Gold, cocoa and crude export earnings grew strongly in 8 months of 2028, but NTEs declined by 3%

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%). On an annual basis, the overall index rose by 15.4 percent, down from a growth of 20.3% in August 2025, reflecting the dampening effect of the contraction in cocoa prices, which more than offset the rise in gold and crude oil prices.

The country’s trade surplus improved significantly to US$8.80 billion during the first eight months of the year, up from US$6.69 billion in the corresponding period of 2025. This was underpinned by robust growth in export earnings that outpaced the rise in imports. Total export earnings increased by 24.8% to US$22.39 billion during the review period from US$17.94 billion in the first eight months of 2025.

The export receipts rose largely because of higher prices on the international market, supported by higher crude oil and cocoa export volumes. Gold Receipt Gold export earnings rose by 32.9% to US$14.86 billion, accounting for the bulk of the export growth during the period. The increase was primarily driven by a 44.0% rise in the average realised price to US$4,374.65 per fine ounce, reflecting sustained safe-haven demand amid heightened geopolitical and financial market uncertainties.

However, export volumes declined by 7.7% to 3.4 million fine ounces, from 3.7 million fine ounces a year earlier, largely reflecting shipment disruptions associated with the onset of the Middle East conflict. Cocoa Receipt Cocoa export receipts, comprising cocoa beans and processed cocoa products, increased by 9.9% to US$2.71 billion, marginally up from US$2.47 billion in the corresponding period of 2025, supported by both favourable realised prices and higher export volumes.

Crude Oil Receipt Crude oil exports also grew strongly, increasing by 32.8% to US$2.42 billion during the first eight months of the year from US$1.83 billion in the corresponding period in 2025. The performance reflected gains in both export volumes and prices. Following increased output from the Jubilee field, crude oil export volumes rose by 8.0% to 27.6 million barrels, compared with 25.6 million barrels in the same period of 2025.

In addition, the average realised price increased by 23.1% to US$87.68 per barrel from US$71.25 per barrel, benefiting from elevated global oil prices. NTEs In contrast, earnings from “other exports”, including non-traditional exports (NTEs), declined by 3.0% to US$2.39 billion from US$2.46 billion, reflecting declines in all sub-categories of NTEs.