Ghana’s economy recorded a major boost in the first six months of 2025, as the country posted a trade surplus of $5.57 billion, according to fresh data from the Bank of Ghana. This figure represents a massive 307.4% increase compared to the $1.367 billion surplus recorded during the same period in 2024.
The sharp rise in trade surplus was driven by strong export earnings, especially from gold and cocoa, which remain the backbone of Ghana’s export sector.
In total, Ghana recorded $13.79 billion in exports by the end of June 2025. This came against total imports valued at $8.225 billion, showing a healthy balance in the country’s international trade.
Gold was the top contributor, with $8.38 billion earned from gold exports alone, reflecting rising global gold prices during the first half of the year. The high demand for gold in global markets, coupled with improved local production, played a significant role in boosting the figures.
Cocoa exports also added a solid $2.167 billion to Ghana’s export earnings, maintaining its status as the country’s second-largest export commodity. The cocoa industry has continued to benefit from higher prices on the global market and steady production levels, despite challenges such as climate change and smuggling.
Crude oil exports brought in about $1.364 billion. This figure is relatively modest compared to gold and cocoa but still made a significant contribution to the overall surplus.
Other non-traditional exports added another $1.87 billion, showing that Ghana’s export base is gradually expanding beyond its traditional minerals and agricultural produce. These include processed foods, textiles, handicrafts, and industrial materials.
In terms of external reserves, the Bank of Ghana report revealed that the gross international reserves stood at $11.12 billion as of June 2025. This amount represents 4.8 months of import cover, which is well above the recommended minimum of three months. It indicates a strong buffer for the economy in case of external shocks or currency pressures.
Net international reserves, which exclude liabilities, were reported at $8.88 billion during the same period. These reserves help the central bank stabilise the Ghanaian cedi and support foreign exchange operations.
In the balance of payments report, Ghana’s current account stood at $3.34 billion, reflecting a positive external position. The financial account, which tracks investment flows and capital transactions, recorded $1.596 billion. These figures show a steady inflow of foreign capital and investment, which supports long-term economic growth.
Economists say this strong performance in trade and external balances is a good sign for the Ghanaian economy, especially at a time when many African countries are battling with high inflation, foreign exchange shortages, and rising debt levels.
They however caution that sustaining this momentum will require more investment in value-added exports, infrastructure for trade, and continued macroeconomic stability. A decline in commodity prices or disruptions in global demand could affect future earnings.
The Bank of Ghana, led by Governor Dr Ernest Addison, has maintained a tight monetary policy to manage inflation and ensure stability in the financial system. The country is also continuing its engagement with the International Monetary Fund (IMF) under the current bailout programme, which includes reforms aimed at restoring fiscal discipline and boosting investor confidence.
With the current trend, Ghana is well positioned to improve its credit ratings and attract more foreign direct investment, especially in sectors like mining, agriculture, oil and gas, and manufacturing.
