Ghana’s economy has found an unexpected source of stability in gold rather than its usual reliance on cocoa or oil. A surge in mineral prices throughout 2025 has led to a stronger cedi, increased export income, and higher international reserves.
Data from the Bank of Ghana shows that gold prices climbed significantly from $2,641 in December 2024 to $4,054 by October 2025, which represents a 53.5% increase. During this time, the prices Ghana actually received grew by 55.9%, leading to gold export earnings jumping from $10.3 billion to $15.2 billion. This shift has made gold the primary export, now representing over 65% of the country’s total receipts.
In contrast, international cocoa prices dropped by 43.8% between late 2024 and late 2025, raising concerns about the sector’s long-term sustainability. Despite this price drop, cocoa export revenue grew to $2.8 billion, making up 12% of the nation’s export income.
The influx of foreign exchange from gold has been vital for stabilizing the cedi and building reserves. The currency recovered by 32.2%, moving from GH¢14.70 at the end of 2024 to GH¢11.12 by November 2025. This improvement was supported by gross international reserves hitting $11.6 billion by September 2025.
However, this prosperity is precarious because gold is a volatile commodity influenced more by global geopolitics and interest rates than domestic economic factors.
Furthermore, high gold prices are encouraging illegal mining (galamsey), which is damaging rivers and farmlands while encroaching on cocoa-growing areas. While this windfall provides a critical window for economic diversification and better regulation, failure to address deep-seated structural issues could mean this recovery is only a temporary reprieve.
