Governor of the Bank of Ghana, Dr. Johnson Asiama, has given firm assurance that Ghana’s record international reserves will be managed prudently to sustain economic stability and market confidence.
In an exclusive interview with Joy Business’ George Wiafe in Washington, D.C., on the sidelines of the IMF/World Bank Spring Meetings, Dr. Asiama stated:
“We have a projected cash flow when it comes to foreign exchange demands going forward, and so we have a good idea of payments to be made at least two years from now.”
He added that the current level of reserves should comfortably support the country’s external obligations over the next two years.
Ghana’s international reserves reached $9.2 billion at the end of February 2025 — a historic high.
The International Monetary Fund (IMF) has even indicated that Ghana’s reserve level now exceeds what is required by the time the country completes its IMF programme in May 2026.
However, concerns have been raised by analysts that the Bank of Ghana might be forced into a “currency defending spree,” which could erode the reserves.
Others fear that the government may pressure the central bank to make fresh payments that could also impact the reserve position.
Addressing these fears, Dr. Asiama assured that the central bank is well aware of the risks and will act responsibly.
“We fully understand the importance of maintaining high reserve levels and their impact on market confidence,” he said. “Everything will be done to preserve a strong reserve position.”
Some industry experts have credited the current stability of the cedi to Ghana’s robust reserve buffer.
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