According to a recent update following a staff-level agreement between the government and the International Monetary Fund, Ghana’s gross international reserves have already exceeded the target set for May 2026.

Fresh data from the Bank of Ghana shows that as of February 2025, the country’s gross international reserves stood at $9.3 billion—equivalent to four months of import cover.

Under the IMF programme, Ghana was expected to reach this threshold by mid-2026.

This early achievement is seen as a major boost to investor confidence and could bolster the stability of the Cedi in the coming months.

Analysts say unless the economy is hit by any major external shocks, Ghana is well-positioned to exit the IMF programme with stronger reserve buffers.

The anticipated disbursement of $370 million from the IMF in June 2025 is also expected to further support the central bank’s efforts to sustain macroeconomic stability.

Market watchers maintain that the Bank of Ghana should continue refining its liquidity-tightening tools while ensuring proactive monitoring of foreign exchange markets to prevent excessive speculation.

Adding that enhanced coordination between fiscal and monetary policies will help anchor inflation expectations and stabilize the Cedi.