Ghana Posts US$8.5bn Trade Surplus as Gold Exports Hit Record High
By Nii Trebi Hammond
Ghana has posted one of its strongest external sector performances in recent years, recording a trade surplus of US$8.5 billion as of October 2025. This represents 9.7 percent of GDP, according to the latest Summary of Economic and Financial Data released by the Bank of Ghana.
The impressive surplus is being driven largely by a surge in gold export earnings, which reached US$15.2 billion within the period. International gold prices have remained exceptionally high throughout the year, crossing the US$4,000 per ounce mark in October and significantly boosting Ghana’s revenue from the commodity.
Total exports for the period stood at US$23.3 billion, with gold accounting for the largest share. Cocoa exports brought in US$2.8 billion, while oil contributed US$2.2 billion. Other exports amounted to US$3.0 billion.
On the import side, Ghana recorded US$14.8 billion in total imports, driven mainly by oil and non-oil goods. The slower pace of import growth compared to export performance helped widen the surplus.
The central bank says the strong trade outcomes have supported the country’s gross international reserves, which now stand above US$11 billion, offering about 4.8 months of import cover.
Analysts say the improved external position has also contributed to the recent stability of the cedi, which has strengthened significantly against major trading currencies since mid-year.
The Bank of Ghana expects the positive trend to continue if global gold prices remain elevated and domestic production maintains its current momentum.
