Ghana’s External Sector records US$6.2bn trade surplus as cedi strengthens by 21%

Ghana has recorded a trade surplus of US$6.2bn in the first eight months of this year, the Bank of Ghana has announced.

The trade surplus was disclosed in a press statement issued after the Monetary Policy Committee’s one hundred and twenty-sixth meeting, which was held from September 15 to 17, 2025. The official communication was delivered at a press briefing in Accra on September 17.

According to the MPC, the trade surplus marks a sharp increase from the two-point-one billion United States dollars achieved in the same period last year. The stronger external sector performance, it explained, was driven mainly by higher export earnings from gold and cocoa, which outweighed growth in imports.

The Bank further reported that Ghana’s Gross International Reserves had risen to ten point seven billion United States dollars by the end of August 2025. The stronger reserves, equivalent to 4.5 months of import cover, are expected to support the stability of the cedi and provide a firm buffer against external shocks.

The statement also highlighted that the cedi has benefitted significantly from these developments. By mid-September 2025, the currency had strengthened by 21 percent against the United States dollar, reflecting prudent monetary policy, fiscal consolidation, effective liquidity management, and higher inflows of foreign exchange.

While the outlook for the external sector remains positive, the Committee cautioned that demand pressures could re-emerge. It stressed the importance of sustaining export competitiveness, ensuring stable remittance inflows, and maintaining fiscal discipline to protect the gains made.

The Bank concluded that the robust trade surplus, improved reserves, and the strengthening cedi provide a stable foundation for macroeconomic management going forward.