The Bank of Ghana is intensifying efforts to build stronger external buffers following a significant rise in the country’s international reserves, which now stand at approximately $14.5 billion.
The latest figure, which provides about 5.8 months of import cover, marks an increase from just over $13 billion recorded during the previous Monetary Policy Committee (MPC) meeting in January 2026.
Governor Dr Johnson Pandit Asiama, speaking at the opening of the 129th MPC meeting in Accra, said the improvement in reserves reflects growing stability in the economy and supports efforts to shield Ghana from external shocks.
He indicated that the central bank, in collaboration with government, would prioritise reserve accumulation as part of broader economic management strategies.
A key initiative in this direction is the Ghana Accelerated National Reserve Accumulation Programme (GANRAP), which aims to significantly boost the country’s reserves over the medium term.
Under the programme, Ghana is targeting a major increase in its reserve position by 2028, strengthening its capacity to respond to global economic uncertainties and maintain investor confidence.
Dr Asiama noted that the improved reserves position comes alongside positive macroeconomic trends, including a steady decline in inflation, which dropped to 3.3 per cent in February, marking a 14-month downward trend.
He also highlighted improved fiscal performance, with the country recording a primary surplus of 2.6 per cent of Gross Domestic Product (GDP) at the end of 2025.
The Governor added that economic activity was gaining momentum, supported by rising business and consumer confidence, as well as a gradual recovery in credit.
Despite the positive outlook, Dr Asiama cautioned that efforts to significantly increase reserves must be carefully managed to avoid unintended impacts on liquidity and monetary policy operations.
He stressed the need for strong policy coordination to ensure that reserve accumulation supports overall macroeconomic stability while sustaining the gains made in recent months.
