Cedi appreciates 42%; reserves at $11.1bn - BoG

Published 1 day ago• 2 minute read

Governor of the Bank of Ghana, Dr. Johnson Asiama, says the Cedi has appreciated by more than 42% so far this year, marking a sharp recovery that has nearly reversed the steep losses recorded in 2022 and 2023.

Speaking at the Graphic Business/Stanbic Bank Breakfast Meeting in Accra on Tuesday, July 15, Dr. Asiama credited the significant rebound to a combination of strong external reserves, prudent monetary policies, and renewed investor confidence in Ghana’s economy.

“The Ghanaian Cedi has appreciated by over 42% year-to-date as of June 2025, reversing nearly all the losses incurred in 2022 and 2023,” he said.

He described the currency’s performance as a sign of improving macroeconomic fundamentals, following a period of intense pressure fueled by fiscal slippages and external shocks.

Dr. Asiama also announced that Ghana’s gross international reserves have increased significantly, now standing at $11.1 billion—enough to cover 4.8 months of imports—up from $8.98 billion at the end of 2024.

“Gross international reserves now stand at $11.1 billion, providing 4.8 months of import cover, up from US$8.98 billion at the end of last year,” he stated.

Highlighting the broader economic gains, the BoG Governor pointed to strong trade performance in the first quarter of 2025.

“We recorded a trade surplus of US$4.14 billion in the first four months of 2025, with exports growing by over 60%, mainly from gold, cocoa, and oil. The current account surplus improved significantly to US$2.12 billion in Q1 2025, compared to just US$66 million a year earlier,” he said.

He also noted that remittance inflows remain resilient, and the ongoing implementation of Ghana’s IMF-supported programme has led to successive positive reviews and a recent credit rating upgrade by S&P from Selective Default to CCC+.

“These outcomes represent more than just statistical improvement. They are a restoration of macroeconomic credibility, the kind that markets, investors, and citizens respond to with confidence,” he added.