Cocoa and Gold drives Ghana’s export earnings
Latest data from the Bank of Ghana’s Summary of Macroeconomic and Financial Data reveals that the country’s total exports increased to US$4.3 billion in February 2025, up from US$2.87 billion in February 2024.
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, largely driven by a surge in gold and cocoa exports.
Total exports rose by 49.9% year-on-year in the first two months of 2025, with gold up 63% and cocoa up by 126%.
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.
Per the report, trade balance 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
Gold dominated by contributing $2.3 billion
Cocoa exports reached $835 million
Crude oil exports under performed recording $581 million, down from $620 million last year.
SP/EB