By: Ebenezer Adu-Gyamfi
Accra, Ghana The Bank of Ghana (BoG) has closed the year 2025 with its international reserves reaching an all-time high of $13.8 billion, marking a significant milestone in the country’s economic recovery and macroeconomic stability efforts.
Historic Reserve Build-Up
According to official and media reports, the central bank’s foreign exchange reserves rose sharply in 2025, climbing from about $7.4 billion in October 2024 to over $11.4 billion by October 2025 before eventually closing the year at $13.8 billion.
Analysts note that without a significant Eurobond repayment made in December approximately $709 million paid ahead of schedule by the Ministry of Finance reserves could have reached about $14.2 billion.
The nearly $5 billion increase in reserves over the year represents one of the strongest annual buildups in Ghana’s recent history.
What Drove the Surge?
Experts attribute the strong reserves buildup to several key policy actions and market factors:
Reserve Accumulation Programme: The Bank of Ghana maintained a focused strategy to accumulate foreign exchange reserves throughout the year.
Domestic Gold Purchase Programme: This policy has helped capture higher foreign exchange inflows from gold exports by routing them through formal channels, strengthening reserve accumulation.
Improved Government Revenue: Stronger-than-expected government revenue performance during the final quarter of 2025 allowed for early bond repayments without undermining reserve gains.
International bodies like the IMF have previously highlighted how mechanisms such as the gold bond and regulated export channels contribute positively to foreign exchange inflows that support reserve growth.
Implications for the Ghanaian Economy
The strengthened reserve position has several positive implications for Ghana’s economy:
Cedi Stability: A robust reserve buffer enhances the Bank of Ghana’s capacity to support the Ghana cedi exchange rate, particularly during periods of heightened demand for foreign currency.
Market Confidence: Record reserves signal improved external sustainability and can bolster investor confidence, potentially influencing future capital inflows.
Debt Management: Robust foreign reserves reinforce Ghana’s capacity to meet external debt obligations and may influence future sovereign credit ratings positively.
Indeed, the Bank of Ghana reported that the cedi appreciated cumulatively by over 40 % against the U.S. dollar in 2025, ending the year valued at about GH¢10.45 to $1 in interbank trading underscoring improved currency stability.
Navigating Seasonal Pressures
The central bank has also indicated that it is prepared to manage typical seasonal pressures on foreign exchange demand such as companies restocking imports or dividend remittances early in the year without risking reserve depletion.
Continued Challenges and Outlook
Despite the strong reserve position, economists caution that maintaining stability in 2026 will require ongoing fiscal discipline, sustained export performance, and prudent management of external balances. Nonetheless, Ghana’s record reserve build-up in 2025 marks a positive step toward bolstering macroeconomic resilience and restoring confidence after years of economic uncertainty.
