Ghana’s gross international reserves have climbed to about US$14.5 billion, providing stronger protection against external shocks and signalling improving macroeconomic stability, the Governor of the Bank of Ghana, Dr. Johnson Asiama, said on Monday.
Speaking at the opening of the 129th Monetary Policy Committee meeting, Dr. Asiama said the reserve position has improved significantly since the last meeting, when gross reserves stood at just over US$13 billion.
“External buffers have strengthened further. Gross international reserves now stand at about US$14.5 billion, up from the over US$13 billion at the last meeting,” he said, adding that the current level is equivalent to 5.8 months of import cover.
The central bank governor explained that the improved reserves provide the economy with greater resilience against global shocks and help maintain investor confidence. “Taken together, these indicators point to an economy that is stabilising more quickly than many had expected,” he said.
Dr. Asiama also highlighted a new government initiative aimed at further boosting external buffers: the Ghana Accelerated National Reserve Accumulation Programme.
According to the governor, the programme seeks to substantially increase the country’s foreign reserves over the medium term, targeting 50 months of import cover by 2028, up from the current 5.8 months.
“Since our last meeting, the government has announced the Ghana Accelerated National Reserve Accumulation Programme, an ambitious one,” Dr. Asiama said.
He noted that such large-scale accumulation requires careful coordination with monetary policy, as it can affect liquidity conditions, the central bank’s balance sheet, and the broader macroeconomic environment.
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“Strengthening external buffers is an important element of macroeconomic resilience. But initiatives of this scale raise questions regarding liquidity conditions, the impact on the central bank’s balance sheet, and the interaction between reserve accumulation and monetary policy operations,” he said.
The governor said that together with other positive economic indicators, the growth in reserves points to faster-than-expected stabilisation in the economy.
The Monetary Policy Committee meeting will take these developments into account as it deliberates on the appropriate policy stance to support macroeconomic stability.
Analysts say the strengthened reserve position could help Ghana absorb potential shocks from global market volatility, maintain currency stability, and provide a stronger foundation for economic growth.
Dr. Asiama’s announcement underscores the central bank’s commitment to enhancing the country’s macroeconomic resilience and building investor confidence through improved external buffers.
If successfully implemented, the Ghana Accelerated National Reserve Accumulation Programme could significantly expand the country’s capacity to manage external risks while supporting broader economic reforms and financial sector stability.
