Accra, Ghana – Ghana’s economic recovery continues to show resilience, driven by strong gold export performance and improved macroeconomic stability, despite challenges from rising global oil prices. This assessment comes from Standard Bank’s latest economic outlook on Ghana.
Jibran Qureishi, Head of Africa Research at Standard Bank, highlighted that Ghana has made significant progress in stabilizing inflation, rebuilding foreign exchange reserves, and restoring confidence in the economy. While global energy markets remain volatile, the country is better positioned to navigate external shocks than in previous years.
As a net oil importer, Ghana remains sensitive to fluctuations in global crude prices, particularly amid ongoing geopolitical tensions. However, stronger domestic fundamentals and policy reforms are helping to cushion potential impacts. Qureishi noted, “Domestic conditions have improved significantly, and Ghana has built important buffers. While higher oil prices may create some upward pressure on transport and food costs, the economy enters this phase from a position of greater stability.”
Trade data for February 2026 reflects both opportunities and challenges. Oil imports totaled approximately $852.7 million, compared to $451.5 million in oil exports, highlighting the continued need for economic diversification and prudent management.
Gold exports, however, have emerged as a major stabilizing force, with earnings surging to $4.3 billion in February 2026, up from $2.3 billion in the same period last year. The Bank of Ghana’s domestic gold purchase program has played a key role in expanding reserves and enhancing currency stability. “Gold is helping offset pressures from oil imports while sustaining a strong current account position under challenging global conditions,” Qureishi added.
Foreign exchange reserves have strengthened, reaching about $12.5 billion in February 2026, providing more than five months of import cover. This has contributed to relative stability in the cedi and reinforced investor confidence despite global market volatility.
For businesses, particularly SMEs, the evolving global environment underscores the importance of efficiency and adaptation. Although rising fuel prices may increase operating costs, ongoing macroeconomic stabilization and improved currency conditions are expected to support planning certainty across sectors such as agriculture, manufacturing, and trade.
Qureishi emphasized that continued reforms to the foreign exchange market, including gold export proceeds and FX trading rules, are enhancing transparency, reducing speculative pressures, and deepening market confidence. “By maintaining policy discipline and continuing reforms, authorities can build on current momentum, strengthen economic buffers, and sustain progress on inflation and currency stability despite global uncertainties,” he said.
