Ghana’s international reserves rise to $14.5bn as Majority Caucus praises BoG stabilisation efforts

Ghana’s international reserves have increased to $14.5 billion as of February 2026, according to the Majority Caucus in Parliament, who have commended the Bank of Ghana (BoG) for its role in supporting economic stability.

The figure represents an increase from $13.8 billion at the end of 2025 and a significant rise from $9.1 billion in 2024. Lawmakers described it as the highest level of reserves Ghana has ever recorded.

“This is the highest reserves Ghana has ever recorded in history,” the Majority Caucus said, calling it a major milestone in the country’s economic recovery.

Public debt and growth indicators improve

Speaking to the media in Parliament, Atta Issah, a member of the Finance Committee and MP for Sagnarigu, said Ghana’s macroeconomic indicators have improved under ongoing stabilisation policies.

He noted that public debt has declined from 62.5% of GDP to 45%, reflecting fiscal consolidation efforts.

He also reported that the economy grew by 6% in 2025, exceeding the projected 4% growth target, while business and consumer confidence have improved significantly.

Policy rate cuts ease borrowing costs

Mr Issah explained that monetary policy adjustments have helped ease financial conditions across the economy.

He said the Bank of Ghana’s policy rate declined from 27% at the end of 2024 to 14% as of March 2026.

This reduction has led to lower lending rates, which fell from 30.2% to 17.7%, making credit more accessible for households, traders, farmers, and small businesses.

Inflation continues to decline

Inflation has also dropped sharply over the period, falling from 23.8% at the end of 2024 to 5.4% in December 2025 and further to 3.2% in March 2026.

Mr Issah said this marks 15 consecutive months of decline, bringing relief to consumers, particularly in food and basic household expenses.

He explained that price stability is gradually improving the cost of living, especially for families and market traders.

Cost of stabilisation reflected in BoG finances

Despite the positive indicators, Mr Issah acknowledged that stabilisation has come with significant financial costs for the central bank.

The Bank of Ghana recorded a net loss of GH₵15.6 billion in 2025, compared to GH₵9.4 billion in 2024.

He also noted that other comprehensive income recorded a charge of GH₵19.32 billion, largely due to valuation changes in foreign reserves following a stronger cedi.

The bank’s net equity position remained negative, although it improved from GH₵61.3 billion at the end of 2024 to GH₵35 billion at the end of 2025. In 2021, the position was positive at GH₵1.2 billion.

He added that the cumulative net equity position currently stands at about GH₵96.3 billion.

“The Bank of Ghana had to absorb the cost, but the country is benefiting from that stability,” he said.

Liquidity management and outlook

Mr Issah further disclosed that the central bank spent GH₵16.7 billion on open market operations in 2025 to manage excess liquidity and support inflation control.

He added that lending rates have eased from 35.6% in 2022 to 19.2% at the end of 2025.

Despite global economic pressures, including trade disruptions and capital flow challenges, the Majority Caucus says Ghana’s economy remains resilient, with improvements in reserves, inflation, debt levels, and credit conditions pointing to a gradual recovery.