BoG Deputy Governor Announces Ghana Surpasses IMF Reserve Target

Ghana has exceeded the reserve target outlined in its programme with the International Monetary Fund (IMF), marking a significant milestone in the country’s economic recovery efforts, according to the First Deputy Governor of the Bank of Ghana (BoG), Dr. Zakari Mumuni.

Speaking in an interview with Joy News on Thursday, Dr. Mumuni highlighted that the country’s reserve accumulation has been one of the strongest aspects of the IMF programme.

“If there’s one thing we’ve excelled at under the IMF programme, it’s building our reserves,” he stated. “These were very ambitious goals, and many doubted we could reach them.”

He revealed that Ghana has already surpassed the IMF’s final benchmark of three months of import cover, achieving approximately 3.7 months using the IMF’s own measurement criteria. He added that when petroleum funds are factored in, the numbers are even more impressive.

“These are organically accumulated reserves,” he emphasized. “And they’re strong — the market recognises that, which is why the response has been so positive.”

Dr. Mumuni further disclosed that by the end of April, Ghana’s gross international reserves had risen above $10 billion. He projected that this figure could climb to around $11 billion by the end of the second quarter — significantly higher than the expectations set under the IMF programme.

He credited this robust reserve performance with contributing to the Ghanaian cedi’s current resilience.

“That’s what’s driving confidence in the system,” he said. “It’s a key reason the market believes this progress is sustainable.”

Dr. Mumuni concluded by suggesting this development may mark a critical turning point for Ghana’s economy.

“This time is different,” he said.