Ghana recorded a trade surplus of $6.2bn in the first eight months of 2025, driven by strong export earnings and steady macroeconomic management, the Bank of Ghana (BoG) has announced. Governor Dr. Johnson Asiama disclosed the figures during a monetary policy briefing, noting that the country’s external position had strengthened sharply compared with the same period in 2024.
According to him, robust export receipts from gold and cocoa were the main drivers, with higher global prices and resilient output boosting earnings. Oil exports also contributed, though gold and cocoa remained the standout performers. Dr. Asiama added that sustained demand in key markets enabled Ghana’s exports to outpace imports, leading to the surplus.
The Governor further revealed that gross international reserves rose to $10.7bn by end-August, equivalent to 4.5 months of import cover. This has supported exchange-rate stability, with the cedi appreciating by about 21 percent year-to-date as of mid-September—one of the best global performances. He attributed the gains to prudent monetary policy, strong foreign-exchange inflows, tighter liquidity management and ongoing fiscal consolidation.
Broader indicators also reflected stability: inflation eased to 11.5 percent in August, the fiscal deficit stood at 0.7 percent of GDP in the first half of the year, and the debt-to-GDP ratio edged lower. In the banking sector, the capital adequacy ratio climbed to 19.5 percent, though non-performing loans remain high at 21.7 percent, or 8.4 percent once fully provisioned.
Dr. Asiama, however, warned of risks including weaker remittance inflows and volatile global commodity prices. He stressed that maintaining fiscal discipline and structural reforms will be crucial to sustaining the trade surplus and the cedi’s strength.
