The Bank of Ghana (BoG) projects its international reserves will surpass $13 billion by December 2025, according to tentative mid-December data.
This update addresses International Monetary Fund (IMF) concerns over BoG’s exposure to the GOLDBOD and Domestic Gold Purchase Programme. In a recent statement, the central bank highlighted how this milestone should enhance investor and donor confidence in Ghana’s economy.
Current Reserves Position
BoG’s November Economic and Financial Data reported reserves at $11.4 billion by end-October 2025—a sharp rise from $7.4 billion in October 2024.
Drivers and Impact
Analysts credit the surge to BoG’s reserve accumulation efforts and the domestic gold purchase programme, which drove a record $4 billion addition this year. While Q1 2026 may see heightened dollar demand from restocking and dividends, BoG sources confirm mitigating measures are ready.
Market Implications
The projection could lift market sentiment, bolstering the Ghana cedi as BoG gains firepower to defend the currency and fulfil business needs. Notably, the bank auctioned $10 billion this year for Independent Power Producers (IPPs), bondholders, dividends, and other obligations—yet still achieved this reserves peak.
Story by: Mercy Addai Turkson #ahotoronline.com