Ghana is flexing its economic muscle with a staggering US$1.64 billion trade surplus in just the first two months of 2025. This impressive performance, fueled by strong gold and cocoa exports, highlights the country’s resilience despite global economic pressures.
Ghana recorded a US$1.64bn trade surplus (1.9% of GDP) in early 2025, driven by strong gold and cocoa exports. Imports rose 7.3%, while oil exports fell. Gold hit $3,000/oz amid global uncertainties; cocoa prices dropped 8.5%.
Ghana recorded a trade surplus of US$1.64 billion in the first two months of 2025. This is equivalent to 1.9% of the Gross Domestic Product.
According to data from the Bank of Ghana, this performance indicates a significant improvement in the accumulation of reserves. Total exports posted 50.0% annual growth to reach US$4.3 billion. This was driven by increased gold and cocoa exports arising from both the price and volume effects.
In contrast, crude oil exports declined as output from the three oil-producing fields fell. Total imports also increased by 7.3% year-on-year to US$2.7 billion.
Meanwhile, the prices of Ghana’s major export commodities traded mixed on the international commodities market in early 2025. Gold prices crossed US$3,000 per fine ounce on March 14, 2025, on account of heightened economic uncertainty triggered by trade and geopolitical tensions, persistent inflation, and a weakening US dollar.
In February 2025, gold prices averaged US$2,897.3 per fine ounce, indicating a year-on-year growth of 9.7 percent.
Similarly, crude oil prices recorded a marginal annual growth of 2.4% to settle at an average price of US$74.95 per barrel.
Cocoa prices, however, declined by 8.5% driven by an improving supply outlook for the current 2024/25 season
