Keypoints:

• Ghana posts $6.2bn trade surplus from January to August 2025
• Reserves rise to $10.7bn, with the cedi up 21 percent year-to-date
• Inflation and fiscal deficit fall as banking sector remains resilient

GHANA recorded a trade surplus of $6.2bn in the first eight months of 2025, reflecting strong export performance and steady macroeconomic management, according to the Bank of Ghana (BoG). Governor Dr Johnson Asiama revealed the figures during a monetary policy briefing, highlighting that the country’s external position has strengthened significantly compared with the same period in 2024.

Export strength underpins gains

Dr Asiama said the surplus was propelled by robust export earnings, notably from gold and cocoa, which continue to dominate Ghana’s export basket. Higher global prices for both commodities, along with resilient production, provided the boost. Oil exports also contributed, though gold and cocoa were the standout performers. He added that sustained demand in key markets helped Ghana’s export revenues outpace imports, creating the sizeable surplus.

Currency and reserves show resilience

The Governor noted that the country’s gross international reserves reached $10.7bn by the end of August, equivalent to about four and a half months of import cover. This improvement, he said, has supported exchange-rate stability. The Ghanaian cedi has appreciated by about 21 percent year-to-date as of mid-September, placing it among the world’s best-performing currencies this year. Dr Asiama attributed this performance to prudent monetary policy, stronger foreign-exchange inflows and tighter liquidity management, combined with ongoing fiscal consolidation.

Broader economic indicators

The positive external balances have been matched by improvements in other macroeconomic indicators. Inflation eased to 11.5 percent in August 2025, continuing its downward trajectory. Public finances also showed discipline, with the fiscal deficit on a commitment basis contained at 0.7 percent of GDP for the first half of the year, well below target. Public debt as a share of GDP has edged lower as a result of revenue gains and cautious spending.

The banking sector remains broadly stable, with the capital adequacy ratio climbing to 19.5 percent in July. Non-performing loans are still relatively high at 21.7 percent, but Dr Asiama said the figure improves to 8.4 percent once fully provisioned, reflecting the sector’s ability to absorb shocks.

Outlook and risks

While praising the strong external position, the Governor cautioned that risks remain. Remittance inflows have moderated, reducing a key source of foreign exchange, and global commodity price volatility could affect future export earnings. He added that maintaining fiscal discipline and continuing structural reforms will be critical to sustaining the cedi’s strength and the trade surplus.

Ghana’s achievement of a $6.2bn trade surplus within the first eight months of the year highlights the effectiveness of ongoing economic reforms and underscores the importance of the nation’s key commodities in supporting growth.