International Reserves Surge to $9.4bn Amid Strong External Sector Performance
Ghana’s Gross International Reserves rose to $9.4 billion at the end of February 2025, providing 4.2 months of import cover, according to the Bank of Ghana.
The reserve accumulation met the International Monetary Fund’s (IMF) programme expectation for 2026, Governor Dr. Johnson Asiama stated.
This marks a significant improvement from the $5.9 billion recorded at the end of December 2024, which covered 4.0 months of imports.
When excluding encumbered assets and petroleum funds—per the IMF programme definition—Ghana’s reserves stood at $6.9 billion in February 2025, equivalent to 3.0 months of imports.
The rise in reserves was underpinned by strong external sector performance, with the trade account recording a surplus in early 2025.
Total exports grew by 50% year-on-year to $4.3 billion, driven by higher gold and cocoa export volumes and prices.
However, crude oil exports declined due to lower output from Ghana’s three oil-producing fields. Meanwhile, total imports rose by 7.3% year-on-year to $2.7 billion.
The sustained improvement in Ghana’s external position signals a strengthening macroeconomic outlook, bolstered by robust export performance and rising foreign exchange reserves.
