Gross International Reserves Hit $10.7 Billion, Circa 5 Months Import Cover – BoG
Ghana’s Gross International Reserves (GIR) rose significantly to $10.7 billion as of end-April 2025, representing 4.7 months of import cover, the Governor of the Bank of Ghana (BoG), Dr Johnson Asiama, has disclosed.
Speaking at the 124th Monetary Policy Committee (MPC) press briefing on Friday, May 24, 2025, Dr Asiama attributed the reserve build-up to the country’s strong external sector performance, which saw notable improvements during the first quarter of the year.
According to the Governor, Ghana recorded a provisional current account surplus of $2.1 billion in Q1 2025, mainly driven by elevated commodity prices and increased production volumes of gold and cocoa. Strong remittance inflows also played a key role in boosting external earnings.
“The current account surplus, combined with net outflows in the capital and financial account, yielded an overall Balance of Payments surplus of $1.1 billion,” Dr Asiama noted, adding that this performance significantly contributed to reserve accumulation.
He further indicated that the outlook for the external sector remains broadly favourable, backed by expectations of continued growth in gold and cocoa export receipts and steady inflows from the Ghanaian diaspora.
The positive developments in the country’s external position come amid efforts by the central bank and the government to stabilise the macroeconomy and build foreign exchange buffers to withstand external shocks.
good to hear all these interesting and progressive figures detailing how Ghana is doing well
unfortunately the cost of living seems to get higher day in and day out.
previously we were all of the opinion that a performing Ghana cedi on the international market meant a better and improved standard of living for us. we are however not seeing that in our daily lives. government needs to work seriously in that direction. the hustle is just too much. government doing it’s best but a lot needs to be done.