President John Dramani Mahama has disclosed a significant leap in Ghana’s economic trajectory, announcing that the country’s international reserves have surged to six months of import cover.

This marks a significant improvement from the 4.7 months recorded by the Bank of Ghana just a few months earlier in April 2025. The announcement, made during an interaction with members of the Council of State at the Jubilee House, underscores growing optimism about Ghana’s economic future and the potential stabilization of the Ghanaian cedi.

Describing the development as a remarkable achievement, President Mahama revealed that, “This is one of the highest that the country has recorded in the last 15 years.” He emphasized that this achievement was not accidental but the result of strategic interventions by the government and the Bank of Ghana over recent months. According to him, the current trajectory puts Ghana on course to reach even higher benchmarks in its economic recovery efforts.

“We are also looking forward to Ghana’s International Reserves reaching 10 months of import cover,” Mahama stated, expressing confidence that further economic discipline and reforms could propel the country’s reserve levels to unprecedented heights.

Strengthening the Cedi through Reserves

A key benefit of the rise in international reserves is its potential to stabilize the Ghanaian cedi, which has seen fluctuations in recent years. President Mahama explained, “This would go a long way to help build the needed balance to aid in the cedi’s stability.” A stronger reserve base ensures the Bank of Ghana has sufficient foreign currency to support the cedi in times of speculative pressure or external economic shocks.

The President attributed the gains to targeted reforms and transparent systems implemented by both his government and the Bank of Ghana. Notably, efforts to enhance the accountability of gold exports have played a crucial role.

“We have instituted a lot of measures that have helped improve transparency around Ghana’s gold exports, and that is also helping us improve our forex earnings and inflows as well.”
President Mahama

He further pointed out that the creation of the Ghana Gold Board has introduced much-needed order and regulation in the mining sector, yielding positive results for the country’s foreign exchange receipts.

“The establishment of the Ghana Gold Board has brought some sanity into the industry and has helped improve the country’s forex inflows,” Mahama stated confidently.

Bank of Ghana’s Complementary Role

Backing the President’s comments, data from the Bank of Ghana confirms the momentum. In its May 2025 Financial and Economic Data, the central bank reported that the country’s reserves stood at 4.7 months of import cover, equivalent to US $10.6 billion. Since then, the reserves have grown even further, reflecting the impact of targeted economic strategies.

The Bank of Ghana has also played a proactive role in maintaining liquidity in the forex market. As of June 2025, commercial banks reported that the central bank had advanced nearly $5 billion to support the local currency and meet business demands.

Dr. Mumuni Zakari, the First Deputy Governor of the Bank of Ghana, reassured the business community stating that “There is enough dollars to supply commercial banks and also take care of external debt obligations.”

Mid-Year Budget to Unveil More Insights

President Mahama hinted that additional details regarding Ghana’s economic performance would be made available during the upcoming Mid-Year Budget presentation. Scheduled to be delivered by Finance Minister Dr. Cassiel Ato Forson later this month, the budget is expected to give a broader overview of the real economic indicators over the past six months.

“We will have a better view on what has been done over the past six months, in terms of real economic data,” Mahama noted. He added that the government remains committed to rolling out further initiatives to consolidate gains made and ensure long-term macroeconomic stability.

With the international reserves hitting six months of import cover and the possibility of reaching 10 months in sight, President Mahama’s administration is signaling a renewed sense of confidence in the country’s economic future.