Export Earnings Rise to $11.1 Billion as Gold Strengthens Trade Surplus
Ghana’s export earnings rose to $11.15 billion in the first four months of 2026, supported by strong gold receipts that continue to reinforce the country’s external position despite rising import demand and renewed pressure from oil-related costs.
Latest data from the Bank of Ghana’s May 2026 Summary of Economic and Financial Data show that total exports increased from $9.26 billion in April 2025 to $11.15 billion in April 2026, reflecting the continued strength of Ghana’s commodity export base.
Gold remained the dominant source of foreign exchange inflows, generating $6.86 billion by April 2026, up from $5.25 billion over the same period in 2025. The performance was driven largely by elevated global bullion prices and sustained production from Ghana’s mining sector.
The data confirm gold’s growing importance to Ghana’s macroeconomic stability at a time when the country is seeking to rebuild foreign exchange buffers, support the cedi and strengthen reserve adequacy after the economic crisis of recent years.
Cocoa exports stood at $1.86 billion by April 2026, compared with $1.85 billion a year earlier, showing relative stability in earnings despite volatility in international cocoa prices. Oil exports increased to $1.28 billion, from $908.5 million in April 2025, while other exports rose to $1.15 billion.
The strong export performance helped Ghana maintain a sizeable trade surplus even as imports increased. Total imports rose to $5.87 billion by April 2026, compared with $5.06 billion in April 2025.
Oil imports accounted for a significant portion of that increase, rising to $2.01 billion from $1.62 billion a year earlier. Non-oil imports also increased to $3.86 billion, from $3.44 billion, suggesting that stronger domestic activity may be translating into higher demand for imported goods, inputs and machinery.
Despite the higher import bill, Ghana recorded a trade surplus of $5.28 billion by April 2026, equivalent to 4.4 per cent of GDP. This compares with a surplus of $4.19 billion, or 3.7 per cent of GDP, in April 2025.
The surplus highlights the extent to which gold is cushioning Ghana’s external accounts. Without the strong gold performance, the rise in oil and non-oil imports would have placed greater pressure on the country’s balance of payments and foreign exchange market.
The external buffer position has also improved. Gross International Reserves stood at $13.95 billion in April 2026, equivalent to 5.5 months of import cover, compared with $10.79 billion and 4.7 months of import cover in April 2025. Under the programme definition, reserves stood at $12.09 billion, equivalent to 4.8 months of import cover. The Bank of Ghana also reported that, as at May 18, 2026, total Gross International Reserves had risen further to $14.42 billion, while Net International Reserves stood at $12.43 billion.
Ghana’s gold holdings also increased to 22.3 tonnes in April 2026, from 18.6 tonnes at the end of December 2025. The value of gold holdings rose to $3.47 billion, reinforcing the central bank’s strategy of using gold accumulation as part of its reserve-building framework.
The stronger external position, however, has not fully insulated the cedi from renewed pressure. The local currency had depreciated by 8.4 per cent against the US dollar by mid-May 2026, despite the larger reserve buffer and sizeable trade surplus.
That tension points to a deeper challenge for policymakers: Ghana’s external accounts are improving, but foreign exchange demand remains active, particularly from oil imports, private-sector activity and market expectations.
The commodity outlook also presents a mixed picture. Gold prices remain supportive, with the international price averaging $4,724.1 per fine ounce in April 2026. But Brent crude oil averaged $103.2 per barrel, representing a 67.4 per cent year-to-date increase, raising the risk that oil imports could continue to absorb a larger share of foreign exchange earnings.
