Ghana’s trade surplus meets IMF reserves expectation with US$6.9bn for 3 months

In the first two months of 2025, Ghana's trade account showed a surplus. This was due to higher export receipts compared to imports. Bank of Ghana Governor Johnson Asiama shared this information with journalists.

On March 28, 2025, Dr. Asiama briefed the media after the Monetary Policy Committee meeting. The committee assessed recent economic developments and inflation risks. He noted that strong external sector performance from 2024 continued into early 2025. This indicates significant improvement in reserve accumulation.

Dr. Asiama reported that total exports grew by 50% annually, reaching US$4.3 billion. This growth was driven by increased gold and cocoa exports due to price and volume effects. However, crude oil exports declined because output from three oil fields fell.

Total imports rose by 7.3% year-on-year to US$2.7 billion. As a result, international reserve accumulation met IMF program expectations for 2026. By the end of February 2025, Gross International Reserves stood at US$9.4 billion.

This amount can cover 4.2 months of goods and services imports. In comparison, reserves were US$5.9 billion at the end of December 2024, covering four months of imports.

Dr. Asiama explained that Gross International Reserves under the IMF program reached US$6.9 billion in February 2025. This is equivalent to three months of imports when excluding encumbered assets and petroleum funds.

The Governor stated that the external sector outlook remains strong. He highlighted increases in gold exports from the Gold-for-Reserve program and growing remittance inflows as positive factors.

He added that continued reserve buildup is expected to support currency stability moving forward.