The stock of Ghana’s Gross International Reserves was estimated at US$9.4 billion at the end of February 2025.

This was in line with the International Monetary Fund target.

According to the Bank of Ghana, reserves was enough to cover 4.2 months of imports of goods and services.

At the end of December 2024, the stock of Gross International Reserves was US$8.89 billion, equivalent to 4.0 months of imports of goods and services.

Trade Surplus

Meanwhile, Ghana recorded a trade surplus of US$1.64 billion in the first two months of 2025.

This was equivalent to 1.9% of Gross Domestic Product.

According to data from the Bank of Ghana, this performance indicates a significant improvement in the accumulation of reserves.

Total exports posted 50.0% annual growth to reach US$4.3 billion.

This was driven by increased gold and cocoa exports arising from both the price and volume effects.

In contrast, crude oil exports declined as output from the three oil-producing fields fell.

Total imports also increased by 7.3% year-on-year to US$2.7 billion.

Prices of Commodities

In a related development, the prices of Ghana’s major export commodities traded mixed on the international commodities market in early 2025.

Gold prices crossed US$3,000 per fine ounce on March 14, 2025, due to heightened economic uncertainty triggered by trade and geopolitical tensions, persistent inflation, and a weakening US dollar.

In February 2025, gold prices averaged US$2,897.3 per fine ounce, indicating a year-on-year growth of 9.7 percent.

Similarly, crude oil prices recorded a marginal annual growth of 2.4% to settle at an average price of US$74.95 per barrel.

Cocoa prices, however, declined by 8.5% driven by an improving supply outlook for the current 2024/25 season.