Ghana’s economic recovery continues to
show encouraging signs of resilience, supported by strong gold export
performance and improving macroeconomic stability, even as rising global oil
prices present new external challenges. That is according to the latest
economic outlook on Ghana by Standard Bank, Stanbic Bank Ghana’s parent company.
Speaking on
recent developments, Head of Africa Research at Stanbic Bank, Jibran Qureishi,
noted that Ghana has made meaningful progress in stabilizing inflation,
rebuilding foreign exchange reserves, and restoring confidence in the economy.
While global energy market developments require careful monitoring, he said the
country is better positioned today to navigate external shocks.
He explained
that, as a net oil importer, Ghana remains sensitive to movements in global
crude prices, particularly amid ongoing geopolitical uncertainty. However,
stronger domestic fundamentals and policy reforms are helping to cushion
potential impacts on the broader economy. “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 is
entering this phase from a position of greater stability,” he said.
Recent trade
data reflects both the opportunities and challenges facing the economy. By
February 2026, oil imports reached approximately $852.7 million, compared to
$451.5 million in oil exports, highlighting the importance of continued
diversification and prudent economic management.
Encouragingly,
gold exports have emerged as a major pillar of strength. Export earnings surged
to $4.3 billion in February 2026, up from $2.3 billion during the same period
last year, reinforcing Ghana’s external position and supporting foreign
exchange inflows. Mr. Qureishi credited the Bank of Ghana’s domestic gold
purchase programme as a key contributor to this improvement, helping to expand
reserves and enhance currency stability.
“Gold has
become an important stabilizing force for Ghana’s economy,” he said. “It is
helping offset pressures from oil imports while sustaining a strong current
account position under challenging global conditions.”
Foreign
exchange reserves have correspondingly strengthened, rising to about $12.5
billion in February 2026, equivalent to more than five months of import cover.
This improvement has supported relative stability in the cedi and strengthened
investor confidence despite global market volatility. While global financial
conditions remain dynamic, Stanbic noted that Ghana’s improved external buffers
provide greater flexibility to manage potential fluctuations in export demand,
including shifts in global gold markets.
For
businesses, particularly small and medium enterprises (SMEs), evolving global
conditions underscore the importance of efficiency and adaptation. Although
higher fuel prices may raise operating costs, ongoing macroeconomic
stabilization and improved currency conditions are expected to support planning
certainty and business confidence across sectors such as agriculture,
manufacturing, and trade. Farmers, traders, and logistics operators stand to
benefit from a more stable economic environment, even as they adjust to
changing input costs within the global marketplace. Mr. Qureishi emphasized
that Ghana’s recent macroeconomic progress presents a valuable opportunity to
consolidate reforms and strengthen long-term resilience.
He highlighted
ongoing efforts to improve foreign exchange market functioning, including
reforms to gold export proceeds and adjustments to FX trading rules, as
positive steps that are enhancing transparency, reducing speculative pressures,
and deepening market confidence. “Ghana has made important strides,” he said.
“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.”
Jibran
Qureishi,
Head,
Economics Research,
Africa
Regions, Stanbic Bank.
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