Ghana’s Reserves Rise to $13.8bn, Cabinet Approves New Accumulation Policy

The Finance Ministry Casiel Ato Baah Forson has indicated that, Ghana’s gross international reserves have climbed to US$13.8 billion, providing 5.7 months of import cover, up from US$8.9 billion—equivalent to four months—reflecting improved external buffers.

Addressing Parliament, the Finance Minister noted that the current reserve position exceeds the traditional benchmark of three months of import cover.

 However, he cautioned that the level remains inadequate to fully shield the economy from major shocks, citing the sharp currency depreciation experienced in 2022 and 2023 as a reminder of Ghana’s vulnerability.

To strengthen resilience against future disruptions and stabilise the exchange rate, Cabinet has approved the Ghana Accelerated National Reserve Accumulation Policy.

 According to the Minister, the policy provides a structured approach to building reserves sustainably, drawing on recent macroeconomic trends, global risk assessments, and the country’s long-term economic transformation objectives.

The initiative is expected to enhance Ghana’s capacity to absorb external shocks and reduce pressure on the currency as the government pursues broader macroeconomic stability in Ghana.

Report by PKB