Ghana’s export earnings hit $11.1bn on surging gold prices

Ghana’s total export earnings rose significantly to US$11.1 billion by the end of April 2026, reflecting strong performance in the country’s external trade sector, largely driven by soaring gold prices and increased export activity.

The latest Summary of Economic and Financial Data released by the Bank of Ghana showed that export earnings increased from the US$9.2 billion recorded during the same period in 2025, highlighting improved revenue generation from key commodities.

Gold exports remained the dominant contributor to Ghana’s export earnings, generating US$6.8 billion within the first four months of 2026. This represents a substantial increase from the US$5.2 billion recorded over the same period last year, underlining the impact of higher global gold prices and increased production volumes.

The strong performance of the gold sector continues to reinforce Ghana’s position as Africa’s leading gold producer and a major player in the global minerals market.

Cocoa exports, one of Ghana’s traditional foreign exchange earners, contributed US$1.8 billion during the review period. The figure remained relatively unchanged compared to the same period in the previous year, despite ongoing challenges in global cocoa supply chains and fluctuating international market prices.

Crude oil exports generated US$1.2 billion between January and April 2026, while other exports contributed US$1.1 billion to the country’s total export receipts.

On the import side, Ghana’s total import bill rose to US$5.8 billion during the first four months of the year, compared to US$5 billion recorded within the same period in 2025. The increase reflects growing domestic demand, rising fuel import costs, and increased economic activity.

Oil imports accounted for the largest portion of imports, reaching US$2 billion by April 2026, up from US$1.6 billion recorded during the same period last year.

Despite the rise in imports, Ghana maintained a strong trade position, recording a trade surplus of US$5.2 billion by the end of April 2026. This slightly exceeded the US$5 billion trade surplus achieved during the corresponding period in 2025.

The Bank of Ghana data also revealed that the country’s current account balance reached US$3 billion by the end of March 2026, indicating continued improvement in Ghana’s external sector performance.

Meanwhile, Ghana’s gross international reserves increased to US$14.4 billion in April 2026, up from US$13.8 billion recorded in December 2025. The reserves are expected to provide stronger support for exchange rate stability, external debt obligations, and import cover.

In addition, Ghana’s gold reserves continued to expand steadily, rising to 22.3 tonnes in April 2026 from 18.6 tonnes at the end of 2025. The increase forms part of efforts by the Bank of Ghana to strengthen reserve assets and reduce dependence on foreign currencies.

Economic analysts say the improved trade surplus, rising reserves, and strong export performance could provide positive support for Ghana’s macroeconomic recovery, investor confidence, and currency stability in the months ahead.