BoG Ends 2025 with International Reserves Hitting Record US$13.8bn

The Bank of Ghana (BoG) closed 2025 with its international reserves reaching a historic high of US$13.8 billion, underscoring one of the strongest reserve accumulation performances in the central bank’s history.
Sources familiar with developments at the central bank indicate that reserves could have climbed to about US$14.2 billion by the end of the year if not for a major Eurobond repayment made in December 2025 on behalf of the Ministry of Finance. The payment, amounting to US$709 million, was made ahead of schedule following stronger-than-expected government revenue performance in the final quarter of the year.
The early Eurobond settlement reduced the Bank of Ghana’s reserve position to US$13.8 billion as at end-December 2025. Even so, this represents a significant improvement over previous years, with the central bank adding roughly US$5 billion to its reserves over the course of 2025 alone.
Official data from the Bank of Ghana’s November Economic and Financial Data show that international reserves stood at US$11.4 billion at the end of October 2025, a sharp increase from US$7.4 billion recorded in October 2024. Analysts describe the pace of accumulation as remarkable, particularly in the context of ongoing external debt obligations and foreign exchange market interventions.
Market watchers attribute the strong reserve growth to the Bank of Ghana’s deliberate reserve accumulation strategy, supported by its domestic gold purchase program. The gold-for-reserves initiative, in particular, is seen as having played a critical role in strengthening the country’s external buffers while reducing pressure on foreign exchange demand.
The record reserve position is expected to bolster confidence in the stability of the Ghana cedi, especially in the near term. A stronger reserve buffer enhances the central bank’s ability to intervene in the foreign exchange market when necessary, a factor analysts say is crucial during the first quarter of the year.
The early months of the year typically come with heightened demand for foreign exchange, driven by importers restocking, banks meeting client needs, and listed companies paying dividends to foreign shareholders. However, sources close to the Bank of Ghana say measures are in place to manage these seasonal pressures, adding that they are unlikely to pose a significant threat to currency stability.
Analysts also believe the improved reserve position could have positive implications for Ghana’s sovereign credit ratings, as it strengthens the country’s capacity to meet external debt obligations and manage balance-of-payments risks.
In 2025, the Bank of Ghana auctioned about US$10 billion to meet obligations to Independent Power Producers, bondholders, dividend payments and other critical commitments. Despite these sizeable outflows, the reserve accumulation program remained intact, enabling the central bank to close the year at a record-high level.
Reflecting improved market confidence, the cedi recorded a cumulative appreciation of 40.67 per cent against the US dollar in 2025, ending the year at approximately GH¢10.45 to the dollar. In December, average daily trading on the interbank foreign exchange market stood at US$19.70 million, bringing total monthly trading volume to about US$394 million.