Ghana’s international reserves have risen significantly to about $14.5 billion, strengthening the country’s capacity to withstand global economic shocks, according to the Governor of the Bank of Ghana, Johnson Asiama.
Speaking at the opening session of the Monetary Policy Committee’s 129th meeting, Dr Asiama said the reserve position has improved notably since the committee’s previous gathering.
“External buffers have strengthened further. Gross international reserves now stand at about $14.5 billion, up from over $13 billion at the last meeting.” - Governor of the Bank of Ghana
According to the Governor, the new reserve level provides stronger protection for the economy against external pressures. “Current levels are equivalent to 5.8 months of import cover,” he added.
Dr Asiama explained that the rise in Ghana's international reserves forms part of broader signs that the country’s macroeconomic environment is gradually stabilising.
“Taken together, these indicators point to an economy that is stabilising more quickly than many had expected,” he stated.
The Governor noted that the strengthening of external buffers is crucial for maintaining investor confidence and ensuring that the country is better positioned to absorb potential shocks from global markets.
Such developments, he said, are encouraging for policymakers seeking to consolidate economic recovery in Ghana.
New programme to boost reserves further
Dr Asiama also revealed that the government has launched a new initiative aimed at significantly increasing the country’s reserves over the medium term.
The programme, known as the Ghana Accelerated National Reserve Accumulation Programme, seeks to strengthen Ghana’s external buffers and enhance macroeconomic resilience.
“Since our last meeting, the government has announced the Ghana Accelerated National Reserve Accumulation Programme, an ambitious one.” - Governor of the Bank of Ghana
According to him, the initiative aims to increase the country’s reserves substantially in the coming years.
“It seeks to raise international reserves to 50 months of import cover by 2028, compared to current levels of around 5.8 months of import cover.” - Governor of the Bank of Ghana
However, Dr Asiama cautioned that such large-scale programmes require careful coordination between fiscal and monetary authorities.
“Strengthening external buffers is an important element of macroeconomic resilience.
"But initiatives of this scale raise questions regarding liquidity conditions and the interaction between reserve accumulation and monetary policy operations.” - Governor of the Bank of Ghana
The Monetary Policy Committee is expected to consider these developments as it determines the appropriate policy direction for the economy in the coming days.
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