Gold exports exceed total imports in June 2025

By Joshua Worlasi AMLANU & Ebenezer Chike Adjei NJOKU

Gold exports totalled US$8.39billion in June 2025, surpassing the country’s total import bill of US$8.23billion by US$160million, Bank of Ghana (BoG) data released this week have shown.

The yellow metal’s exports represented 61 percent of total export earnings in June, an increase from 53 percent in March. The mineral accounted for the nation’s largest export portfolio component during the period under review.

Total export revenues increased to US$13.8billion in June from US$7.03billion for March, recording growth of 96 percent. The expansion, analysts say, reflects increased production volumes and favourable international commodity prices across key export categories.

The trade surplus widened from US$3.3billion in March to US$5.57billion in June. The surplus represented 6.4 percent of Gross Domestic Product (GDP) in June, compared with 3.8 percent in March.

Cocoa exports generated US$2.17billion in June, up from US$1.6billion in March. The commodity’s share of total exports declined from 23 percent to 16 percent over the four-month period as gold exports expanded at a faster rate.

Oil exports recorded US$1.36billion in June, expanding from US$780million in March and US$1.09billion in May. Petroleum products maintained a relatively smaller proportion of total export earnings compared with gold and cocoa.

Total imports increased 120 percent from US$3.73billion in March to US$8.23billion in June. Non-oil imports comprised 69 percent of the total at US$5.64billion while oil imports accounted for 31 percent at US$2.59billion.

The current account balance shifted from a deficit of US$117.6million in March 2024 to a surplus of US$2.32billion for March 2025. The improvement demonstrates enhanced external sector performance over the twelve-month period.

Gross international reserves reached US$11.12billion in June, according to the central bank data, evidence of  the positive impact from export earnings on the country’s external position.

Other exports, including manufactured goods and non-traditional commodities, increased from US$925million in March to  US$1.88billion in June. This category represented 14 percent of total exports by June.

The data indicate the nation’s continued reliance on commodity exports, with gold, cocoa and oil accounting for 86 percent of total export earnings. The mining sector’s dominant contribution to foreign exchange earnings underscores its importance to the country’s external stability.

Import growth exceeded export growth rates during the period, with imports expanding 120 percent compared to 96 percent growth in exports. However, the higher absolute value of exports ensured the trade surplus continued to widen.

Oil imports increased from US$1.27billion in March to US$2.59billion in June, reflecting Ghana’s dependence on petroleum product imports despite domestic crude oil production capacity.

The balance of payments showed improvement across multiple indicators. Private transfers reached US$3.93billion in June, while the financial account recorded net inflows of US$1.60billion.

Direct investment liabilities totalled US$926.5million in June, indicating continued foreign investor interest in Ghana’s economy. Portfolio investment liabilities recorded negative US$39.8million, reflecting net outflows in this category.

The external sector data reveal structural improvements in Ghana’s trade position during first-half 2025. Gold exports provided the primary driver of this performance, contributing significantly to foreign exchange earnings and reserve accumulation.

Trade balance performance as a percentage of GDP showed consistent improvement throughout the period, rising from 3.8 percent for March to 6.4 percent in June. This trend indicates strengthening external sector fundamentals.

Analysts say the sustainability of current export performance depends on continued global demand for Ghana’s primary commodities and maintenance of production levels across key sectors.

This comes as gold prices continue to rally. The commodity’s price moved past the US$3,400 threshold last week, closing at US$3,431 – underpinned by heightened demand for safe-haven assets in the face of persistent macroeconomic uncertainty.

Domestically, NewGold ETF tracked the upswing; advancing 2.51 percent on the week to GH¢373.75. Trading activity surged sharply, with average daily volumes rising more than tenfold to 9,718 units, up from 844.4 units the previous week.

Average daily turnover followed suit, increasing over 600% to GH¢3.6million with a total of GH¢18.14million in shares traded; almost ten times the prior week’s GH¢1.9million and promoting investors’ pivot toward gold-backed assets amid sustained foreign exchange volatility and uncertainty over the trajectory of global interest rates.

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