Ghana records $5.57bn trade surplus in first-half of 2025
Ghana achieved a historic trade surplus of US $5.57 billion in the first half of 2025, driven by booming exports—especially gold and cocoa. The surplus reflects a dramatic 307% increase from the US $1.37 billion surplus in H1 2024 Norvan Reports .
Accra, July 2025 — Ghana’s external sector performance improved markedly in the first half of 2025, with a trade surplus of US $5.57 billion, up from US $1.37 billion in the same period last year—marking a 307% year-on-year increase
???? Key Drivers:
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Total exports: US $13.79 billion
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Total imports: US $8.22 billion
???? Composition of Exports:
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Gold: US $8.38 billion
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Cocoa: US $2.17 billion
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Crude oil: US $1.36 billion
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Non-traditional exports: US $1.87 billion
???? External Sector Health:
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Gross international reserves: US $11.12 billion (~4.8 months import cover)
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Net international reserves: US $8.88 billion
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Current account surplus: US $3.34 billion
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Financial account surplus: US $1.60 billion
???? Implications & Outlook
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Macro Stability: The strong trade surplus and rising reserves are expected to ease pressure on the Ghanaian cedi and support ongoing macroeconomic stabilization.
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Revenue Signals: Growth in both traditional (like gold and cocoa) and non-traditional exports underscores a more diversified revenue base.
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Global Conditions: Elevated global gold prices and sustained demand for cocoa helped buoy export receipts.
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Resilience to Headwinds: The surplus arrives amid global trade tensions, rising tariffs under initiatives like AGOA, and other external pressures
???? Meta Description
In a striking reversal, Ghana posts a US $5.57 billion trade surplus in the first half of 2025, driven by booming gold and cocoa exports and resulting in record-high reserves and external stability.
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