Ghana maintains strong foreign exchange reserves of $12.9b – BoG
Although higher global oil prices have increased the nation’s import bill, Ghana continues to maintain strong foreign exchange reserves of about $12.9 billion, Dr Johnson Pandit Asiama, the Governor of the Bank of Ghana (BoG) has said. The post Ghana maintains strong foreign exchange reserves of $12.9b – BoG appeared first on Ghana Business News .
Dr. Johnson Asiama, Governor of the Bank of Ghana (BoG), recently stated that the country maintains strong foreign exchange reserves of approximately $12.9 billion. Despite rising global oil prices, which have increased Ghana's import bill, the nation’s reserves remain robust, according to Dr. Asiama. He highlighted that exports of gold and cocoa have performed particularly well, contributing to a higher trade surplus during the first half of the year.
These reserves provide a crucial buffer against external shocks and support foreign exchange market stability, according to Dr. Asiama. The Bank of Ghana organized a stakeholder engagement in Sunyani to strengthen relationships and ensure policies align with business needs. Bank lending to the private sector surged by more than 41 percent in June compared to 9 percent in 2025, allowing businesses to expand, create jobs, and contribute to growth.
The cedi faced some pressure due to global developments, particularly the conflict in the Middle East, but the BoG remains committed to maintaining an orderly foreign exchange market. Dr. Asiama emphasized that while the global economy is uncertain, Ghana's economy has performed well. The Monetary Policy Committee of the BoG decided to keep the Monetary Policy Rate at 14.0 percent to control inflation while supporting businesses and investment.
Despite a slight increase in inflation to 5.3 percent from 3.7 percent in May, it remains below the BoG’s target range. The economy grew by 6.4 percent in the first quarter of 2026 compared to 6.2 percent in the same period last year, driven by the services and industrial sectors.
Written by urgent.news from Ghana Business News's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
