Ghana’s international reserves have reached $13.8 billion — up from $8.9 billion just a year ago — as the cedi completes the strongest year of any African currency in 2025, rising 40.7 percent against the US dollar. Finance Minister Cassiel Ato Forson announced the figures alongside a new national reserve policy at the Ghana Monetary Policy Statement.
The reserves milestone
At $13.8 billion, Ghana’s reserves now cover approximately 4.8 months of imports — a level the IMF considers adequate and that gives the central bank meaningful runway to defend the cedi in a future shock. The previous peak, before the 2022 debt crisis, was roughly $9.7 billion. The recovery to $13.8 billion represents the fastest reserve rebuild in the country’s post-independence history.
What drove the cedi’s 40.7% gain
Three forces converged. First, IMF disbursements under the $3 billion Extended Credit Facility added foreign exchange. Second, Ghana’s gold purchase programme — buying approximately 3 tonnes per week at the domestic level — has steadily converted informal sector gold into central bank reserves. Third, the cedi was deliberately undervalued in 2022–2023, meaning the rebound partially reflects a mean reversion from distressed levels, not just macro improvement.
GANRAP: the new reserve policy
Finance Minister Forson unveiled the Ghana National Reserve Accumulation Policy (GANRAP), a framework targeting 15 months of import cover by 2028. The policy formalises the gold purchase programme, sets minimum reserve thresholds for foreign-currency intervention, and establishes a reserve diversification committee to manage currency composition.
The risks ahead
The cedi’s gains are real but fragile. Global oil prices remain elevated above $100 per barrel due to the Iran war. The cocoa sector is under stress, with producers reporting price cuts and payment delays. And the IMF programme — the backbone of investor confidence — requires sustained fiscal discipline through a budget that will face political pressure as 2026 advances. The reserves are a cushion. How they are used determines whether the gain becomes durable or becomes a loan from the future.
Leave a Reply