Ghana’s export sector has seen a significant rebound in early 2025, with total exports growing by over 60% in the first four months of the year, according to the Governor of the Bank of Ghana, Dr. Johnson P. Asiama.
“We recorded a trade surplus of US$4.14 billion in the first four months of 2025, with exports growing by over 60%, mainly from gold, cocoa, and oil,” Dr. Asiama revealed during his keynote address at the Graphic Business/Stanbic Bank Breakfast Meeting in Accra.
This strong export performance has been a major driver of the Cedi’s appreciation and broader external sector recovery. “Gross international reserves now stand at US$11.1 billion, providing 4.8 months of import cover, up from US$8.98 billion at the end of last year,” he noted.
However, Dr. Asiama cautioned that these gains must be interpreted within a broader context that includes persistent vulnerabilities on the import side. “Ghana’s import profile is heavily skewed toward energy, capital goods, and essential commodities. This creates seasonal forex demand spikes, particularly in the second half of the year,” he explained.
Without greater diversification of the economy, the risks of renewed pressure on the currency remain elevated. “Even small shifts in global sentiment or commodity cycles can trigger renewed pressure on the Cedi,” the Governor warned.
He also emphasized the importance of translating export-led forex gains into long-term structural growth. “It is not enough to stabilize the Cedi. The real measure of success is whether we can translate forex stability into broad-based economic transformation, one that empowers businesses, creates jobs, and lifts the productive capacity of the nation,” he said.
