Dr. Johnson Asiama with Monetary Policy Committee members
Governor of the Bank of Ghana, Dr. Johnson Asiama, has announced that nation’s trade surplus reached US$6.2 billion in the first eight months of this year, driven largely by robust gold exports.
He made the disclosure at the opening of the 126th Monetary Policy Committee (MPC) meeting yesterday in Accra, noting that the surplus was also supported by higher cocoa receipts.
“External buffers have strengthened. For the first eight months of the year, Ghana recorded a trade surplus of US$6.2 billion, underpinned by robust gold exports and higher cocoa receipts. Gross international reserves stood at US$10.7 billion in August, covering about 4½ months of imports,” Dr. Asiama said.
He added that despite seasonal pressures on the cedi and a moderation in remittance inflows in recent weeks, international reserves remained strong at US$10.7 billion in August, providing adequate import cover.
According to him, the cedi continues to perform strongly on the global market.
“The cedi remains among the strongest currencies globally year-to-date, appreciating by about 21 percent as of September 12.
“It now ranks alongside high performers such as the Russian ruble, Swedish krona, Norwegian krone, Swiss franc, euro, and British pound. This outperformance reflects prudent monetary policy, effective liquidity management, fiscal consolidation, and increased foreign-exchange inflows,” he asserted.
On the domestic financial sector, Dr. Asiama reported that stability has improved, with the capital adequacy ratio (without regulatory reliefs) rising to 19.5 percent in July, although non-performing loans (NPLs) remain elevated at 21.7 percent.
“On the fiscal side, execution in the first half of 2025 signalled consolidation: the deficit on commitment basis was contained at 0.7 percent of GDP, below target. This, together with cedi strength and external debt restructuring, contributed to a decline in the public debt ratio by mid-year,” he explained.
He reaffirmed the Bank’s commitment to stability and growth.
“While reiterating our readiness to adjust as the disinflation process evolves and risks, such as global trade disruptions or prospective utility tariff adjustments, are assessed, our commitment remains firm: to maintain price stability, safeguard financial stability, and create the conditions for inclusive, sustainable growth,” he added.
By Ebenezer K. Amponsah