Gold, cocoa and crude export earnings grew strongly in 8 months of 2028, but NTEs declined by 3%

In the first eight months of 2028, Ghana's export earnings from gold, cocoa, and crude oil increased significantly, while earnings from other exports (NTEs) declined by 3%. The composite weighted average price index for these commodities rose by 5.6% year-to-date, reaching 261.86 in August 2028. Crude oil exports saw the largest increase at 42.9%, followed by gold at 2.1% and cocoa at 1.5%.

However, cocoa prices contracted, offsetting part of the gains from gold and crude oil. The country's trade surplus expanded to $8.80 billion during the period, up from $6.69 billion in the same period of 2025. Total export earnings grew by 24.8% to $22.39 billion, with higher prices and increased volumes contributing to the rise in earnings.

Gold export earnings surged by 32.9% to $14.86 billion, mainly due to a 44.0% rise in the average realized price to $4,374.65 per fine ounce, driven by safe-haven demand amid geopolitical uncertainties. However, export volumes fell by 7.7% to 3.4 million fine ounces, impacted by shipping disruptions caused by the Middle East conflict.

Cocoa export receipts increased by 9.9% to $2.71 billion, marginally up from $2.47 billion in the corresponding period of 2025, supported by both higher prices and volumes. Crude oil exports rose by 32.8% to $2.42 billion, with gains in both volumes and prices. The average realized price climbed by 23.1% to $87.68 per barrel, benefiting from elevated global oil prices.

Non-traditional exports (NTEs) earnings declined by 3.0% to $2.39 billion, with declines in all sub-categories of NTEs.