Ghana’s export earnings hit record $22.4bn as gold prices drive growth

Ghana’s total export earnings have risen further to a record US$22.4 billion as of August 2026, driven largely by higher gold prices.

The latest figure represents a significant increase from the US$18.2 billion recorded in June 2026.

It is also more than double the US$11.1 billion recorded during the same period in 2025.

Cocoa exports reached US$2.7 billion by August 2026, up from US$2.4 billion recorded during the same period in 2025.

Oil exports also increased, rising from US$1.8 billion in August 2025 to US$2.4 billion in August 2026.

On the import side, Ghana spent US$13.5 billion during the first eight months of 2026, compared with US$11.2 billion over the same period in 2025.

Oil imports recorded a sharp increase, rising from US$3.2 billion in August 2025 to US$4.7 billion in August 2026.

Non-oil imports also increased from US$7.9 billion to US$8.7 billion over the same period.

The developments have resulted in a trade surplus of US$8.8 billion, compared with US$7.6 billion recorded in August 2025.

Analysts say the stronger trade balance could provide additional support for Ghana’s foreign exchange position and help strengthen the country’s international reserves.

However, Ghana’s international reserves have fluctuated.

Reserves fell from US$12.94 billion to US$11.04 billion in August, before recovering marginally to US$12.02 billion.

Despite the strong export performance, concerns remain about the outlook.

One area of concern is the reported pause in gold exports by the Ghana Gold Board (GoldBod) since August 2026.

Analysts are also watching developments in global interest rates.

The recent decision by the US Federal Reserve to raise interest rates could put pressure on gold prices in the coming months.

A sustained decline in gold prices could, in turn, affect one of the major drivers of Ghana’s export earnings.

The latest figures therefore point to a stronger trade position, but the outlook remains dependent on developments in gold prices, commodity exports and global financial conditions.

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