Ghana’s export earnings soar to US$31.1 Billion on Gold Boom
29th January 2026
Ghana closed 2025 on a strong external note, recording export earnings of US$31.1 billion, a significant increase from US$19.1 billion in 2024, according to the Bank of Ghana’s (BoG) Summary of Economic and Financial Data released on January 27, 2026.
The surge was driven predominantly by gold exports, which emerged as the backbone of the country’s external performance. Gold earnings climbed to US$20.0 billion in 2025, nearly doubling the US$10.3 billion recorded a year earlier, and accounted for the bulk of the expansion in merchandise exports.
Cocoa exports also rebounded strongly, generating US$3.8 billion in receipts—double the US$1.9 billion recorded in 2024—despite a decline in global cocoa prices over the period.
In contrast, oil export earnings fell to US$2.6 billion in 2025 from US$3.8 billion in 2024, reflecting weaker crude prices. Other exports contributed a combined US$3.6 billion to total export earnings.
On the import side, Ghana’s total import bill reached US$17.4 billion in 2025. Oil imports increased to US$5.1 billion from US$4.6 billion in 2024, while non-oil imports rose to US$12.3 billion, up from US$10.7 billion.
The strong export performance, coupled with moderate import growth, led to a substantial improvement in the trade balance, which recorded a surplus of US$13.6 billion.
Reserves and External Buffers Strengthen
Ghana’s improved trade position significantly bolstered its external buffers. Gross international reserves rose to a record US$13.8 billion in 2025, providing stronger coverage against external shocks.
The current account balance also improved markedly, ending December 2025 at over US$9.0 billion, compared with US$1.5 billion (1.8 percent of GDP) in 2024.
The Bank of Ghana attributed the turnaround primarily to the trade account surplus of US$13.7 billion—a sharp rise from US$3.8 billion the previous year—driven by a 62 percent increase in exports, underpinned largely by a 103 percent jump in gold export revenues.
The data further show that Ghana’s economy, in nominal terms, was valued at approximately US$1.4 trillion, highlighting the scale of the country’s expanding economic footprint.