BoG beats IMF benchmark with $11.4bn in gross international reserves

The Bank of Ghana (BoG) has exceeded the International Monetary Fund’s (IMF) end-2025 Gross International Reserve (GIR) target, Governor Dr Pandit Johnson Asiama has announced.

The IMF projected Ghana’s GIR to reach $8.366 billion—equivalent to 3.3 months of import cover—by the end of 2025. However, the country’s reserves have already risen to $11.4 billion, offering more than 4.8 months of import cover.

Dr Asiama revealed the figures at a press briefing after the 127th meeting of the Monetary Policy Committee (MPC), stating, “We have already achieved what, under the Fund programme, we were expected to reach by the end of December 2025. We are ahead of the curve.”

He attributed the strong reserve position largely to cocoa export inflows, which generated about $2.7 billion. Robust remittance inflows, he added, have also supported currency stability and broader economic improvements. “Reserve accumulation remains central to the stability programme,” he stressed.

On monetary policy, Dr Asiama explained that the MPC’s recent 350-basis-point policy rate cut aligns with the Central Bank’s strategy to drive down inflation. Although global commodity price volatility remains a risk, he maintained that the BoG’s strengthened reserve buffers provide vital protection for the economy.

The Governor also reiterated his ambition to reduce average lending rates to about 10% by the end of his tenure. Current rates stand at around 21%, down from levels as high as 32% in recent years. With Treasury bill rates continuing to decline, he expects banks to extend more competitive credit to households and businesses.

Dr Asiama further highlighted the need for structural reforms to reduce Ghana’s vulnerability to external shocks, given its reliance on primary exports such as oil, gold, and cocoa. He called for more value addition in sectors like cocoa processing and gold refining to enhance the country’s long-term economic resilience.

Clarifying aspects of the Bank’s operations, he noted that the Gold Purchase Programme serves as a reserve management mechanism rather than a financing initiative.

On the recapitalisation of universal banks, the Governor assured the public that the BoG will continue to monitor financial institutions to ensure they meet the required capital thresholds ahead of the December deadline.