Ghana Records $5.57bn Trade Surplus in H1 2025, Up 307% YoY
Ghana recorded a significant trade surplus of US$5.57 billion in the first half of 2025, marking a 307.4% increase compared to the US$1.367 billion registered in the same period last year.
The surplus, driven largely by robust export performance—particularly in gold and cocoa—comes amid a relatively stable import bill.
According to data published by the Bank of Ghana, total exports for the period amounted to US$13.79 billion, far exceeding imports which stood at US$8.225 billion by end-June 2025.
Gold exports dominated the earnings, contributing US$8.38 billion on the back of elevated global gold prices during the review period. Cocoa exports followed with proceeds of US$2.167 billion, while crude oil exports accounted for US$1.364 billion. Non-traditional exports made up the remaining US$1.87 billion.
On the external sector front, Ghana’s gross international reserves stood at US$11.12 billion as of end-June 2025, providing approximately 4.8 months of import cover. Net international reserves were recorded at US$8.88 billion.
The current account balance was in surplus at US$3.34 billion, reflecting the strength in the trade balance. The financial account, which captures capital inflows and outflows, recorded a surplus of US$1.596 billion.
The strong external position is expected to ease pressures on the local currency and support Ghana’s ongoing macroeconomic stabilisation efforts.
