Gold Shines Brightest as Ghana’s Exports Hit $13.7 Billion by Mid-2025

Ghana’s export sector surged to $13.7  billion by June 2025, driven by strong performance in gold, cocoa, and oil. The three commodities continue to anchor the country’s external trade earnings, according to the Bank of Ghana’s latest Summary of Economic and Financial Data.

The data reveals that gold remains the cornerstone of Ghana’s export economy, contributing a staggering $8.38 billion, or roughly 61% of total export earnings. This marks a significant leap from the same period in 2024, with rising global gold prices and sustained production activity buoying receipts.

“The surge in gold exports reflects both favourable price dynamics and strong output performance. We’re witnessing renewed investor confidence in bullion, which is paying off handsomely for Ghana.” BoG said in its report.

Cocoa: A Resurgent Performer

Cocoa exports also registered an impressive climb, reaching $2.16 billion by mid-year, a clear rebound from previous periods of volatility and supply constraints. The sector’s resilience is underpinned by elevated international cocoa prices, which surged to over $9,000 per tonne earlier this year.

Oil: Modest Gains Amid Global Volatility

Crude oil exports reached $1.36 billion, trailing behind gold and cocoa, but still representing a vital pillar of Ghana’s commodity mix. While oil receipts were up from Q1, they remain subdued due to fluctuating global prices, which hovered around $69.8 per barrel by June 2025.

Trade Balance and External Fortunes

Ghana’s trade balance remained firmly positive, with a surplus of $5.57 billion, up from $3.3 billion in March. This solid external position, equivalent to 6.4% of GDP, has bolstered Ghana’s gross international reserves, now standing at $11.1 billion, and providing 4.8 months of import cover.

The Bank of Ghana attributes the strong trade performance to both improved commodity earnings and a disciplined import management regime.

As global uncertainties persist, the continued dominance of primary commodities raises questions about the country’s diversification efforts. Nonetheless, with gold at historic highs, cocoa rallying, and oil showing moderate recovery, Ghana’s export-driven outlook remains cautiously upbeat for the remainder of 2025.

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