Ghana’s export earnings climbed to $11.15 billion in the first four months of 2026, with soaring gold receipts helping strengthen the country’s external position amid rising import costs and renewed pressure on the cedi.
Latest figures contained in the Bank of Ghana’s May 2026 Summary of Economic and Financial Data show exports increased significantly from $9.26 billion recorded during the same period in 2025.
The strong performance was driven largely by elevated gold prices and sustained output from the mining sector.
The latest numbers reinforce gold’s growing role in supporting Ghana’s foreign exchange reserves and stabilising the broader economy following the recent debt and currency crisis.
Gold Exports Dominate Foreign Exchange Earnings
Gold remained Ghana’s biggest export earner, generating $6.86 billion by April 2026 compared to $5.25 billion in the corresponding period last year.
The sharp rise in earnings reflects both favourable international bullion prices and steady production from large-scale mining companies. Analysts say the strong gold performance has become a major pillar supporting Ghana’s balance of payments and reserve accumulation strategy.
The Bank of Ghana has in recent years intensified efforts to build gold reserves as part of a broader policy aimed at reducing pressure on the country’s foreign exchange market.
Data from the central bank show Ghana’s gold holdings increased to 22.3 tonnes in April 2026 from 18.6 tonnes at the end of December 2025. The value of those holdings rose to $3.47 billion.
Cocoa and Oil Exports Show Mixed Performance
Cocoa exports remained relatively stable despite fluctuations in global commodity prices. Earnings from cocoa stood at $1.86 billion by April 2026, slightly above the $1.85 billion recorded a year earlier.
Oil exports also improved, increasing to $1.28 billion from $908.5 million during the same period in 2025. Other exports generated $1.15 billion.
The broader export growth helped Ghana maintain a sizeable trade surplus despite rising import demand.
According to the data, Ghana recorded a trade surplus of $5.28 billion by April 2026, equivalent to 4.4 per cent of GDP. This compares with a surplus of $4.19 billion, or 3.7 per cent of GDP, recorded a year earlier.
Rising Imports Increase Pressure
Imports, however, also increased sharply during the period, rising from $5.06 billion in April 2025 to $5.87 billion in April 2026.
Oil imports accounted for a substantial portion of the increase, climbing to $2.01 billion from $1.62 billion. Non-oil imports also rose to $3.86 billion, reflecting stronger domestic demand for machinery, industrial inputs and consumer goods.
The increase in import costs comes as global crude oil prices continue to surge. Brent crude averaged $103.2 per barrel in April 2026, representing a 67.4 per cent year-to-date increase.
Analysts warn that persistently high oil prices could continue absorbing a significant portion of Ghana’s foreign exchange earnings despite the strong gold inflows.
Reserve Position Improves Despite Cedi Pressure
The Bank of Ghana’s reserve position strengthened considerably during the period. Gross International Reserves rose to $13.95 billion in April 2026, equivalent to 5.5 months of import cover, compared with $10.79 billion and 4.7 months of import cover a year earlier.
By May 18, 2026, reserves had reportedly increased further to $14.42 billion, while Net International Reserves stood at $12.43 billion.
Despite the stronger external buffers, the cedi continued to face renewed pressure. The local currency had depreciated by 8.4 per cent against the US dollar by mid-May 2026.
The divergence between Ghana’s improving external accounts and the cedi’s weakness highlights ongoing demand pressures within the foreign exchange market, particularly from energy imports, private-sector activity and market sentiment.
Economists say while gold continues to cushion Ghana’s economy, maintaining long-term currency stability will require sustained export growth, disciplined fiscal management and careful monitoring of global commodity market risks.
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