Ghana has recorded an improvement in its trade performance over the past 18 months, moving from seventh to sixth position among 10 African markets assessed in the latest Africa Trade Barometer report.
The report, published by Standard Bank Group, attributes the improvement to recovering business sentiment and stabilising macroeconomic conditions that are gradually restoring confidence among companies engaged in cross-border trade.
The survey tracked trade conditions in Angola, Ghana, Kenya, Mozambique, Namibia, Nigeria, South Africa, Tanzania, Uganda, and Zambia by combining macroeconomic data with business sentiment surveys.
According to the report, Ghana was among a few countries that recorded gains in the overall ranking, alongside Angola and Mozambique, while South Africa, Namibia, Kenya, and Zambia slipped in the standings.
The improvement follows a period of economic volatility in Ghana marked by high inflation, currency depreciation, and fiscal pressures.
Business confidence in particular improved significantly, with Ghana’s business confidence index rising to 71 in the latest survey from 59 recorded in August 2024.
The report said the removal of the Electronic Transfer Levy in April 2025 contributed to the rise in confidence among businesses.
It noted that improving expectations about the country’s economic outlook, lower inflation and a more stable currency had helped restore predictability for businesses involved in international trade.
Ghana’s trade balance also improved during the period, supported by strong export earnings from major commodities.
According to the report, Ghana’s trade surplus increased to about 9.4 billion dollars, reflecting stronger export revenues from gold and cocoa, the country’s two main export commodities.
Export earnings also expanded significantly, reaching 31.11 billion dollars by the end of December 2025 compared with 19.16 billion dollars recorded in 2024.
The report said the increase was largely driven by strong performance in the gold sector as well as improved export volumes.
Cocoa export earnings also rose to 3.86 billion dollars in 2025 from 1.94 billion dollars in the previous year.
The report noted that policy reforms and government initiatives aimed at improving the business environment and expanding export markets had contributed to the recovery in confidence among businesses.
It said the improvement in Ghana’s trade ranking reflects a gradual rebuilding of confidence among investors and traders following a period of economic instability.
However, the report emphasised that sustaining the progress would depend on continued policy consistency, improvements in trade infrastructure and deeper regional trade integration.
