The Bank of Ghana’s reserve assets saw a significant improvement, rising from US$391.1 million in April 2024 to US$1.1 billion in April 2025, largely due to the central bank’s gold purchase programme.
This, along with other contributing factors, has played a major role in the appreciation of the Ghana cedi against the US dollar, according to the Bank’s Monetary Policy Report.
The report also revealed that the combined surplus in the current and capital accounts amounted to US$2.2 billion, placing Ghana in a net lending position with the rest of the world.
As a result, there was a net acquisition of financial assets in the financial account totalling US$2.1 billion in the first quarter of 2025, a sharp increase from the US$357.7 million recorded in the same period of 2024.
In terms of other investment, the report indicated a figure of US$1.4 billion, driven largely by increased currency and deposits in the nostro accounts of commercial banks.
At the end of April 2025, Ghana’s Gross International Reserves (GIR) stood at US$10.7 billion, equivalent to 4.7 months of import cover. This compares favourably with the US$9.0 billion recorded at the end of December 2024, which covered 4.0 months of imports.
Positive Outlook for External Sector
Despite the resumption of external debt servicing following Ghana’s external debt restructuring, the Bank of Ghana maintains a positive outlook for the external sector.
“Increased production volumes of Ghana’s key export commodities, high commodity prices, and improved remittance flows will drive strong external sector performance,” the report stated.
The Bank also emphasized that continued commitment to policy and reform implementation under the IMF programme will help restore investor confidence and attract more capital inflows.
In addition, the operationalization of the Ghana Gold Board (GoldBod) is expected to further enhance the central bank’s Gold for Reserves programme, supporting efforts to build long-term reserve buffers.
