Ghana’s gross international reserves have risen to approximately $14.5 billion, equivalent to about 5.8 months of import cover, the Governor of the Bank of Ghana (BoG), Dr Johnson Pandit Asiama, has disclosed.
Speaking at the opening of the 129th Monetary Policy Committee (MPC) meeting on Monday, March 16, Dr Asiama said the increase, up from just over $13 billion (or around $13.8 billion in some reports) at the previous MPC in January, reflects strengthening external buffers and growing investor confidence in the economy.
The Governor attributed the positive developments to disciplined fiscal and monetary policies, which have driven a broad-based improvement in macroeconomic conditions.
Headline inflation fell sharply to 3.3% in February 2026, marking the 14th consecutive monthly decline and dropping below the BoG’s medium-term target band. This follows a consistent downward trend from higher levels in previous years.
Dr Asiama noted that the economy is stabilising faster than anticipated, supported by a primary surplus of 2.6% of GDP at the end of 2025, alongside rising business and consumer confidence that has aided a gradual recovery in credit growth.
“The recent data point to an economy stabilising more quickly than many had expected,” he said.
To further bolster external reserves, the government has launched the Ghana Accelerated National Reserve Accumulation Programme (GANRAP), which targets raising international reserves to the equivalent of 15 months of import cover by 2028 (though the Governor referenced an ambitious aspiration of up to 50 months in his remarks, official policy documents and related statements confirm the 15-month goal by 2028).
Dr Asiama emphasised that achieving this will require careful coordination between monetary policy, liquidity management, and the central bank’s balance sheet operations.
Despite the encouraging outlook, the MPC is proceeding cautiously due to heightened global uncertainties. The Governor highlighted risks from escalating tensions in the Middle East, which could disrupt energy markets and shipping routes, potentially leading to imported inflation pressures for Ghana.
“The question before the committee is not whether conditions have improved, but how we respond to that improvement when the factors that enabled it are now under pressure,” Dr Asiama stated.