Ghana’s current account surplus could climb to 5.1% of GDP by the end of 2025, rising from 4.3% in 2024. This outlook, shared in the May 2025 Absa Cedi Report, attributes the improvement to stronger gold and cocoa exports.
According to the report, Ghana will benefit from new gold mines next year. Projects like the Cardinal-Namdini and Ahafo South mines are expected to boost gold production significantly. These developments, paired with stable prices, will help build foreign reserves and support the cedi.
“Export earnings will remain strong thanks to high gold and cocoa prices,” the report said. The cedi recently appreciated to GH₵12.40 per dollar, up from GH₵15.50 earlier.
The report also highlights gold’s global appeal as a safe-haven asset. With the metal exempt from recent U.S. tariffs and prices hitting $3,300 per ounce, Ghana is in a strong position to grow its earnings.
On cocoa, Absa points to a positive outlook for Ghana, in contrast with neighboring Côte d’Ivoire. While volatile weather threatens Côte d’Ivoire’s harvest, Ghana has seen consistent rainfall. As a result, cocoa output rebounded from last year’s poor crop.
Absa expects these favorable export trends to stabilize Ghana’s macroeconomic environment and further strengthen investor confidence in 2025.
