Ghana’s economy recorded its highest current account surplus in the third quarter of 2025, hitting US$3.8 billion.
The current account surplus is a drastic improvement from the US$553.6 million recorded for the same period in 2024. This implies that Ghana is a net lender to the rest of the world with accumulated foreign assets. The country’s earnings from exports, investment incomes, and transfers exceed its spending on imports, investment payments abroad, and transfers.
“The current account improved significantly in the first nine months of 2025 to a surplus of US$3.8 billion compared to US$553.6 million for the same period in 2024.”
Dr Johnson Asiama, Governor of Bank of Ghana
External Sector Balances
The current account surplus has boosted the image of the Ghanaian economy, contributing to the local currency’s sustained appreciation due to the increased demand for the currency for trade. The Bank of Ghana’s campaign for the patronage of the local currency by Ghanaians has also received positive feedback.
The trade surplus also recorded an amount of US$7.5 billion, the highest Ghana has recorded so far. The trade surplus, alongside net income from abroad, including interest and dividends, and net transfers, like foreign aid and remittances, are components of the current account surplus. High gold and cocoa prices (export earnings), increased production volumes, and strong remittance inflows drove the current account surplus.
Another component of the current account is the private inward transfer, which also remains high at US$6.0 billion. At the end of the third quarter, the private inward transfers and trade surplus caused the current account to record a massive surplus.
Ghana’s overall balance of payment surplus reached US$1.8 billion, reflecting the favourable balance in the capital and financial account.
“The current account surplus, together with favourable balances in the capital and financial accounts, translated into an overall balance of payment surplus of US$1.8 billion and supported an accumulation of reserve assets to US$11.4 billion in October 2025, equivalent to 4.8 months of import cover. Reserves are projected to increase further by year end.”
Dr Johnson Asiama, Governor of Bank of Ghana
Other Contributors to the Current Account Surplus
Since the current account balance deals with inflows and outflows, some key macroeconomic indicators also contributed to this remarkable height.
The local currency supported by accumulated reserves was strengthened, a 32.2 percent appreciation as of November 21, 2025, against the dollar and other major trading currencies, as compared to a year ago. The stability of the Ghana Cedi made the inflows and outflows predictable and easily measurable.
The relationship between the local currency and the account surplus is bidirectional. When exports surpass imports, it provides for a stronger Cedi. A stronger Cedi also promotes external trade positively.
According to the Bank of Ghana, the inflation rate remains low, within target, and steady as headline inflation eased to 8.0 percent in October from 23.5 percent recorded in January 2025. Disinflation can have a complex effect on the current account. In Ghana’s case, even though goods became cheaper, the government pushed more commodity exports, like cocoa and gold, which countered the impact of imports. Hence, a current account surplus was achieved.
The global growth, which held steady amid major policy shifts, remains fragile, with a volatile trade environment and ongoing geopolitical tensions. According to the Bank of Ghana, the global condition is being monitored to ensure the best deal for consumers and businesses. One of the best deals is the current account surplus that Ghana has amid the global situation.
Implications of the Current Account Surplus for Ghana
Ghana now has a favourable position when dealing with the rest of the world. With its healthy state outlook, Ghana can attract more local investment and Foreign Direct Investment (FDI).
The inflow of foreign currency has helped build up the Bank of Ghana’s foreign exchange reserves, stabilizing the local currency and buffering the economy against future external shocks.
Due to the increased exports, implying a surplus, Ghana has reduced its reliance on external credit support. Both the government and the private sector have successfully focused more on internally generated funds.
The value of Ghana’s major commodities, like gold, cocoa, and oil, is strengthened. The surplus has also increased investor confidence in the economic management and stability.
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