Ghana Records Trade Surplus of US$1.64bn in First Two Months of 2025
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%.
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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.
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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.
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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.
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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.
Source: TheHighStreetJournal
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