Ghana’s Gross International Reserves stood at $9.4 billion by the end of February 2025, meeting the target set by the International Monetary Fund (IMF).

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This reserve level provided coverage for approximately 4.2 months of imports, showing an improvement from $8.89 billion recorded in December 2024, which covered 4.0 months.

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The country recorded a trade surplus of $1.64 billion in the first two months of 2025, representing 1.9% of GDP. This improvement contributed to the steady accumulation of foreign reserves, according to data from the Bank of Ghana (BoG).

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Total exports saw a sharp increase, growing 50.0% year-on-year to $4.3 billion, mainly due to higher gold and cocoa exports, which benefited from rising prices and increased production volumes. In contrast, crude oil exports declined following a drop in output from Ghana’s three producing oil fields.

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Meanwhile, imports also saw a moderate increase, rising 7.3% year-on-year to $2.7 billion.

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In early 2025, Ghana’s key export commodities experienced mixed performances in the global market.

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Gold prices surged past $3,000 per fine ounce on March 14, 2025, driven by economic uncertainty, trade tensions, persistent inflation, and a weakening US dollar. In February, gold averaged $2,897.3 per fine ounce, marking a 9.7% increase from the previous year.

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Crude oil prices recorded a 2.4% annual increase, settling at $74.95 per barrel.

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However, cocoa prices fell by 8.5%, reflecting an improved supply outlook for the 2024/25 season.

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