Ghana’s total export earnings have hit a record US$22.4 billion as of August 2026, driven largely by higher gold prices.
The figure is a significant jump from the US$18.2 billion recorded in June 2026, and more than double the US$11.1 billion recorded during the same period in 2025.
The latest data from the Bank of Ghana shows cocoa exports reached US$2.7 billion by August 2026, up from US$2.4 billion during the same period last year.
Oil exports also increased to US$2.4 billion, from US$1.8 billion in August 2025. On the import side, Ghana spent US$13.5 billion in the first eight months of 2026, compared to US$11.2 billion over the same period in 2025.
Oil imports rose sharply from US$3.2 billion to US$4.7 billion, while non-oil imports increased from US$7.9 billion to US$8.7 billion.
The development has resulted in a trade surplus of US$8.8 billion, up from US$7.6 billion recorded in August 2025.
Analysts say the stronger trade balance could provide additional support for the cedi 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 performance, concerns remain about the outlook due to the reported pause in gold exports by the Ghana Gold Board (GoldBod) since August 2026.
Analysts are also watching developments in global interest rates after the US Federal Reserve’s decision to raise rates, which could put pressure on gold prices and affect one of the major drivers of Ghana’s export earnings.
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