President John Mahama has revealed that Ghana’s foreign reserves are now strong enough to cover six months of imports, a marked improvement from the 4.7 months recorded just three months ago.
Speaking during a meeting with the Council of State on July 7, Mahama credited the improvement to a combination of increased gold export earnings, tighter mining regulations, and the establishment of the Gold Board.
“We currently have about six months of import cover,” the President stated. “The establishment of the Gold Board was one of the important instruments in the reset agenda, and we made it illegal for any unauthorized person to buy gold and take it out of this country.”
His comment signals notable progress since the Bank of Ghana’s April 2025 Monetary Policy Committee report, which estimated gross international reserves at US$10.7 billion, enough to cover 4.7 months of imports at the time, up from US$9 billion (4 months) at end-2024. Net international reserves had stood at US$3.4 billion, surpassing the IMF programme’s mid-year target.
According to Mahama, returns on gold exports have “more than doubled” compared to previous years, with stronger enforcement curbing revenue losses. “In times past, we received only 50% of what we should get from our gold exports. Today, happily, the returns on gold exports have more than doubled,” he added.
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With the government preparing to disburse billions of cedis to settle arrears owed to road contractors, the reported reserve strength may offer a temporary buffer, but attention will remain on how the disbursements are timed and whether they trigger renewed pressure on the cedi.
