Although Ghana’s gold buffers and import cover have strengthened considerably over the past year, despite a marginal drop in import cover in recent months, an economist says the development provides critical reassurance for the country’s foreign exchange market and balance of payments, despite slight quarterly declines.
Fresh data from the Bank of Ghana’s September 2025 Summary of Economic and Financial Data shows gross international reserves at US$10.73 billion in August, with net reserves standing at US$8.38 billion.
This translates into an import cover of 4.5 months, down marginally from 4.8 months in June 2025, but still higher than the 4 months recorded in December 2024.
Amid the moderate fall in import cover, the real story, however, lies in Ghana’s rising gold stockpile. Holdings increased to 36 tonnes in August 2025, up from 31 tonnes in March 2025 and 30.5 tonnes in December 2024.
Valued at US$3.17 billion, these reserves reflect not only the Bank of Ghana’s sustained gold-purchase programme but also a surge in bullion prices on the global market.
Economist Dr. Theo Acheampong, commenting on the figures, stressed that these cushions are very important in shielding the economy from shocks and also calming forex exchange demand pressures.
He says it further sends a good signal about the resilience of the country’s economy.
“These cushions are important in sending the correct signals for FX market stability and should the need arise for central bank intervention, as well as balance of payment resilience,” Dr. Theo Acheampong remarked.
For Ghanaians and businesses, this matters. The cedi’s stability against major trading currencies is closely tied to the country’s reserve position. Stronger gold and foreign currency buffers give the central bank room to step in when speculative pressures or external shocks hit, helping to keep prices of imported goods, from fuel to medicines, relatively stable.
Amid the global uncertainties, many analysts also say Ghana’s ability to back its reserves with a growing gold buffer could build investor confidence, attract capital inflows, and provide breathing space for fiscal policy.
However, the slight drop in import cover from June exposes existing vulnerabilities. Economists caution that while gold cushions strengthen resilience, long-term FX stability will depend on boosting exports, cutting reliance on imports, and sustaining fiscal discipline.
