Ghana closed 2025 with gross international reserves reaching a historic $13.83 billion, providing close to six months of import cover, Bank of Ghana (BoG) Governor Dr. Johnson Asiama disclosed during a courtesy visit by the Asantehene, Otumfuo Osei Tutu II, at the central bank’s headquarters in Accra on Wednesday, January 7.
The milestone represents one of the strongest reserve accumulation efforts in Ghana’s history, rising from $11.4 billion at the end of October and $9.1 billion at the start of the year. The reserves strengthened despite approximately $10 billion in foreign exchange interventions to support the cedi and a $709 million Eurobond payment made in December.
Dr. Asiama emphasized that the improvement in reserves formed part of a broader strengthening of macroeconomic fundamentals. Inflation tumbled from 23.8 percent in December 2024 to 5.4 percent in December 2025, marking the lowest rate since the consumer price index was rebased in 2021 and the 12th consecutive month of decline.
The governor attributed the economic gains to sustained coordination between the BoG and the Ministry of Finance, coupled with production focused policies and fiscal discipline. The cedi posted a cumulative appreciation of approximately 40.67 percent against the US dollar in 2025, trading at about GH¢10.45 by year end after hitting lows near GH¢15.56 in early April.
Speaking at the Bank Square, Dr. Asiama stressed that stability must be continuously earned through productive economic activity. A currency remains strong only when the real economy beneath it is productive, competitive and disciplined, he noted. The cedi’s gains are not a victory lap, but a responsibility.
The Asantehene, during the visit, challenged the BoG leadership to chart a path toward significantly lower interest rates to stimulate business growth and private sector investment. He described the new Bank Square as a monument of national confidence and institutional renewal, urging higher professionalism among central bank staff.
Otumfuo Osei Tutu II emphasized that although recent exchange rate stability was encouraging, Ghana’s economic recovery would remain incomplete if high borrowing costs continued to constrain industry and job creation. He called on political parties to refrain from interfering in BoG operations, stating that the institution should be insulated from political pressures to effectively fulfill its mandate.
In response, Dr. Asiama disclosed that the BoG had begun easing monetary policy, reducing the policy rate from 27 percent to 18 percent to support credit growth while preserving gains in inflation management. He expressed optimism that lending rates could decline further over the medium term, targeting a rate of about 10 percent by the end of his four year tenure.
The governor highlighted the passage of the Virtual Asset Service Providers law, which brings cryptocurrency activity into a regulated framework. Virtual assets trading is now legal and no one is going to be arrested for doing crypto, but we now have the framework to manage the risks involved, he stated.
The reserve accumulation has been attributed largely to the BoG’s Domestic Gold Purchase Programme, which requires small scale gold miners to sell to the central bank in exchange for cedis before export. The program generated approximately $8 billion during 2025, supplemented by higher cocoa export earnings, rising remittance inflows and increased oil production.
Gold prices exceeded $4,000 per ounce in early October 2025, supporting reserve growth amid global commodity market strength. The central bank increased its gold holdings from approximately nine tonnes in late 2023 to 31 tonnes by 2025, benefiting from the metal’s record rally.
The International Monetary Fund (IMF) completed the fifth review of Ghana’s Extended Credit Facility arrangement in December, allowing for an immediate disbursement of around $385 million. The IMF noted that Ghana has successfully brought inflation within its target range and rebuilt international reserve buffers while cautiously easing monetary policy.
However, the Washington based lender urged the BoG to scale back its involvement in the foreign exchange market and allow greater exchange rate flexibility, calling for adoption of a formal internal intervention framework to enhance transparency and predictability.
The Importers and Exporters Association of Ghana credited the strengthened reserves with delivering tangible cost savings for traders and easing business operations at the country’s ports. Import clearance costs during the 2025 yuletide period were significantly lower relative to prior years, largely due to reduced foreign exchange components of duty payments and freight bills.
Dr. Asiama cautioned that Ghana remains exposed to global shocks as a small, open economy. He emphasized that sustained progress would depend on close coordination between economic institutions and continued policy discipline to ensure that easing monetary conditions translate into real sector growth without undermining price stability.
The visit by Otumfuo Osei Tutu II underscored the ongoing dialogue and mutual respect between traditional leadership and the country’s economic managers, particularly as Ghana continues making strides toward long term financial stability. The monarch praised the BoG Governor’s leadership while urging focus on transitioning the economy from high interest rates to a more favorable environment that promotes business and wealth creation.
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