Ghana's recovery supported by gold strength despite global oil price pressures - Standard Bank Research
Standard Bank Research indicates that 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. Jibran Qureishi, Head of Africa Research at Stanbic Bank, noted that Ghana has made meaningful progress in stabilising inflation, rebuilding foreign exchange reserves, and restoring confidence in the economy. He said the country is better positioned today to navigate external shocks.
By February 2026, oil imports reached approximately $852.7 million, compared to $451.5 million in oil exports. Gold export earnings surged to $4.3 billion in February 2026, up from $2.3 billion during the same period last year. Mr. Qureishi credited the Bank of Ghana's domestic gold purchase programme as a key contributor to this improvement. Foreign exchange reserves have correspondingly strengthened, rising to about $12.5 billion in February 2026, equivalent to more than five months of import cover.
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 the functioning of the foreign exchange market, 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. He said, "Ghana has made important strides."
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Standard Bank's latest economic outlook on Ghana highlights the nation's encouraging economic recovery amidst global challenges. Strong gold exports and macroeconomic stability are playing a role - but rising oil prices loom.
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