Cedi Strengthens by 42%; Reserves Reach $11.1bn – BoG

The Governor of the Bank of Ghana, Dr. Johnson Asiama, has announced that the Ghanaian Cedi has appreciated by over 42% since the beginning of 2025, signaling a strong recovery that has nearly erased the substantial depreciation seen in 2022 and 2023.

Speaking at the Graphic Business/Stanbic Bank Breakfast Meeting in Accra on Tuesday, July 15, Dr. Asiama attributed the Cedi’s impressive rebound to robust external reserves, sound monetary policies, and renewed investor trust in the country’s economy.

“As of June 2025, the Cedi has appreciated more than 42% year-to-date, effectively reversing most of the depreciation experienced over the past two years,” he stated.

He emphasized that this strong performance reflects improving macroeconomic stability, following a challenging period marked by fiscal imbalances and global economic shocks.

Dr. Asiama also revealed that Ghana’s gross international reserves have risen significantly to $11.1 billion—enough to cover 4.8 months of imports—up from $8.98 billion at the close of 2024.

“Our current reserves stand at $11.1 billion, compared to $8.98 billion at the end of last year, providing 4.8 months of import cover,” he noted.

Highlighting broader economic improvements, the Governor reported a trade surplus of $4.14 billion in the first four months of 2025, driven by over 60% growth in exports of gold, cocoa, and oil. Additionally, the current account surplus surged to $2.12 billion in the first quarter of 2025, up from $66 million during the same period in 2024.

He also pointed to stable remittance inflows and the positive impact of Ghana’s ongoing IMF-supported reform programme, which has resulted in successive favorable assessments and a credit rating upgrade by S&P from Selective Default to CCC+.

“These developments are more than just numbers—they signal a return of confidence in Ghana’s macroeconomic management, which is being recognized by markets, investors, and citizens alike,” Dr. Asiama concluded.