Ghana exceeds IMF benchmarks as FX reserves climb to $13.8bn – BoG

The Bank of Ghana says the country’s external position has strengthened beyond expectations under its IMF-supported programme, with foreign exchange reserves now exceeding programme targets, underscoring the impact of recent macroeconomic stabilisation policies.

Speaking at the official launch of Ghana’s hosting of the 2026 ACI World Congress in Accra, First Deputy Governor of the Bank of Ghana, Dr. Mumuni Zakari, said Ghana’s gross international reserves have risen to more than 13.8 billion dollars, equivalent to about 5.7 months of import cover. This, he noted, places the country well ahead of the IMF programme benchmark, which envisages reserve cover of about three months by the end of the year.

Dr. Zakari attributed the improved external buffers to a combination of prudent monetary policy, fiscal discipline, and stronger external sector performance, adding that the gains have helped stabilise the economy after a period of severe volatility. He said the strengthened buffers also supported the cedi, which recorded its first annual appreciation since 1992.

The deputy governor said the improvement in reserves has coincided with a sharp disinflation, with inflation falling to 5.4 percent in December 2025 from 23.8 percent a year earlier. According to him, the turnaround reflects decisive policy actions implemented last year to restore macroeconomic stability and rebuild confidence.

Beyond headline macro indicators, Dr. Zakari highlighted ongoing reforms aimed at strengthening Ghana’s financial markets. He pointed to the recent passage of the Virtual Asset Service Providers Act, which establishes a legal framework for regulating digital and virtual assets, as well as the introduction of guidelines for non-interest banking to diversify financial services.

He said these reforms are intended to deepen market transparency, manage emerging risks and position Ghana to better integrate into global financial markets. He also urged market participants to strengthen compliance and risk management practices, stressing that discipline and transparency are critical to sustaining the recovery.

Dr. Zakari said Ghana’s selection to host the ACI World Congress for the first time in nearly two decades for sub-Saharan Africa reflects growing international confidence in the country’s financial system. He added that the central bank remains committed to open engagement with stakeholders as it works to consolidate recent gains and keep the economy on a stable growth path.

The ACI World Congress, scheduled for May in Accra, is expected to bring together global foreign exchange, treasury and financial market professionals, providing a platform for Ghana to showcase its policy progress and deepen international partnerships.