Ghana’s external sector has recorded a major turnaround, with the country’s current account surplus reaching US$3.8 billion in the first nine months of 2025 — a significant rise from US$553.6 million in the same period of 2024.
According to the Bank of Ghana (BoG), the improvement was driven by a sharp increase in export earnings — particularly from gold and cocoa — and strong remittance and private inward transfers.
The boost in external inflows, together with favourable balances in the capital and financial accounts, translated into an overall balance-of-payments surplus of US$1.8 billion and helped accumulate gross international reserves of US$11.4 billion as of October 2025. That level provides roughly 4.8 months of import cover, offering a significant buffer for the economy.
This external sector strength has had a visible impact on Ghana’s currency. The local currency, the Ghanaian cedi (GHS), has appreciated sharply, gaining over 32% against the US dollar by November 2025.
Economists and analysts say the robust current account surplus — underpinned by strong export performance and inflows — along with increased reserves, has helped restore “macroeconomic credibility.” These factors have anchored expectations, boosted investor confidence, and reduced pressure on the exchange rate, contributing significantly to the cedi’s relative stability.
As Ghana looks ahead, sustaining these gains will depend on continued strong export performance (especially in commodities like gold and cocoa), steady remittance inflows, prudent macroeconomic policies, and effective reserve management.
