The Bank of Ghana recorded a year of notable fluctuations in its asset structure in 2025, with Special Drawing Rights (SDR) reserves emerging as one of the most volatile components.
While the year began with a sharp rise in SDR holdings, the momentum proved difficult to maintain as values declined toward the end of the period. A closer look at the central bank’s balance sheet reveals broader movements across foreign assets, government claims, and total assets, painting a complex picture of Ghana’s macroeconomic management.
At the start of 2025, SDR holdings stood at 964.61 million Ghana cedis in January, rising from just 34.59 million cedis recorded in December 2024. This marked a significant jump and signaled renewed inflows or valuation adjustments tied to Ghana’s reserve position with the International Monetary Fund.
The upward trajectory continued in March when SDR holdings peaked at 1,451.87 million cedis. February recorded 639.00 million cedis, while April still maintained a relatively high level of 1,106.46 million cedis. These figures indicated strong early performance and suggested improved external liquidity buffers.
However, this upward trend began to weaken sharply. By May, SDR holdings had dropped to 64.73 million cedis, followed by 72.05 million cedis in June. A modest recovery was seen in July at 721.70 million cedis, but the rebound proved short lived.
Volatility and Decline Toward Year End
The second half of the year saw continued instability. SDR holdings recorded 649.98 million cedis in August before surging again to 2,264.87 million cedis in September, the highest level for the year.
This spike was followed by a steady decline, with October at 1,532.37 million cedis, November at 1,574.33 million cedis, and December closing at 1,384.05 million cedis.
Despite ending the year significantly above the 2024 level, the inability to sustain earlier gains underscores the volatility of SDR reserves and their sensitivity to external financing conditions.
Foreign Assets Show Mixed Performance
Total foreign assets also reflected this pattern of fluctuation. From 102,203.13 million cedis in December 2024, foreign assets rose to 129,731.03 million cedis in March 2025. However, they declined to 89,109.77 million cedis in May and remained relatively subdued through June and July at 94,091.60 million cedis and 89,276.17 million cedis respectively.
A recovery was observed toward the end of the year, with foreign assets reaching 130,121.32 million cedis in December 2025. Within this category, gold holdings declined consistently from 43,496.11 million cedis in March to 24,674.83 million cedis in December. Foreign currency and balances with banks fluctuated widely, dropping to 32,504.82 million cedis in October before rebounding to 69,824.37 million cedis by December.
Foreign securities showed a more stable upward trend, increasing from 12,124.06 million cedis in January to 33,470.84 million cedis in December. Other foreign assets remained relatively stable throughout the year.
Claims on Government Remain Elevated
Claims on government remained a dominant component of the Bank of Ghana’s asset base. Starting at 89,761.74 million cedis in January, the figure peaked at 92,061.60 million cedis in March before dropping sharply to 60,674.51 million cedis in April.
Subsequent months showed relative stability, with claims hovering above 80,000 million cedis and ending the year at 82,685.54 million cedis. Ghana government stocks consistently accounted for the largest share, averaging around 58,000 million cedis monthly.
Treasury bills remained minimal, fluctuating between 19.04 million cedis and 45.21 million cedis throughout the year. Loans and advances showed significant variation, falling sharply to 2,329.23 million cedis in April before recovering to 24,446.19 million cedis by December.
Other Asset Classes and Institutional Claims
Claims on public corporations increased gradually from 10,515.70 million cedis in January to 12,068.33 million cedis in December, indicating a steady expansion in exposure to state owned enterprises.
Claims on deposit money banks declined sharply early in the year from 5,120.95 million cedis in January to 3,757.36 million cedis in February, before stabilizing around 4,290 million cedis for the remainder of the year.
Other assets saw one of the most dramatic swings, dropping from 86,059.98 million cedis in January to 41,412.94 million cedis in December. This significant contraction highlights adjustments in miscellaneous or non core asset categories.
Total Assets Reflect Broad Fluctuations
Overall, total assets of the Bank of Ghana mirrored the volatility seen across individual components. From 231,322.66 million cedis in December 2024, total assets rose to a peak of 313,398.11 million cedis in March 2025.
However, this was followed by a sharp decline to 248,307.79 million cedis in May. The remainder of the year saw moderate recovery and fluctuations, with total assets closing at 270,578.56 million cedis in December 2025.
The performance of SDR reserves in 2025 highlights the challenges of maintaining stable external buffers in a dynamic global economic environment. While early gains pointed to improved liquidity, subsequent declines revealed underlying vulnerabilities.
For the Bank of Ghana, the broader asset trends emphasize the importance of diversification and prudent reserve management. As SDR holdings continue to play a strategic role in Ghana’s external position, sustaining gains will depend on consistent macroeconomic stability, external inflows, and effective policy coordination.
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