Accra, July 15, 2025 – The Bank of Ghana (BoG) has announced a strong improvement in the country’s foreign exchange position, having added US$1.6 billion in reserves in the first half of 2025. This achievement far exceeds the US$493 million target set by the International Monetary Fund (IMF) under Ghana’s ongoing economic reform programme.
“This milestone reflects our commitment to macroeconomic stability and prudent reserve management,” the Bank stated.
The reserve buildup—more than three times the IMF’s benchmark—signals renewed confidence in Ghana’s economic recovery efforts under the Post-COVID-19 Programme for Economic Growth (PC-PEG). Key contributing factors include improved export earnings, record-high remittance inflows, and tight fiscal and monetary policy coordination.
Key Drivers of the Reserve Growth:
Stronger export performance: Boosted by higher global prices for gold and cocoa.
Stabilized cedi: Reduced pressure on the exchange rate through effective market interventions.
Surging remittances: Increased inflows from the Ghanaian diaspora in Q2 2025.
Disciplined fiscal management: Aligned with targets under the IMF-supported programme.
The Bank emphasized that the reserves strengthen Ghana’s ability to manage external shocks, stabilize the currency, and support long-term investor confidence.
As Ghana prepares for its next IMF review, the surplus reserve accumulation positions the country favorably for continued programme support and potential disbursement of further funds.