Ghana’s Export Earnings Hit $9.3 Billion in April 2025

Ghana posted strong export earnings of $9.33 billion in April 2025, marking a notable increase driven by surging gold and cocoa exports. This growth, outlined in the Bank of Ghana’s May Economic Summary, signals an improved external position for the country and a strengthened trade surplus.

According to the central bank’s data, the robust performance in April led to a trade surplus of $4.14 billion, representing approximately 4.7% of the nation’s Gross Domestic Product (GDP). The positive figures underscore the resilience of Ghana’s key export sectors, even in the face of global economic uncertainty.

Gold Exports Propel Earnings

Gold remained Ghana’s most valuable export, contributing $5.24 billion, or 56% of total exports. This marked a significant jump from $3.72 billion recorded in March, buoyed by a rally in global gold prices. International markets saw gold climb to $3,218 per ounce, offering a substantial windfall for Ghana, one of the world’s leading gold producers.

Industry analysts attribute the price increase to heightened demand for safe-haven assets amid geopolitical tensions and economic uncertainty in major economies. The upswing allowed Ghana to capitalize on both favorable prices and steady production output.

Cocoa Maintains Momentum

Cocoa exports also performed strongly, generating €1.84 billion in April, up from $1.5 billion in the previous month. The earnings growth occurred despite a dip in global cocoa prices, indicating solid output and effective export logistics. Cocoa, a vital agricultural commodity for Ghana, continues to be a mainstay of the country’s foreign exchange inflows.

Experts suggest that better weather patterns and improved supply chain coordination contributed to the volume growth, helping to offset the negative price trends in the international market.

Steady Oil Export Contribution

Oil exports added $972 million to Ghana’s total export revenues. While global oil prices remained relatively flat during the month, consistent production and shipment levels ensured a reliable contribution from the petroleum sector.

Foreign Reserves Get a Boost

The surge in export receipts helped shore up Ghana’s gross international reserves, which climbed to $10.67 billion by the end of April. The reserves now cover approximately 4.7 months of imports, providing a cushion against external shocks and reinforcing Ghana’s fiscal stability.

This improvement is being seen as the result of both strong commodity-driven inflows and disciplined fiscal management. The Bank of Ghana noted that the country’s external buffers are in a healthier position than in previous years.

Risks Still Loom

Despite these encouraging developments, the Bank of Ghana cautioned that Ghana remains exposed to fluctuations in global commodity markets. Unpredictable changes in the prices of gold, cocoa, and crude oil — combined with global financial uncertainty — could impact future export earnings.

The central bank urged continued reforms aimed at economic diversification, responsible fiscal policies, and greater value addition in the commodity export sector to reduce long-term vulnerability.