Outlook of Ghana’s external sector remains positive for second-half of 2026 – BoG
According to the July 2026 Monetary Policy Report, sustained safe-haven demand is expected to keep gold prices firm, supporting export receipts, while cocoa exports should benefit from higher prices and improving supply conditions.
The Bank of Ghana (BoG) maintains a positive outlook for Ghana's external sector in the second half of 2026, despite global uncertainty. Strong export receipts, driven by sustained demand for gold and improved cocoa prices, are expected to bolster export earnings. However, the crude oil market's vulnerability to Middle Eastern developments could keep import costs above pre-conflict levels.
The trade balance for the first half of 2026 saw a surplus of US$8.81 billion, a significant increase from US$5.76 billion in the same period of 2025. This improvement was primarily due to higher export earnings outpacing the rise in import bills. Total exports reached US$18.28 billion in the first half of 2026, marking a 32.5% increase from US$13.79 billion in 2025.
Gold exports, valued at US$12.50 billion, saw a 49.0% jump to US$12.50 billion, driven by a 49.7% rise in average realized prices to $4,463.80 per fine ounce. Cocoa exports, valued at US$2.29 billion, climbed marginally from US$2.17 billion, spurred by higher prices, but export volumes declined.
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