Ghana has achieved a significant milestone under its International Monetary Fund (IMF) programme, exceeding the target for gross international reserves more than a year ahead of schedule. According to a recent update following a staff-level agreement between the government and the IMF, the country’s gross international reserves stood at $9.3 billion as of February 2025, equivalent to four months of import cover.
This target was initially expected to be reached by mid-2026, but Ghana has surpassed it well ahead of schedule. The early achievement is seen as a major boost to investor confidence and could bolster the stability of the Cedi in the coming months.
Analysts believe that unless the economy is hit by any major external shocks, Ghana is well-positioned to exit the IMF programme with stronger reserve buffers. The country is expected to receive a $370 million disbursement from the IMF in June 2025, which is anticipated to further support the central bank’s efforts to sustain macroeconomic stability.
Market watchers have cautioned the Bank of Ghana to continue refining its liquidity-tightening tools and proactively monitor foreign exchange markets to prevent excessive speculation. The central bank’s efforts to maintain stability and prevent market volatility will be crucial in sustaining the country’s economic progress.
Source : Ruth Adjorlolo
