The Bank of Ghana (BoG) has revealed that its international reserves could cross $13 billion by the end of 2025.
According to the Central Bank, this projection is based on tentative data as of mid-December 2025.
The announcement was contained in a statement issued by the Bank of Ghana following concerns raised by the International Monetary Fund (IMF) about its exposure to the GOLDBOD and the Domestic Gold Purchase Programme.
The Bank of Ghana argued that the development should boost investor and donor confidence in the economy.
Current Reserves Position
Data from the Bank of Ghana’s November Economic and Financial Data showed that as of the end of October 2025, the country’s international reserves stood at $11.4 billion, up from $7.4 billion in October 2024.
Drivers and Impact
Market analysts have attributed the strong growth in BoG’s reserves to the Central Bank’s reserve accumulation programme and the domestic gold purchase programme.
These initiatives, they say, have been instrumental in the record increase in international reserves.
The 2025 development indicates that the Bank of Ghana added $4 billion to its international reserves this year, marking another record achievement in the country’s reserves build-up.
Some analysts warn that the first quarter of 2026 could pose a challenge, as dollar demand typically rises when businesses restock and meet dividend obligations.
However, sources close to the Bank of Ghana have assured that necessary measures are in place, and these seasonal pressures should not be a cause for concern.
Market Implications
Experts believe that news of the record reserves could positively influence market sentiment and strengthen the Ghana cedi, as the Bank of Ghana is now in a strong position to support the currency and meet business dollar demands.
This year, the Bank of Ghana auctioned approximately $10 billion to cover obligations to Independent Power Producers (IPPs), bondholders, dividend payments, and other essential commitments.
Despite these outflows, the Central Bank’s reserve build-up programme remained intact, positioning Ghana to end 2025 with record-high international reserves.
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