The reserve assets of the Bank of Ghana improved significantly from US$391.1 million in April 2024 to US$1.1 billion in April 2025, largely due to the Bank of Ghana’s gold purchase programme.

Together with the other factors, this has contributed significantly to the appreciation of the Ghana cedi against the US dollar.

According to the Bank of Ghana’s Monetary Policy Report, the sum of the surpluses in the current and capital accounts amounted to US$2.2 billion, placing the country in a net lending position with the rest of the world.

Consequently, there was a net acquisition of financial assets in the financial account amounting to US$2.1 billion in the first quarter of 2025, significantly higher than the US$357.7 million recorded during the same period in 2024.

Other investment was US$1.4 billion, driven largely by increased currency and deposits in the nostro accounts of the commercial banks.

At the end of April 2025, the stock of Gross International Reserves (GIR) stood at US$10.7 billion, enough to provide cover for 4.7 months of import of goods and services.

This is compared with the end of December 2024 position of US$9.0 billion (equivalent to 4.0 months of imports covered).

Outlook of External Sector Positive

Meanwhile, the Bank of Ghana says the outlook for the external sector is positive despite the resumption of external debt service following the restructuring of Ghana’s external debt.

“Increased production volumes of Ghana’s key export commodities, high commodity prices, and improved remittances flows will drive the strong external sector performance”, it mentioned.

It pointed out that commitment to the implementation of policies and reforms under the IMF programme will restore investor confidence and attract more capital inflows.

 In addition, the operationalization of the GoldBod will further enhance the Gold for Reserves programme of the Bank of Ghana.