The Bank of Ghana (BoG) has exceeded the International Monetary Fund (IMF) end-of-year Gross International Reserve (GIR) criteria for 2025, Governor Dr. Pandit Johnson Asiama has declared.
Ghana’s current reserves are $11.4 billion, more than 4.8 months’ worth of imports, compared to the IMF’s GIR target of $8.366 billion, or 3.3 months’ worth of imports.
Following the 127th regular meeting of the BoG’s Monetary Policy Committee (MPC), Dr. Asiama revealed the numbers at a news conference.
“We have already achieved what under the Fund programme we should have by the end of December 2025.” he said, “We are ahead of the curve.”
The Governor underlined that cocoa inflows have played an important role in building the reserves, with cocoa exports generating roughly $2.7 billion. Economic improvements and monetary stability have been further bolstered by robust remittances.
Dr. Asiama emphasized that “reserve accumulation remains central to the stability programme.”
Regarding monetary policy, the Governor stated that the MPC’s recent 350-basis-point policy rate cut corresponds with ongoing disinflation efforts.
He acknowledged commodities price worries but pointed out that BoG’s strategic reserve-building policy helps buffer the economy.
Dr. Asiama declared his intention of reducing lending rates to roughly 10% before the conclusion of his tenure. Current average lending rates are at 21%, a substantial improvement from earlier levels of approximately 32%.
As Treasury bill rates continue to fall, banks are expected to offer more competitive credit.
In order to lessen Ghana’s susceptibility to external shocks because of its reliance on primary commodity exports like oil, gold, and cocoa, the governor also emphasized the significance of structural changes.
He advocated value addition in sectors such as gold refining and cocoa processing to enhance economic stability.
On the Gold Purchase Programme, Dr. Asiama explained that it functions as a reserve management tool rather than a funding endeavor.
He promised that BoG will keep an eye on banks to make sure they meet capital requirements by the December deadline in relation to the recapitalization of universal banks.
Source: newsthemegh.com