The Bank of Ghana (BoG) has announced that Ghana recorded a trade surplus of US$8.5 billion as of October 2025, representing 9.7 per cent of Gross Domestic Product (GDP).

According to the central bank’s latest Summary of Economic and Financial Data, the outturn marks a significant improvement over the US$5.57 billion trade surplus recorded in the first half of the year.

The BoG attributed the stronger performance largely to robust gold export earnings, which reached US$15.2 billion within the first ten months of 2025. International gold prices remained exceptionally high during the year, surpassing the US$4,000 per ounce mark in October, significantly boosting Ghana’s export revenues.

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 by both oil and non-oil goods. However, import growth remained below export growth, helping to widen the trade surplus.

The central bank noted that the strong trade performance has reinforced Ghana’s external buffers, with gross international reserves now exceeding US$11 billion, equivalent to about 4.8 months of import cover.

This compares with the US$11.12 billion in reserves recorded at the end of June 2025, when Ghana posted a US$5.57 billion trade surplus in the first half of the year — a 307.4 per cent increase compared to the same period in 2024.

The sustained improvement in the external sector, the BoG said, has supported the recent stability and strengthening of the cedi against major trading currencies since mid-year.

The Bank expects the positive trend to continue, provided global gold prices remain elevated and domestic production levels are sustained.