Trade Surplus Hits US$5.57 Billion as Ghana Cuts Public Debt Sharply

The Ghana Cedi Board® for July 30, 2025, presents a pivotal snapshot of the country’s fiscal and foreign exchange climate. While public debt takes a sharp dip, the Bank of Ghana issues stern warnings on forex non-compliance, and trade performance surges beyond expectations. Here’s what investors and policy-watchers need to know.

Public Debt Drops by GH¢156.4 Billion

In a surprising fiscal turn, Ghana’s total public debt stock fell significantly by GH¢156.4 billion between March and June 2025, settling at GH¢613 billion. This marks a reduction from GH¢769.4 billion in March, positioning current debt at approximately 43.8% of GDP.

In dollar terms, however, the public debt climbed to $59.4 billion, up from $49.5 billion, a result partly tied to currency valuation effects.

According to Bank of Ghana data:

• March 2025: GH¢769.4 billion

• April 2025: GH¢730.3 billion

• May 2025: GH¢612.1 billion

• June 2025: GH¢613 billion

  
  

The fall in cedi-denominated debt was largely driven by currency appreciation, which improved debt-to-GDP ratios. External debt stood at $29.1 billion, making up 29.1% of GDP, while domestic debt came in at GH¢312.7 billion.

Fiscal metrics also reflect prudent management:

• Fiscal deficit-to-GDP: 1.1%

• Primary balance: Surplus of 0.7%

BoG Cracks Down on Forex Violations

The Bank of Ghana (BoG) has escalated its regulatory oversight on financial institutions breaching foreign exchange laws. In a statement released July 29, 2025, the Central Bank warned that continued non-compliance could lead to the revocation of remittance licenses.

Violations cited include:

Unauthorised foreign exchange swaps

• Use of unapproved remittance channels

• Application of unofficial exchange rates

• Settlements without prior approval

  
  

Institutions affected:

• Banks

• Dedicated Electronic Money Issuers (DEMIs)

• Enhanced Payment Service Providers (EPSPs)

• Money Transfer Operators (MTOs)

  
  

BoG now requires weekly reporting on inward remittance transactions and has reiterated adherence to specific clauses in the Updated Guidelines for Inward Remittance Services.

Ghana Records Trade Surplus of US$5.57 Billion

Ghana’s trade sector is booming. For the first half of 2025, the country registered a trade surplus of US$5.57 billion, a remarkable 307.4% increase from US$1.367 billion recorded during the same period in 2024.

Breakdown of 2025 first-half exports:

• Gold: US$8.38 billion

• Cocoa: US$2.167 billion

• Crude oil: US$1.364 billion

• Other non-traditional exports: US$1.87 billion

  
  

Imports totaled US$8.225 billion, with the balance of trade tilted in Ghana’s favor. Gross international reserves stood at US$11.12 billion (about 4.8 months of import cover), while net reserves reached US$8.88 billion.

On the macro side:

• Current account: US$3.34 billion

• Financial account: US$1.596 billion

Market Prices & Currency Rates – July 30, 2025

Commodity/Rate	Current Price	Change
Bel-Aqua Water (750ml)	₵2.50	↑ 25% (from ₵2.00)
Ghana Gold Coin (1 oz)	₵36,413.64	↓ ₵7,790.04
USD/GHS (BoG Rate)	₵10.49	Stable

Investor’s Insight – Ghana’s Solar Momentum

Ghana’s solar capacity jumped 61% in 2024, reaching 246 MW. This growth is a strong signal of policy support and increasing consumer demand. With a 250 MW target in sight for 2025 and enabling legislation such as Net Metering and Act 832, the renewable energy sector is emerging as a promising hub for green investments.

🔹 Investor takeaway: The solar market is poised for continued expansion, making it a potential hotspot for long-term returns in West Africa.

Stay tuned to the Cedi Board® for real-time updates on Ghana’s financial pulse. From prices and policy to investment tips that help you make sense of the numbers.