.

The improvement was supported by both higher export volumes and elevated world cocoa prices, signalling a recovery in the sector following challenging seasons.

Oil earnings decline

Crude oil export earnings, however, recorded a sharp decline of 32.3 percent, falling to $2.62 billion from $3.87 billion in 2024. The drop reflects lower production volumes or pricing challenges in the hydrocarbons sector, though the report did not provide detailed analysis of the decline.

The trade surplus positions Ghana favourably in terms of external balances, providing buffer for the cedi and supporting foreign exchange reserves as the economy continues its post-pandemic recovery trajectory.