President John Mahama has revealed that Ghana’s international reserves have increased to six months of import cover—up from the 4.7 months reported by the Bank of Ghana in April this year.

“This is one of the highest that the country has recorded in the last 15 years,” he announced during a meeting with members of the Council of State at the Jubilee House.

He expressed hope that Ghana’s reserves could rise further, stating, “We are also looking forward to Ghana’s international reserves reaching 10 months of import cover.”

President Mahama explained that this growth will help build the necessary buffers to support cedi stability, adding that the improvement was the result of collaborative efforts between the government and the Bank of Ghana.

“We have instituted a lot of measures that have helped improve transparency around Ghana’s gold exports, and that is also boosting our forex earnings and inflows,” he said.

He attributed part of the progress to the establishment of the Ghana Gold Board, which he said has brought sanity to the sector and helped improve foreign exchange inflows.

“Looking at the way things are going, we are hopeful that the country’s international reserves could reach record levels in the coming weeks,” he reiterated.

The Bank of Ghana, in its May 2025 Financial and Economic Data, reported Ghana’s international reserves at 4.7 months of import cover, equivalent to $10.6 billion.

According to the central bank, it is actively working to raise the reserves to record levels. Commercial bank data showed that as of the end of June 2025, the Bank of Ghana had advanced nearly $5 billion to support the cedi and meet the foreign exchange needs of businesses and financial institutions.

First Deputy Governor Dr. Mumuni Zakari recently told Joy Business that there are sufficient dollars available to support the banks and meet external debt obligations.

President Mahama also disclosed that the upcoming Mid-Year Budget, to be presented by Finance Minister Dr. Cassiel Ato Forson later this month, will provide further updates on the state of the economy.

“We will have a better view of what has been done over the past six months in terms of real economic data,” he said.

He reaffirmed the government’s commitment to stabilising the economy and outlined plans for continued fiscal and monetary reforms in the coming months.

: Joy Business