Gold, cocoa push exports to US$17bn by August

By Praisebell Rosemond Larbi

Ghana’s export sector delivered a strong performance through the first eight months of 2025, with total export earnings reaching USD17 billion by the end of August, according to the Bank of Ghana’s September Economic and Financial Data released on 16 September.

The robust export growth, led primarily by gold and cocoa, helped widen the country’s trade surplus and provided crucial support to the cedi.

Gold and Cocoa Lead the Surge

Gold remained the standout performer, earning USD11.7 billion, a sharp rise from USD6.6 billion during the same period in 2024.

Cocoa exports also posted remarkable growth, bringing in USD2.4 billion, up from USD915 million a year earlier, reflecting both higher global prices and improved output.

Crude oil, however, lagged behind. Oil export receipts slipped to USD1.8 billion, down from USD2.7 billion in August 2024, due to softer global prices and production challenges.

Imports and Trade Balance

On the import side, Ghana spent USD11.7 billion by the end of August, compared with USD10.7 billion over the same period last year.

Oil imports dropped sharply to USD3.7 billion, a steep decline from USD10.2 billion in 2024, helping to ease external pressures. Non-oil imports rose modestly to USD8 billion, up from USD7 billion a year earlier.

The combined effect of strong export receipts and moderated oil import costs pushed the trade surplus to USD6.1 billion, reinforcing Ghana’s external position.

Strong Reserves and Currency Gains

Gross international reserves closed August at USD10.7 billion, slightly lower than USD11.1 billion in June but still covering about 4.5 months of import needs, according to the Bank of Ghana.

Governor Dr Johnson Asiama credited the strong trade balance and higher cocoa earnings for supporting the country’s external buffers.

Despite some seasonal pressures and a moderation in remittance inflows in recent weeks, the cedi remains among the world’s strongest performers in 2025, appreciating by about 21 per cent year-to-date as of 12 September.

Outlook

Economists say the combination of surging gold exports, stronger cocoa performance and falling oil import costs provides Ghana with a valuable cushion as it navigates global economic uncertainties.

Sustaining this momentum, however, will require maintaining production gains and prudent macroeconomic management to protect the cedi’s recent strength and keep reserves stable.