Claim: Ghana currently has about six months of import cover, the highest in the last 15 years.
Source: President John Dramani Mahama
Verdict: Exaggeration
Researched by Nusrat Essah
President John Dramani Mahama, during a meeting with the Council of State, claimed that Ghana’s Gross International Reserves (GIR) have risen to cover about six months of imports, marking the highest level in the past 15 years.
During the July 8, 2025 meeting held at the Jubilee House, President Mahama said: “The establishment of the GoldBod was one of the important instruments in the reset agenda, and we made it illegal for any person unauthorized to buy gold and take it out of this country, and so the quantities have increased.
“Happily, the international price is good, and so we are seeing better forex inflows into our central bank. It is also leading to an increase in our reserves; we currently have about six months of import cover, one of the highest in the last 15 years.” (55 secs to 1 mins:29 seconds)
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What is import cover?
Import cover is the number of months a country can finance its imports using its current foreign exchange reserves.
This report aims to verify whether:
- The current international reserves have reached 6 months of import cover
- The current reserve is the highest in the last 15 years.
Fact-Check
On July 15, a week after the president’s claim, the Bank of Ghana (BoG) governor, Dr Johnson Asiama, speaking at the Graphic Business/Stanbic Bank Breakfast Meeting in Accra, quoted the import cover at 4.8 months.
“Talk about what the figure is now, you have over $11 billion, compare that to what it used to be,” adding that “4.8 months of import cover is no joke.”
The BoG’s Monetary Policy Committee (MPC) released a press statement dated July 18, 2025, 10 days after the president’s claim stating, “Gross international reserves improved to US$11.1 billion as at end-June 2025, equivalent to 4.8 months of import cover, from US$8.9 billion at end-2024.”
From the above, Ghana currently has 4.8 months of import cover, not 6 months as claimed by President Mahama.
Is the current reserve the highest in the last 15 months?
GhanaFact reviewed data from the Bank of Ghana’s (BOG) annual reports and the Ministry of Finance’s (MoF) Budget Statement and Economic Policy documents spanning the last 15 years (2010 to 2024).
Over the past 14 years, Ghana’s international reserves have generally provided between 2.7 and 4.4 months of import cover.
Between 2010 and 2016, Ghana’s import cover consistently hovered around 3.0 to 3.7 in months. In 2017, there was a notable improvement, with the amount increasing to 4.3 months and peaking at 4.4 months in 2021.
However, in 2022 and 2023, there was a sharp decline in reserves, dropping to 2.7 months of import cover, before recovering to 4.0 months.
Below is a breakdown of Ghana’s import cover since 2010:
| Year | Months of import cover |
| 2010 | 3.7 |
| 2011 | 3.2 |
| 2012 | 3.0 |
| 2013 | 3.1 |
| 2014 | 3.2 |
| 2015 | 3.5 |
| 2016 | 3.5 |
| 2017 | 4.3 |
| 2018 | 3.6 |
| 2019 | 4.0 |
| 2020 | 4.1 |
| 2021 | 4.4 |
| 2022 | 2.7 |
| 2023 | 2.7 |
| 2024 | 4.0 |
According to the data, from 2010 to 2024, the highest international reserve covered 4.4 months of imports in 2021.
This makes the recently reported 4.8 months of import cover the highest in the last 15 years, but contrary to the 6 months of cover statement from President Mahama.
Verdict
Although 4.8 months of import cover is the highest in the last 15 years, the claim that the international reserve has risen to about 6 months of import cover is Exaggerated.
