Restoring credibility: Ghana’s Forex Reserves surge to $11.1 billion

The Governor of the Bank of Ghana, Dr. Johnson P. Asiama, has announced that Ghana’s foreign exchange reserves have reached a significant milestone, surging to $11.1 billion, providing 4.8 months of import cover.

This remarkable achievement is a testament to the country’s restored macroeconomic credibility.

“We are witnessing the power of synchronized policy execution where the central bank’s inflation-targeting mandate and the government’s expenditure rationalization converge to restore credibility, stabilize expectations, and anchor the Cedi,” Dr. Asiama said in a keynote address at the Graphic Business/Stanbic Bank Breakfast Meeting with the theme: “Sustaining Forex Gains: Business and Economic Impact”.

The Ghanaian Cedi has appreciated by over 42% year-to-date as of June 2025, reversing nearly all the losses incurred in 2022 and 2023. The country’s trade surplus has also improved, reaching $4.14 billion in the first four months of 2025, with exports growing by over 60%, mainly from gold, cocoa, and oil.

The surge in forex reserves and the appreciation of the Cedi have boosted economic confidence, attracting portfolio inflows and reviving domestic confidence in Cedi-denominated assets. According to Dr. Asiama, “These outcomes represent more than just statistical improvement. They are a restoration of macroeconomic credibility, the kind that markets, investors, and citizens respond to with confidence.”

The Bank of Ghana’s firm disinflation stance, coupled with the Ministry of Finance’s commitment to fiscal consolidation, has been instrumental in achieving these gains. The country’s IMF-supported programme has also passed successive reviews, leading to a sovereign credit rating upgrade by S&P from Selective Default to CCC+.

Ghana’s economy is showing signs of recovery, with the country’s foreign exchange reserves rising to $11.1 billion. According to the Bank of Ghana, the surge in forex reserves is a result of improved economic fundamentals, including a trade surplus and increased exports. The country’s Cedi has also appreciated significantly against major currencies. The recovery is expected to boost economic confidence and attract investment.

“The power of synchronized policy execution is evident in Ghana’s economic gains. By working together, the Bank of Ghana and the Ministry of Finance have restored macroeconomic credibility and stabilized expectations.” Dr. Johnson P. Asiama, Governor of Bank of Ghana

By restoring credibility and stabilizing the economy, Ghana is poised for sustained growth and development.