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Ghana's trade surplus hides a persistent revenue crisis
Ghana's GHC 145 billion Q3 2025 trade surplus, driven by oil, gold, and cocoa, fails to solve the country's core revenue problem. The state cannot effectively tax its large informal economy, and volatile currency dynamics erode the value of collected taxes. Investors should view the surplus as a temporary commodity windfall, not a sign of improved fiscal health or debt repayment capacity.
