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).

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.

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).

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.

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

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

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.

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

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