Ghana’s trade surplus surges to $5.57bn in first half of 2025
By Praisebell Rosemond Larbi
Ghana recorded a substantial trade surplus of USD5.57 billion in the first six months of 2025, marking an impressive 307.4 percent increase over the USD 1.367 billion surplus recorded during the same period in 2024, according to new figures released by the Bank of Ghana (BoG).
This remarkable jump in trade performance was largely driven by strong growth in export revenues, particularly from gold and cocoa, coupled with a comparatively slower growth in imports.
The central bank’s data reveals that total exports for the January to June 2025 period amounted to USD13.79 billion, compared to USD8.225 billion in total imports by the end of June.
The positive trade balance has provided a significant buffer for Ghana’s external accounts and underscores the growing strength of the country’s export sector.
Gold Leads Export Performance
Gold remained Ghana’s top export commodity, generating USD8.38 billion in revenue during the period under review. The surge was largely attributed to higher global gold prices, which reached historic levels in the first half of the year amid sustained geopolitical tensions and inflationary concerns worldwide.
The precious metal accounted for over 60 percent of the total export earnings, reaffirming its dominant role in Ghana’s external trade and economic resilience.
Cocoa exports also made a significant contribution, raking in USD2.167 billion. The increase in cocoa export revenue was supported by strong global demand and favorable farmgate reforms implemented by the Ghana Cocoa Board (COCOBOD) earlier this year.
Crude oil exports brought in approximately USD1.364 billion as of June 2025, with production volumes remaining stable due to ongoing investments in field upgrades and maintenance.
Non-traditional exports, including agricultural produce, processed foods, and textiles, were valued at USD1.87 billion, signaling growing diversification in Ghana’s export base.
Imports Steady, Reserves Strong
On the import side, Ghana recorded USD8.225 billion worth of goods during the first half of 2025. The relative stability in imports, despite rising demand for capital goods and raw materials, helped sustain the positive trade position.
Gross international reserves stood at USD11.12 billion by the end of June 2025, providing about 4.8 months of import cover, well above the minimum threshold recommended for emerging economies. Net international reserves were reported at USD8.88 billion, offering further confidence in the country’s external liquidity position.
Balance of Payments Performance
The current account balance for the first half of 2025 stood at USD3.34 billion, reflecting the strength of the trade surplus and improved remittance inflows.
Meanwhile, the financial account posted a positive balance of USD1.596 billion, driven by moderate portfolio inflows and foreign direct investment activity, particularly in the energy and mining sectors.
The combined effects of strong exports, stable imports, and a favorable external reserve position signal a healthy macroeconomic outlook for Ghana in the second half of the year.
The Bank of Ghana is expected to provide further guidance on how this improved external sector performance will impact monetary policy decisions at its next Monetary Policy Committee (MPC) meeting.
