Ghana's export earnings from gold, cocoa, and crude oil grew strongly in 8 months of 2026. The country's trade surplus improved significantly to $8.80 billion during the first eight months of the year, up from $6.69 billion in the corresponding period of 2025.
Total export earnings increased by 24.8% to $22.39 billion during the review period from $17.94 billion in the first eight months of 2025.
The composite weighted average price index for cocoa, gold, and crude oil rose by 5.6 percent year-to-date to 261.86 in August 2026. According to the Bank of Ghana, gains across all three commodity sub-indices drove the improvement, with crude oil recording the largest increase at 42.9%, followed by gold (2.1%) and cocoa (1.5%).
Gold export earnings rose by 32.9% to $14.86 billion, accounting for the bulk of the export growth during the period. Cocoa export receipts, comprising cocoa beans and processed cocoa products, increased by 9.9% to $2.71 billion, marginally up from $2.47 billion in the corresponding period of 2025.
Crude oil exports also grew strongly, increasing by 32.8% to $2.42 billion during the first eight months of the year from $1.83 billion in the corresponding period in 2025.
In contrast, earnings from “other exports”, including non-traditional exports (NTEs), declined by 3.0% to $2.39 billion from $2.46 billion, reflecting declines in all sub-categories of NTEs. The Bank of Ghana attributed the decline to shipment disruptions associated with the onset of the Middle East conflict.
According to Ernest Addison, Governor of the Bank of Ghana, the growth in export earnings is expected to continue, driven by higher prices on the international market, supported by higher crude oil and cocoa export volumes. The Governor also noted that the country's trade surplus is expected to improve further, driven by robust growth in export earnings that outpaced the rise in imports.
The implications of the growth in export earnings are significant, as it is expected to boost the country's economic growth and improve the trade balance. The growth in export earnings is also expected to increase the country's foreign exchange reserves, which will help to stabilize the exchange rate and reduce the risk of inflation.