Ghana’s $12.9bn reserves provide strong buffer as cedi recovers from global shocks – BoG Governor

Governor of the Bank of Ghana (BoG), Dr. Johnson Pandit Asiama, says Ghana’s external sector has remained resilient despite global economic uncertainties, with strong foreign exchange reserves helping to cushion the economy against external shocks and support stability in the foreign exchange market

Speaking at a stakeholder engagement with members of the business community in Sunyani, the Governor attributed the country’s strong external position to robust exports of gold and cocoa, which have boosted Ghana’s trade surplus in the first half of 2026 despite higher global oil prices increasing the country’s import bill.

Dr. Asiama said, “Our external sector has also remained resilient. Exports of gold and cocoa have performed strongly, helping Ghana record a higher trade surplus during the first half of the year. Although higher global oil prices have increased our import bill, Ghana continues to maintain strong foreign exchange reserves of about US$12.9 billion, enough to cover five months of imports.”

Dr. Asiama added that the country’s reserve position remains a key source of confidence, providing the central bank with sufficient capacity to maintain stability in the foreign exchange market amid global volatility.

“These reserves give us a strong buffer against external shocks and help the Bank of Ghana support stability in the foreign exchange market.”

The Governor also addressed developments in the foreign exchange market, acknowledging that the cedi came under pressure earlier this year due to geopolitical tensions, particularly the conflict in the Middle East.

However, he said the local currency has since recovered and the Bank of Ghana remains committed to preserving stability.

“The cedi experienced some pressure earlier this year because of global developments, particularly the conflict in the Middle East, but it has since recovered. We remain committed to maintaining an orderly and well-functioning foreign exchange market.”

Dr. Asiama reiterated that the central bank will continue to implement policies aimed at safeguarding the value of the cedi, maintaining macroeconomic stability and creating a conducive environment for businesses and investors to thrive.