Ghana’s export earnings climbed to US$6.2 billion in the first two months of 2026, buoyed by a sharp rise in gold shipments, official data showed, reinforcing the country’s external position at the start of the year.
Figures from the Bank of Ghana indicated that the performance marked a significant increase from the US$4.2 billion recorded over the same period in 2024.
The West African nation, a leading global exporter of gold, cocoa and oil, has seen its trade balance strengthen in recent months, underpinned largely by the strong performance of the المعادن sector.
Gold remained the dominant export commodity, generating US$4.2 billion between January and February 2026, compared with US$2.3 billion during the same period two years earlier.
The surge follows a record year in 2025, when gold exports brought in $20 billion, nearly doubling from $10.3 billion in 2024 and helping to lift Ghana’s total export value to an all-time high of $31.1 billion.
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Analysts say the continued strength of gold exports reflects a combination of firm global prices, increased production and improved inflows through formal channels.
“Gold continues to anchor Ghana’s external sector,” an Accra-based economist said, noting that the commodity’s performance has offset weakness in other key export segments.
Cocoa earnings, Ghana’s second-largest export, declined to $956 million in the first two months of 2026 from $1.1 billion in the same period of 2024, reflecting softer output and ongoing challenges in the sector.
Other exports also edged lower, generating US$540 million compared with US$596 million previously, highlighting uneven performance across the export basket.
Despite the declines in non-gold exports, the overall rise in export earnings underscores the country’s growing reliance on the precious metal as a key source of foreign exchange.
On the import side, Ghana’s expenditure remained steady at US$2.5 billion between January and February 2026, unchanged from the same period in 2024, according to the central bank’s Summary of Economic and Financial Data for March 2026.
Of the total import bill, $825 million was spent on oil, while non-oil imports accounted for $1.6 billion.
The relatively stable import levels, combined with the surge in exports, resulted in a trade surplus of $3.2 billion for the period, up from $2.1 billion in the first two months of 2024.
The widening surplus is expected to support the local currency and help strengthen Ghana’s external buffers, analysts say.
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Ghana has in recent years faced external pressures, including currency volatility and rising import costs, but the latest figures suggest a more favourable trade dynamic is emerging.
Data from the Ghana Statistical Service indicates that the broader economy has also been expanding, providing additional support to the country’s external accounts.
However, economists caution that sustaining the current momentum will depend on diversifying exports beyond gold and addressing structural challenges in sectors such as cocoa.
“The concentration risk remains high,” one analyst said, pointing to the need for policies that boost value addition and expand non-traditional exports.
For policymakers, the strong start to 2026 offers a measure of relief, particularly as the government seeks to stabilise the economy and rebuild investor confidence.
A sustained improvement in export earnings could ease pressure on the balance of payments and enhance Ghana’s ability to meet its external obligations, although global commodity price swings remain a key risk.
For now, the surge in gold exports has once again underscored the commodity’s central role in Ghana’s economic fortunes.
