External sector outlook favourable; Gross reserves amounted to $10.7bn in April 2025 - BoG

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The external sector outlook remains favourable, largely anchored on expectations of increased gold and cocoa export receipts, as well as inflows from remittances, the Bank of Ghana has revealed in its Monetary Policy Report.

According to the Central Bank, the external sector has continued to improve, with a record provisional current account surplus of US$2.1 billion in the first quarter of 2025.

This was driven mainly by higher prices, increased gold and cocoa production volumes, and strong remittance inflows.

The current account surplus and net outflows in the capital and financial account also resulted in an overall Balance of Payments surplus of US$1.1 billion.

Similarly, the strong external performance resulted in significant reserve accumulation.

Gross International Reserves (GIR) amounted to US$10.7 billion in April 2025, equivalent to 4.7 months of import of goods and services.

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