The Bank of Ghana (BoG) significantly increased its reserve assets from $391.1 million in April 2024 to $1.1 billion in April 2025, according to the latest Monetary Policy Report. This major boost is largely attributed to the central bank’s gold purchase programme.
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The rise in reserves played a crucial role in stabilizing the Ghanaian cedi, which has appreciated sharply against the US dollar this year.
External Sector Performance
The BoG report showed that surpluses in both the current and capital accounts totaled $2.2 billion, placing Ghana in a net lending position globally. As a result, the country recorded a net acquisition of financial assets amounting to $2.1 billion in Q1 2025, up significantly from $357.7 million in the same period last year.
Other investment inflows reached $1.4 billion, driven by higher foreign currency deposits in commercial bank nostro accounts.
Gross Reserves Hit $10.7 Billion
By the end of April 2025, Ghana’s Gross International Reserves (GIR) had reached $10.7 billion, enough to cover 4.7 months of imports. This marks a rise from $9.0 billion in December 2024, which covered only 4.0 months.
Positive Outlook for External Sector
The BoG remains optimistic about the external sector, despite the resumption of external debt servicing following Ghana’s recent debt restructuring.
According to the central bank, higher export volumes, strong commodity prices, and improved remittance inflows will continue to support the balance of payments.
Additionally, successful implementation of reforms under the IMF programme is expected to restore investor confidence and boost capital inflows.
The BoG also noted that the operationalization of GoldBod, a new initiative under its Gold for Reserves programme, will further strengthen Ghana’s external position.
