Ghana’s gold sector delivered a stronger performance in the second quarter of 2026, generating nearly US$2 billion more in export earnings compared with the first three months of the year, as the precious metal continued to drive foreign currency inflows into the economy.
Data from the Bank of Ghana show that gold exports increased from US$5.26 billion in the first quarter of 2026 to US$7.24 billion in the second quarter, representing an increase of about US$1.98 billion.
The increase pushed Ghana’s cumulative gold export earnings for the first half of 2026 to US$12.5 billion, compared with US$8.4 billion recorded during the same period in 2025.
The strong gold performance also helped lift Ghana’s overall export earnings, which rose to US$18.3 billion by June 2026, up from US$13.8 billion a year earlier.
Gold accounted for about 68% of Ghana’s total export receipts during the first half of the year, making it the country’s biggest source of foreign exchange.
Gold strengthens dollar supply
The rise in gold earnings means more foreign currency entered Ghana’s economy through exports, providing support for the country’s external position.
Foreign currency earned from exports helps Ghana meet payments for imports such as fuel, machinery, medicines and other goods purchased from outside the country.
The stronger export performance contributed to Ghana recording a wider trade surplus, which increased to US$8.8 billion in June 2026, compared with US$5.8 billion in June 2025.
Gold continues to dominate exports
While other major exports recorded growth, their contribution remained significantly lower than gold.
Cocoa exports increased to US$2.29 billion in June 2026 from US$2.17 billion in June 2025, while oil exports rose from US$1.36 billion to US$1.71 billion over the same period.
Strong performance comes with a challenge
The rise in gold earnings has strengthened Ghana’s external position, but it also highlights the economy’s reliance on one major commodity.
With gold contributing more than two-thirds of export earnings, a sharp fall in international gold prices could affect the country’s foreign exchange inflows.
