Gov’t Aims for 10-Month Import Cover as International Reserves Rise to Six Months of Import Cover
Ghana’s international reserves have risen to the equivalent of six months of import cover, marking one of the country’s strongest external positions in over 15 years, President John Mahama has announced.
Speaking at a meeting with the Council of State at the Jubilee House, President Mahama said the sharp improvement from the 4.7 months of cover reported by the Bank of Ghana in April reflects the government’s concerted efforts to stabilise the economy and bolster foreign exchange reserves.
“This is one of the highest levels Ghana has recorded in the last 15 years,” the president noted. “We are also looking forward to Ghana’s international reserves reaching 10 months of import cover.”
The improved reserves position is seen as critical to supporting the cedi’s stability, particularly as the country navigates persistent external pressures and ongoing economic reforms. President Mahama attributed the gains to recent policy interventions by both the government and the central bank, including enhanced transparency in gold exports.
“We have instituted a lot of measures that have helped improve transparency around Ghana’s gold exports, which is also boosting our forex earnings and inflows,” he stated. “Looking at the current trajectory, we are hopeful that the country’s international reserves could reach record levels in the coming weeks.”
The president highlighted the establishment of the Ghana Gold Board as a key factor in improving the governance of the gold sector and shoring up foreign currency inflows.
Data from the Bank of Ghana as of May 2025 placed the country’s reserves at $10.6 billion, equivalent to 4.7 months of import cover. In a bid to further strengthen the country’s external buffers, the central bank has intensified its interventions, advancing nearly $5 billion by end-June 2025 to support the cedi and meet foreign currency demand from commercial banks and businesses.
First Deputy Governor Dr. Mumuni Zakari recently assured that the central bank has adequate foreign currency reserves to meet both market demand and external debt obligations, a commitment seen as essential to maintaining investor confidence.
The government’s target of reaching 10 months of import cover, if achieved, would mark a significant milestone for the country’s external stability and could help reduce exchange rate volatility in the months ahead.
