Exports Hit $23.3bn as Gold-Led Surge Drives Trade Balance to $8.53bn — BoG Data
Ghana’s export earnings have recorded a strong surge this year, reaching $23.3 billion between January and October 2025, according to the Bank of Ghana’s latest Summary of Economic and Financial Data released in November. The figure represents a sharp rise from the $7.02 billion reported at the end of the first quarter.
On a year-on-year basis, total exports increased by $7.7 billion, underscoring the resilience of the country’s external sector despite global price volatility and domestic economic pressures.
The growth in export receipts was anchored by Ghana’s three leading commodity exports – gold, cocoa, and crude oil. Gold remained the dominant foreign exchange earner, raking in $15.25 billion by end-October 2025, supported by elevated global prices. Cocoa exports totalled $2.81 billion, while crude oil contributed $2.20 billion. Other exports accounted for the remaining $3.05 billion.
Imports also rose significantly over the ten-month period, reaching $14.79 billion, up from $3.72 billion recorded at end-March 2025. On a year-on-year basis, imports increased by $1.98 billion, driven by higher demand for both oil and non-oil products. Oil imports amounted to $4.39 billion, with non-oil imports valued at $10.39 billion.
The strong export performance relative to imports resulted in a robust trade surplus of $8.53 billion, representing 9.7% of GDP, the report indicated. This marks one of the strongest trade positions Ghana has posted in recent years and provides crucial support to the country’s balance of payments.
Analysts note that the sustained rise in gold earnings, bolstered by global investor interest in safe-haven assets, has been pivotal in strengthening Ghana’s external buffers. The Central Bank is expected to monitor how these trends evolve in the final months of the year, particularly as cocoa production faces ongoing supply challenges and oil output remains subject to global market shifts.
The sizeable trade surplus, however, is expected to ease currency pressures and support the broader macroeconomic stability outlook heading into 2026.
