BoG surpasses IMF target as gross international reserves hit $11.4 billion

The Bank of Ghana (BoG) has surpassed the International Monetary Fund’s (IMF) end-of-year Gross International Reserve (GIR) benchmark for 2025, Governor Dr Pandit Johnson Asiama has announced.

The IMF had set Ghana’s GIR target at $8.366 billion, equivalent to 3.3 months of import cover, but the country’s current reserves now stand at $11.4 billion, providing more than 4.8 months of import cover.

Dr Asiama disclosed the figures during a press briefing following the 127th regular meeting of the BoG’s Monetary Policy Committee (MPC).

“We have already achieved what, under the Fund programme, we were expected to reach by the end of December 2025. We are ahead of the curve,” he stated.

The Governor noted that cocoa inflows played a significant role in strengthening reserves, with cocoa exports generating about $2.7 billion. Strong remittance inflows have also supported currency stability and broader economic gains.

“Reserve accumulation remains central to the stability programme,” Dr Asiama emphasised.

On monetary policy, the Governor explained that the MPC’s recent 350-basis-point policy rate reduction aligns with ongoing efforts to drive down inflation.

He acknowledged risks from global commodity price volatility but maintained that the BoG’s deliberate reserve-building strategy provides a buffer for the economy.

Dr Asiama further expressed his goal of reducing lending rates to about 10% by the end of his tenure. Current average lending rates stand at 21%, a significant improvement from previous levels of around 32%. As Treasury bill rates continue to decline, he expects banks to offer more competitive credit to businesses and households.

The Governor also underscored the need for structural reforms to reduce Ghana’s vulnerability to external shocks, particularly due to its dependence on primary commodity exports such as oil, gold, and cocoa.

He encouraged greater value addition in sectors like gold refining and cocoa processing to strengthen the country’s economic resilience.

Touching on the Gold Purchase Programme, Dr Asiama clarified that it is a reserve management tool, not a financing arrangement.

Regarding the recapitalisation of universal banks, he assured the public that the BoG would continue to monitor institutions to ensure they meet the required capital thresholds by the December deadline.

All you need to know about Ghana's new vehicle number plates | BizTech: