Ghana Achieves Net Lending Position as External Accounts Post $2.2bn Surplus
Ghana’s external sector recorded substantial improvement in the first quarter of 2025, with the country achieving a net lending position to the rest of the world, underpinned by robust surpluses in both its current and capital accounts, according to the Bank of Ghana’s May 2025 Monetary Policy Report.
The combined surpluses in the current and capital accounts amounted to $2.2 billion, reflecting strengthening external balances. This favourable position enabled a significant net acquisition of financial assets totalling $2.1 billion in the financial account, sharply higher than the $357.7 million recorded in the corresponding period of 2024.
A key driver of the improved financial account performance was a $1.4 billion increase in other investments, largely attributed to higher currency and deposit holdings in commercial banks’ nostro accounts. The Bank of Ghana’s gold purchase programme also contributed notably, with reserve assets rising from $391.1 million in Q1 2024 to $1.1 billion in Q1 2025.
Net foreign direct investment (FDI) inflows stood at $389.2 million, complemented by net portfolio inflows of $136.5 million, underscoring renewed investor interest in the Ghanaian economy.
By the end of April 2025, Ghana’s Gross International Reserves (GIR) had risen to $10.7 billion, sufficient to cover 4.7 months of imports of goods and services, up from $9 billion (4 months cover) at the close of 2024. Programme-linked Net International Reserves (NIR) also saw marked improvement, reaching $3.4 billion, exceeding the end-June 2025 target of $493 million by a substantial margin.
The report paints an optimistic outlook for Ghana’s external sector, despite the resumption of external debt servicing following the restructuring of the country’s foreign obligations. Strong global commodity prices, rising export volumes, and steady growth in remittance inflows are expected to sustain external sector resilience.
