Ghana records US$6.2bn trade surplus in 8 months
Ghana recorded a USD6.2 billion trade surplus in the first eight months of 2025, driven by strong gold exports and higher cocoa receipts, according to Bank of Ghana (BoG) Governor Dr Johnson Asiama.
Opening the central bank’s 126th Monetary Policy Committee (MPC) meeting on 15 September 2025, Dr Asiama said the positive trade balance underscores the resilience of Ghana’s external sector despite global economic headwinds.
“The robust performance reflects buoyant gold exports and higher cocoa receipts,” he noted.
The Governor reported that gross international reserves rose to USD10.7 billion in August, providing about four and a half months of import cover, even as seasonal pressures and a slowdown in remittance inflows moderated foreign exchange supply in recent weeks.
Cedi Among World’s Top Performers
Dr Asiama highlighted that the Ghana cedi remains one of the strongest-performing currencies globally, appreciating about 21 per cent year-to-date as of 12 September 2025.
“It now ranks alongside high performers such as the Russian ruble, Swedish krona, Norwegian krone, Swiss franc, euro, and British pound,” he said, crediting prudent monetary policy, effective liquidity management, fiscal consolidation, and increased foreign-exchange inflows for the cedi’s strength.
Banking Sector Stability
Turning to the domestic financial system, the Governor assured that the banking sector is stable and improving.
The capital adequacy ratio (without regulatory reliefs) rose to 19.5 per cent in July 2025, while non-performing loans (NPLs), though elevated at 21.7 per cent, dropped to 8.4 per cent when fully provisioned losses are excluded.
This, he said, is evidence of continued resilience as recapitalisation and stricter underwriting standards take hold.
Fiscal Discipline and Inflation Gains
On the fiscal front, Dr Asiama pointed to strong consolidation, with the budget deficit on a commitment basis contained at 0.7 per cent of GDP in the first half of 2025, below target.
Combined with the cedi’s appreciation and external debt restructuring, this has contributed to a decline in the public debt ratio by mid-year.
He emphasised that the BoG’s tight monetary stance and fiscal discipline have been pivotal in reducing headline inflation to 11.5 per cent in August, below the government’s 11.9 per cent year-end target.
Dr Asiama reiterated the MPC’s readiness to adjust the policy rate as the disinflation process evolves and as potential risks, including global trade disruptions and proposed utility tariff hikes are assessed, reaffirming the Bank’s commitment to price stability and sustainable growth.
