BoG reserve assets hit US$1.1 billion, boosting Cedi stability
The Bank of Ghana (BoG) has reported a significant increase in its reserve assets, which surged from US$391.1 million in April 2024 to about US$1.1 billion in April 2025.
This substantial growth is primarily attributed to the central bank’s gold purchase program, contributing significantly to the appreciation of the local currency against the US dollar, BoG’s latest Monetary Policy Report highlighted.
At the end of April 2025, Ghana’s Gross International Reserves (GIR) reached US$10.7 billion, providing 4.7 months of import cover. This is an improvement from the US$9.0 billion recorded at the end of December 2024, which covered only 4.0 months of imports.
The report indicates that the combined surplus in both the current and capital accounts amounted to US$2.2 billion, positioning Ghana as a net lender to the rest of the world.
In the first quarter of 2025, there was a notable net acquisition of financial assets in the financial account totaling US$2.1 billion, a notable rise from the US$357.7 million recorded during the same period in 2024.
The report also detailed that other investments reached US$1.4 billion, largely driven by increased currency and deposits in the nostro accounts held by commercial banks.
Despite the resumption of external debt servicing following Ghana’s external debt restructuring, the Bank of Ghana remains positive about the external sector’s performance.
“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 emphasized that sustained progress hinges on policy discipline and reform implementation under the IMF program, critical in restoring investor confidence and attracting additional capital inflows.
The operationalization of the Ghana Gold Board (GoldBod) is projected to further bolster the central bank’s Gold for Reserves program, supporting efforts to build long-term reserve buffers.
By: Novire Kuuyizie Francis
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