Ghana’s Gross International Reserves (GIR) jumped to $10.7 billion by the end of April 2025, offering close to five months of import cover. This marks a significant boost in the country’s external financial position, according to Bank of Ghana Governor, Dr. Johnson Asiama.
Speaking at the 124th Monetary Policy Committee (MPC) briefing on May 24, Dr. Asiama said the reserve increase was mainly driven by strong performance in the external sector during the first quarter of the year.
“We recorded a provisional current account surplus of $2.1 billion,” Dr. Asiama stated. “This was supported by higher gold and cocoa production, strong commodity prices, and resilient remittance inflows.”
The surplus translated into a $1.1 billion overall Balance of Payments gain, which helped Ghana strengthen its foreign exchange reserves. Officials say this development not only reflects economic recovery efforts but also enhances the country’s ability to withstand external shocks such as currency volatility or trade imbalances.
Dr. Asiama expressed optimism about the outlook, citing expected growth in export revenues and consistent remittances from the Ghanaian diaspora. He emphasized that the government and central bank remain focused on macroeconomic stability and reserve management.
Additionally, fiscal consolidation efforts and a stable exchange rate have played a supportive role in building external buffers. These measures aim to restore investor confidence and maintain market stability.
The BoG believes that sustained improvements in the external sector will continue to support its monetary policy goals and create room for long-term economic growth.
