Ghana’s international reserve position strengthened markedly in 2025, with the Bank of Ghana (BoG) closing the year with a historic high of US$13.8 billion, JoyBusiness has gathered and disclosed.
Sources familiar with the developments say the reserve stock could have climbed to approximately US$14.2 billion were it not for Eurobond repayments settled in December 2025 on behalf of the Ministry of Finance.
According to JoyBusiness news, improved government revenue mobilisation in the final quarter of the year created fiscal headroom for the Ministry of Finance to pre-finance a US$709 million Eurobond obligation, which was paid earlier than scheduled in December. The transaction consequently trimmed the central bank’s reserve holdings to US$13.8 billion by year-end.
Despite the outflow, the BoG still recorded a net addition of nearly US$5 billion to its reserve position over the course of 2025, making it one of the strongest annual reserve accumulation performances in the country’s history.
Official data from the Bank of Ghana’s November 2025 Economic and Financial Data report show that gross international reserves stood at US$11.4 billion at the end of October 2025, a significant increase from US$7.4 billion recorded during the same period in 2024.
Market watchers credit this robust growth to a combination of deliberate policy interventions, notably the central bank’s reserve accumulation strategy and the domestic gold purchase programme. These initiatives, analysts note, have played a pivotal role in shoring up external buffers and improving foreign exchange liquidity.
The elevated reserve levels are widely expected to bolster short-term stability of the Ghana cedi by reinforcing confidence in the Bank of Ghana’s ability to intervene in the foreign exchange market when necessary.
Such reassurance is considered critical in the first quarter of the year, which traditionally brings heightened demand for foreign exchange as importers rebuild inventories, banks rebalance positions, and listed firms repatriate dividends to foreign investors.
Sources close to the central bank indicate that precautionary measures have already been implemented to manage these seasonal pressures, adding that they are unlikely to pose any significant threat to currency stability in the months ahead.
Analysts also suggest that the strengthened reserve position could feed positively into Ghana’s sovereign credit profile. A higher reserve buffer improves the country’s capacity to meet external debt service obligations, a factor closely monitored by international rating agencies.
Throughout 2025, the Bank of Ghana supplied roughly US$10 billion to the foreign exchange market to meet critical payments, including obligations to Independent Power Producers, bondholders, dividend remittances and other essential commitments.
Notwithstanding these sizeable interventions, the reserve build-up strategy remained firmly on track, enabling the central bank to end the year with its highest level of international reserves on record.
Reflecting broader macroeconomic improvements, the cedi posted a cumulative appreciation of 40.67 per cent against the US dollar in 2025, closing the year at approximately GH¢10.45 to the dollar.
Trading activity also remained robust. In December, average daily turnover on the interbank foreign exchange market reached US$19.70 million, pushing total monthly trading volumes to around US$394 million.
Author: Edem Latsu Nukafu
Edem Latsu Nukafu, a passionate communications professional dedicated to public relations, journalism, media strategy, and content development. He holds both a Diploma and Bachelor of Arts Degree in Communication Studies (Public Relations) from the University of Media, Arts and Communication – UniMAC-IJ. A member of Ghana Journalists Association (GJA).
