Ghana has posted a record trade surplus of USD 4.1 billion in April 2025, marking its strongest external trade performance in recent memory. According to the May 2025 Summary of Economic and Financial Data released by the Bank of Ghana, the country’s export earnings significantly outpaced imports, cementing a trend of growing trade strength that began in late 2023. The April surplus, equivalent to 4.7% of GDP, is more than double the 2.1% of GDP recorded in September 2023 and signals a shift in Ghana’s economic momentum.
Why This Surplus Matters
For the average Ghanaian, a trade surplus means the country is selling more to the world than it is buying. This brings in more foreign exchange, strengthens the cedi, helps stabilize prices, and boosts the central bank’s reserves, all of which feed into broader economic stability.
In April 2025 alone, Ghana exported USD 9.3 billion worth of goods while importing USD 5.2 billion, resulting in the record-high net trade surplus. But this isn’t just a one-month achievement. It reflects a clear and sustained trend over the past 18 months.
Exports have nearly doubled, rising from USD 11.8 billion in September 2023 to USD 20.5 billion by December 2024, before settling at a solid USD 9.3 billion in April 2025. Much of this growth comes from Ghana’s traditional export powerhouses: gold and cocoa. Gold exports climbed from USD 5.0 billion in late 2023 to USD 11.6 billion by the end of 2024, remaining strong at USD 5.2 billion in April. Cocoa followed a similar path, increasing from USD 1.65 billion to 1.94 billion, and stood at USD 1.84 billion last month.
Imports, on the other hand, have grown more modestly and steadily, rising from USD 10.1 billion in September 2023 to USD 15.4 billion in December 2024, but tapering off to USD 5.2 billion in April 2025. The slowing pace of imports, particularly non-oil goods, has been instrumental in widening the trade gap in Ghana’s favor. The result is a steadily rising trade balance: from USD 1.6 billion in September 2023, to USD 2.7 billion in December, peaking at USD 5.1 billion at the end of 2024, and now USD 4.1 billion in April.
What’s Driving the Boom?
Gold and Cocoa Lead the Charge
Gold continues to anchor Ghana’s external earnings. In April alone, it generated USD 5.2 billion, riding on strong global prices and increased domestic output. Cocoa followed with USD 1.84 billion, thanks to improved harvests and steady global demand.
Moderated Import Growth
Meanwhile, total imports were kept in check at USD 5.2 billion, aided by a more controlled import environment. Oil imports accounted for USD 1.68 billion, while non-oil imports held steady at USD 3.5 billion.
Non-Traditional Exports Expand
Exports outside of gold, cocoa, and oil are also picking up. These non-traditional exports, such as processed goods and other agricultural products, totaled USD 1.27 billion in April, pointing to early signs of diversification.
Reserves and Confidence on the Rise
The gains in trade are having a direct effect on Ghana’s external buffers. Gross international reserves reached USD 10.67 billion in April 2025, more than doubling from USD 4.99 billion in September 2023. The import cover has risen from 2.3 months to 4.7 months, giving the Bank of Ghana more room to support the cedi and manage global shocks.
The central bank’s gold accumulation strategy has been central to this effort. Gold holdings jumped from 16.1 tonnes to 31.4 tonnes, increasing the total value of gold reserves to USD 2.57 billion.
Other External Boosts: Remittances and FDI
Private remittances continue to provide vital support to Ghana’s current account. These inflows hit USD 7.1 billion in December 2024, and while slightly lower in early 2025, remain a strong source of foreign exchange.
Foreign direct investment (FDI) is another bright spot. After peaking at USD 1.77 billion in December, Ghana attracted another USD 404 million in Q1 2025, reflecting continued investor confidence in mining, infrastructure, and financial services.
Risks to Watch: Oil Prices and Commodity Dependence
Despite the positive outlook, risks remain. Ghana’s trade gains are still heavily tied to commodity markets. A significant fall in gold or cocoa prices, or a spike in global oil prices, could quickly narrow the surplus. With oil imports costing USD 1.68 billion in April alone, Ghana remains vulnerable to fuel price shocks.
Outlook: Promising but Cautious
The April data signals that Ghana’s economy is moving in a more resilient and sustainable direction. The record trade surplus, combined with rising reserves, strong remittances, and steady investment inflows, puts the country on firmer footing than it has been in years.
But sustaining these gains will require discipline: managing fiscal risks, investing in productive sectors, and navigating global commodity shifts. For now, however, the trade numbers tell a compelling story, Ghana is selling more, importing wisely, and keeping more of its earnings at home.
