Ghana’s current account surplus rose to 7.9% of GDP in 2025, the World Bank said in its tenth Ghana Economic Update, as strong gold earnings rebuilt the country’s external buffers.
Bank of Ghana data put the surplus at about US$9.1 billion, or 8.1% of GDP, up from about US$1.5 billion (1.8% of GDP) in 2024. Gross international reserves climbed to about US$13.8 billion by the end of December 2025, covering 5.7 months of imports, from roughly US$9.1 billion a year earlier.
Gold dominated export receipts. The Ghana Statistical Service said the metal accounted for 63.1% of merchandise exports in 2025, worth about US$20.2 billion. Central bank figures show gold exports near US$21.0 billion out of total exports of US$31.1 billion. The trade surplus reached about US$13.7 billion.
The World Bank warned that the external improvement rests on high gold prices and a partial cocoa recovery that may not last. It urged policymakers to avoid turning temporary commodity windfalls into permanent spending commitments. World Bank Division Director Robert Taliercio said heavy reliance on gold and cocoa leaves Ghana exposed to price swings that could reverse recent gains.