Story By: Akua Oteng Amponsah
Ghana’s international reserves have increased to six months of import cover, marking one of the country’s strongest external positions in over 15 years.
President John Mahama announced this development during a meeting with the Council of State at the Jubilee House.
“We are also looking forward to Ghana’s international reserves reaching 10 months of import cover,” President Mahama said, expressing optimism that the growth in reserves will help stabilize the cedi.
The President attributed the significant growth in reserves to programs implemented by the government and the Bank of Ghana.
Key Factors Contributing to Reserve Growth:
Improved Transparency in Gold Exports: Measures to enhance transparency in gold exports have boosted forex earnings and inflows.
Establishment of Ghana Gold Board: The Board has brought sanity to the industry, improving forex inflows.
Strong External Sector Performance: Ghana’s external sector has seen notable improvements, driven by elevated commodity prices and increased production volumes of gold and cocoa.
The Bank of Ghana has advanced nearly $5 billion to support the local currency and meet business and commercial bank needs as of June 2025. First Deputy Governor Dr. Mumuni Zakari assured that there are sufficient dollars to supply commercial banks and meet external debt obligations.
Upcoming Economic Developments:
Mid-Year Budget: Finance Minister Dr. Ato Forson will present the Mid-Year Budget later this month, providing further updates on the economy.
Economic Stability: President Mahama expressed optimism about the economy’s prospects, pledging to continue stabilizing efforts.
