Ghana posts $17bn export earnings as gold and cocoa offset oil slump
Ghana’s export earnings reached $17bn in the eight months to August, buoyed by a surge in gold and cocoa shipments that more than offset weaker oil exports, according to data published by the Bank of Ghana on Monday.
Gold sales rose to $11.7bn, up from $6.6bn a year earlier, underscoring the metal’s role as the country’s main foreign exchange earner. Cocoa exports nearly tripled to $2.4bn, driven by higher prices and favourable supply conditions. By contrast, oil revenues fell to $1.8bn from $2.7bn in the same period of 2024.
Imports over the January–August period stood at $11.7bn, up from $10.7bn a year ago, with non-oil imports climbing to $8bn. Oil imports fell sharply to $3.7bn from $10.2bn, reflecting lower global energy costs and domestic demand moderation.
The dynamics pushed Ghana’s trade surplus to $6.1bn, strengthening the external balance and helping to support the local currency.
Gross international reserves closed August at $10.7bn, equivalent to around 4.5 months of import cover, down from $11.1bn in June. Bank of Ghana governor Johnson Asiama said the “robust performance in gold exports and higher cocoa receipts” had underpinned reserves despite softer remittance inflows and seasonal pressures on the cedi.
The currency has appreciated about 21 per cent against the dollar year-to-date, making it one of the best-performing currencies globally in 2025.
