Ghana’s forex reserves have seen a significant increase under the Mahama-led administration, the Bank of Ghana has announced.

Between December 2024 to October 2025, the country’s reserve has seen a 33.63% increase, marking $ 3.02 billion in value. As of October 2025, the country's reserves have hit $12billion.

Speaking at the launch of the 60th anniversary of the Ghana Cedi in Accra on Tuesday, October 28, which was held at the Accra International Conference Centre (AICC), Governor of the Bank of Ghana (BoG) Dr Asiama, lauded the government for its tough, difficult, but well-coordinated policy measures, which have produced the required fiscal results.

He noted that Ghana has made a decisive economic turnaround, which has been reflected in our forex reserves, boosting investor confidence and cushioning the local currency against the shocks of the market.

Speaking at the launch of the 60th anniversary of the Ghana Cedi in Accra on Tuesday, October 28, Dr Asiama highlighted that coordinated and difficult policy measures have yielded tangible results for the country

“Under the leadership of His Excellency John Dramani Mahama, and Her Excellency the Vice President, and through coordinated, difficult but necessary policy actions, I am happy to say that Ghana has turned a decisive corner, and indeed the evidence is compelling. Our gross international reserves are currently around $12 billion, which is providing a robust cushion against external volatility and restoring our investor confidence”, he stated.

The BoG Governor also cited key indicators of the country’s improved economic position. He noted that headline inflation, which has been a major concern in recent years, stood at 9.4 percent as of September 2025, with expectations that it will fall even further by the end of the year.

“Headline inflation now at 9.4% as of September 2025, and we expect it to end the year even further lower”, he continued, adding that the cedi, which was ranked as one of the worst-performing currencies in 2022 under the Akufo-Addo-led administration, has seen significant appreciation by 37% under the current government, serving as evidence of the positive impact of the fiscal policies implemented.

The national currency, the cedi, Dr Asiama said, has also strengthened significantly, appreciating by 37 percent as of October 17.

“The cedi has appreciated by 37% as of October 17, and according to the World Bank, it is the best-performing currency in sub-Saharan Africa for the first eight months of 2025. As of November 2022, the Cedi depreciated by over 50% becoming the World’s worst-performing currency in the world according to a Bloomberg report. Headline inflation spiralled to 54.1% and food inflation soared to an alarming 59.7% year-on-year in December 2022, distorting household budgets, shrinking incomes, and feeding public anxiety.

“These were not just numbers; they were lived experiences. They meant rising transport fares, shrinking working capital, unaffordable school meals, and sleepless nights for small business owners and salary earners alike. But they were not the end of our story,” he added.

Dr Asiamah also announced a year-long programme of nationwide activities designed to educate, engage, and celebrate the Cedi’s history, resilience, and role in Ghana’s economic journey.

He said, “As we officially launch the Cedi@60 anniversary, allow me to share a preview of what lies ahead. This celebration will not be confined to this hall. Over the next 12 months, we will embark on a nationwide and inclusive programme of activities, including:

“Currency exhibitions that tell the story of our monetary journey, from pounds to pesewas, from coins to QR codes, public lectures and school tours to engage students, professionals, and communities on the importance of monetary sovereignty. Diaspora engagements, highlighting the role of remittances and international trust in supporting the Cedi’s strength. And special publications and legacy projects to ensure this milestone leaves a lasting educational footprint,” he continued.

Also, at the same event, Ghana’s Finance Minister and acting Defence Minister, Cassiel Ato Forson, urged business and consumers to end the widespread practice of quoting prices in dollars, highlighting that it undermines the cedi’s role as legal tender.

Dr Forson declared, “The U.S. dollar isn’t our currency, let’s stop it now.” He charged all to help maintain the sanctity of the cedi, noting that it is a collective responsibility, urging citizens to “preserve it with dignity and protect it jealously.”

Meanwhile, not only has the country’s forex reserves seen a significant increase, but also its revenue in gold trading (small scale).

Ghana GoldBoard (GoldBod) in mid-October reported a significant revenue accrued from small-scale gold export between January and October 15.

The sector earned US$8 billion in foreign exchange within ten months, according to data from the Ghana Gold Board (GoldBod) and the Precious Minerals Marketing Company (PMMC).

The data also reported that small-scale miners exported 81,719.23 kilograms of gold during the period, valued at US$8.06 billion. This marks a sharp increase from US$4.61 billion recorded in 2024 and nearly quadruples the US$2.19 billion achieved in 2023.

Also, the data shows that gold export increased by 29% between 2024 and 2025, thus from 63,647 kilograms to 81,719 kilograms. When compared to 2023, GoldBod’s earnings have grown more than threefold.

The data highlights a consistent upward trend in both gold volume and export value over the three years, reflecting improved regulation, transparency, and compliance within Ghana’s small-scale mining sector.

The data also showed a robust month-on-month growth in the second quarter of the year, with a revenue of US$1.17 billion recorded in May, US$957.9 million in June, and US$897.6 million in April.

The country’s official gold buying and distribution authority has linked its significant gains to its partnership with PMMC and strengthened oversight of small-scale gold exports and other related gold-purchasing and regulations. The GoldBod-PMMC collaboration has proved efficient since mid-April 2025, when the former began operations, absorbing the functions of the latter.

The collaboration has been instrumental in curbing illicit trade and ensuring that proceeds from gold sales are properly repatriated into the Ghanaian economy.

Meanwhile, GoldBod has been quite instrumental in dealing with leakages in Ghana's gold trading by regulating the affairs of licensed traders.