Latest data from the Bank of Ghana’s Summary of Economic and Financial Data shows that Ghana’s external sector recorded a strong performance by the end of 2025, driven largely by a sharp rise in gold exports, which lifted the country’s trade surplus and strengthened foreign reserve buffers.
Gold exports reached about $21.0 billion as at December 2025, accounting for more than two-thirds of total exports of $31.1 billion.
The surge in gold receipts provided the main support for export growth over the period, alongside cocoa exports of about $3.9 billion and oil exports of $2.6 billion, with other exports contributing $3.6 billion.
On the back of these inflows, Ghana posted a cumulative trade surplus of about $13.7 billion by end-December 2025, equivalent to about 12.1 percent of GDP.
This marked a significant improvement from earlier periods in the year, reflecting export growth that outpaced imports. Total imports stood at $17.5 billion, made up of $5.1 billion in oil imports and $12.3 billion in non-oil imports.
The stronger trade position fed through to the broader balance of payments. The current account recorded a cumulative surplus of $9.1 billion, representing 8.1 percent of GDP, supported by higher export earnings and inward private transfers of $7.8 billion over the period.
Financial account inflows also strengthened, reaching $5.1 billion, underpinned mainly by direct investment liabilities of about $1.9 billion, even as portfolio investment liabilities remained negative
Improved external inflows translated into a build-up of reserves. Gross international reserves rose to $13.8 billion by December 2025, providing import cover of about 5.7 months.
Net international reserves also increased to $11.7 billion. Value of gold holdings stood at about $2.7 billion at the end of December 2025, with total gold holdings measured at 18.6 tonnes.
