Ghana’s external sector posted remarkable gains in the first nine months of 2025, delivering one of the strongest current account outcomes in recent years. The Bank of Ghana reports that the country achieved a US$3.8 billion current account surplus, a significant leap from the US$553.6 million recorded during the same period in 2024.
According to the Monetary Policy Committee, the sharp improvement is largely linked to a robust trade surplus of US$7.5 billion, driven by higher export earnings from gold and cocoa. These commodities continued to perform strongly on the international market, boosting foreign exchange inflows.
Private inward remittances also contributed to the stronger external position, with transfers reaching US$6.0 billion by the end of the third quarter.
The Bank of Ghana noted that the current account surplus, combined with favourable capital and financial account developments, resulted in an overall balance of payments surplus of US$1.8 billion.
This supported a significant build-up in gross international reserves, which rose to US$11.4 billion in October 2025, equivalent to 4.8 months of import cover. The Central Bank expects reserves to increase further by the end of the year.
This improved buffer has offered strong support to the Ghanaian cedi. As a result of sustained foreign exchange inflows and reserve accumulation, the currency appreciated 32.2% against the US dollar between January and 21st November 2025. The Bank of Ghana highlighted that this strengthening reflects renewed market confidence and improved macroeconomic stability.
