BoG Reports $11.1bn in Reserves, Cedi Appreciates Over 42% in 2025
Ghana’s Cedi has appreciated by more than 42% in the first half of 2025, marking one of its sharpest recoveries in recent history and reversing the bulk of losses sustained during the 2022–2023 period.
The turnaround, driven by a combination of strong external sector performance, improved macroeconomic management, and renewed investor confidence, was disclosed by the Governor of the Bank of Ghana (BoG), Dr Johnson Asiama, at the Graphic Business/Stanbic Bank Breakfast Meeting held in Accra on Tuesday, July 15.
“The Ghanaian Cedi has appreciated by over 42% year-to-date as of June 2025, reversing nearly all the losses incurred in 2022 and 2023,” said Dr Asiama, citing robust foreign exchange reserves and a stabilising macroeconomic environment.
Ghana’s gross international reserves have climbed to $11.1 billion, up from $8.98 billion at the end of 2024, providing 4.8 months of import cover. The Governor noted that this build-up has supported the Cedi’s strength while buffering the economy against external shocks.
Trade performance in the first quarter of the year also exceeded expectations, with the country recording a trade surplus of $4.14 billion between January and April 2025. Export earnings surged by over 60% on the back of stronger gold, cocoa, and crude oil revenues. The current account registered a surplus of $2.12 billion in the first quarter, compared to just $66 million a year earlier.
“These outcomes represent more than just statistical improvement. They are a restoration of macroeconomic credibility, the kind that markets, investors, and citizens respond to with confidence,” Dr Asiama said.
Remittance flows, a key source of foreign exchange for Ghana, have also remained resilient. The ongoing implementation of the IMF-supported reform programme, combined with successive programme reviews and fiscal consolidation efforts, has been well received by international markets. In June, credit ratings agency S&P Global upgraded Ghana’s long-term foreign currency rating from Selective Default to CCC+, reflecting improved external liquidity and a stabilising policy environment.
The sharp appreciation of the Cedi comes as the central bank continues to maintain a tight monetary policy stance, aimed at anchoring inflation expectations and reinforcing exchange rate stability. Analysts say the latest developments suggest that Ghana may be entering a new phase of relative macroeconomic stability, though risks remain.
