The BoG says this marks an improvement on the $5.57b surplus
The Bank of Ghana has disclosed that the country recorded a trade surplus of US$8.5 billion as of October 2025, equivalent to 9.7 percent of GDP, according to the latest Summary of Economic and Financial Data released by the Bank of Ghana (BoG).
This marks an update and significant improvement on the US$5.57 billion surplus recorded in the first half of the year.
The latest figures show that the stronger surplus continues to be driven primarily by robust gold export earnings, which rose to US$15.2 billion within the first ten months of 2025.
International gold prices remained exceptionally high throughout the year, crossing the US$4,000 per ounce mark in October, providing a major boost to Ghana’s export revenues.
Ghana’s trade surplus hits 307% to $5.57 billion in first half of 2025 – BoG report
Total exports as of October stood at US$23.3 billion, with gold accounting for the largest share.
Cocoa exports generated US$2.8 billion, while crude oil exports contributed US$2.2 billion.
Other exports, including non-traditional products, amounted to US$3 billion.
On the import side, total imports reached US$14.8 billion, driven mainly by oil and non-oil goods, though import growth lagged behind exports, helping to widen the surplus.
The BoG noted that the strong trade performance has supported Ghana’s external buffers, with gross international reserves now standing above US$11 billion, providing about 4.8 months of import cover.
This compares with reserves of US$11.12 billion recorded at the end of June 2025, when the country posted a trade surplus of US$5.57 billion in the first half of the year, representing a 307.4 percent increase over the same period in 2024.
Analysts say the sustained improvement in the external position has contributed to the recent stability and strengthening of the cedi against major trading currencies since mid-year.
The central bank expects the positive trend to continue, provided global gold prices remain elevated and domestic production levels are maintained.
ID/AE
