The Bank of Ghana (BoG) closed 2025 with international reserves at a record high of US$13.8 billion, JoyBusiness has learnt.
Sources indicate that reserves could have reached approximately US$14.2 billion, but for Eurobond payments made in December 2025 on behalf of the Ministry of Finance.
According to JoyBusiness sources, stronger-than-expected government revenue performance in the final quarter of 2025 enabled the Ministry of Finance to make a US$709 million Eurobond payment ahead of schedule in December. This payment reduced the Bank of Ghana’s international reserves to US$13.8 billion by the end of the year.
Even with the December outflow, the central bank added roughly US$5 billion to its reserves in 2025, marking one of the strongest annual reserve accumulations in its history.
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, up significantly from US$7.4 billion recorded in October 2024.
Market analysts attribute the strong reserve growth to the Bank of Ghana’s reserve accumulation strategy, supported by its domestic gold purchase programme, which played a critical role in boosting foreign exchange holdings.
The record reserve position is expected to help stabilise the Ghana cedi in the near term by strengthening market confidence in the central bank’s ability to intervene when necessary.
This confidence is particularly important in the first quarter of the year, which typically experiences heightened pressure on the cedi due to increased import activity, bank settlements, and dividend payments by listed companies to foreign shareholders.
Sources close to the Bank of Ghana say measures have been put in place to manage these seasonal pressures and that they are not expected to pose a significant risk to currency stability.
Analysts also believe the stronger reserve position could support improvements in Ghana’s credit ratings in the coming months, as it enhances the country’s capacity to meet its external debt obligations.
In 2025, the Bank of Ghana auctioned approximately US$10 billion to meet obligations including payments to Independent Power Producers, bondholders, dividend repatriation, and other critical commitments. Despite these substantial outflows, the reserve build-up programme remained intact, allowing the central bank to end the year with record-high international reserves.
Meanwhile, the Bank of Ghana reported that the Ghana cedi recorded a cumulative appreciation of 40.67% against the US dollar in 2025, closing the year at about GH¢10.45 to the dollar.
In December, average daily trading volumes on the interbank market stood at US$19.70 million, bringing total monthly trading to approximately US$394 million.
