Ghana is benefiting from increased export revenue, as the latest data from the Bank of Ghana’s Summary of Macroeconomic and Financial Data for March 2025 shows total exports rising to $4.3 billion in February 2025, up from $2.87 billion in the same period last year.
The report also indicates a marginal increase in total imports, reaching $2.67 billion in February 2025 from $2.5 billion a year earlier.
According to the data, Ghana’s external sector is strengthening, driven by surging gold and cocoa exports as total exports rose by 49.9% year-on-year in the first two months of 2025, with gold up 63% and cocoa soaring 126%, signalling a strong cocoa sector recovery.
These gains bolstered external liquidity, with Gross International Reserves (GIR) reaching $9.4 billion by February, covering 4.2 months of imports, up from 4.0 months at the end of 2024.
The trade balance also improved, reflecting positive external sector momentum as trade surplus surged to $1.6 billion, representing 1.9% of GDP—significantly higher than the $386.9 million (0.5% of GDP) recorded in February 2024.
A breakdown of export performance shows that gold dominated, contributing $2.3 billion, followed by cocoa exports at $835 million.
Crude oil exports underperformed, recording $581 million, down from $620 million last year.
Analysts attribute gold’s strong performance to rising prices and increased investor demand for safe-haven assets. Meanwhile, cocoa’s remarkable recovery is driving sector optimism, though long-term challenges remain due to unfavourable weather and the impact of swollen shoot disease on production.