Overview: A Robust End to 2025
Ghana finished 2025 on a notably strong external balance, with total export earnings reaching US$31.1 billion. This marks a sharp increase from US$19.1 billion recorded in 2024, underscoring a year of vigorous commodity demand and favorable price movements. The preliminary data, published by the Bank of Ghana in its Summary of Economic and Financial Data (SEFD) released on January 27, 2026, points to a primarily gold-led rebound that helped cushion the economy amid global headwinds.
Gold: The Primary Driver
Gold exports stood at the forefront of this growth, benefiting from higher global gold prices and steady production levels. While the exact breakdown by commodity was not fully disclosed in the release, industry observers highlight gold as the dominant contributor to the year’s export surge. The performance reflects a broader trend in West Africa where gold remains a critical export revenue source, reinforcing Ghana’s status as a leading bullion producer on the continent.
Broader External Sector Context
Beyond gold, Ghana’s external sector benefited from a mix of favorable exchange rate dynamics, resilient non-traditional exports, and continued investment inflows. The Bank of Ghana’s SEFD indicates improvements in the current account position, supported by higher commodity receipts and prudent fiscal management. The 2025 performance comes after a challenging 2024, when global uncertainty and price volatility weighed on export earnings. The comeback signals market confidence and potential tailwinds for the economy in the near term.
Implications for Policy and the Economy
Policy-makers face a positive but cautious outlook. A stronger export base can bolster foreign exchange buffers, support macroeconomic stabilization, and create room for targeted development programs. However, the dependency on commodity prices means authorities will likely maintain prudent fiscal and monetary measures to mitigate price shocks and protect the currency. The Bank of Ghana may also review reserve accumulation strategies and export taxation policies to sustain the gains in export earnings while promoting diversification.
What This Means for Ghanaian Households
For ordinary Ghanaians, a healthier external position can translate into improved economic stability and potentially lower inflation, depending on the pass-through from exchange rate movements. The gains also raise expectations for continued investment in infrastructure, jobs, and social programs funded from a more robust tax base and higher export receipts. Close monitoring will be essential to ensure that the benefits reach households, especially those in the most vulnerable segments of society.
Looking Ahead: Risks and Opportunities
The year ahead will hinge on gold price trajectories, global demand, and the effectiveness of policy responses. While 2025’s record export earnings set a high watermark, sustained growth will require continued diversification, enhanced value addition within the extractives sector, and stable governance to attract long-term investment. If Ghana can build on the 2025 momentum, the country could further strengthen its external position and support inclusive growth in the coming years.
