Ghana’s import cover Reached Four Months, Not Two Weeks | Fact-Check

Ghana’s import cover stood at four months when the current administration took office in January 2025. This fact-check confirms a recent claim by a presidential aide about this key economic metric was false. Meanwhile, the aide’s other assertions about the Debt-to-GDP ratio and the Bank of Ghana’s policy rate showed mixed accuracy. Dr. Sammy Ayeh, a presidential aide, spoke on Kumasi-based Nhyira FM on November 5, 2025. He offered a comparison of economic performance under the immediate past and the current government. Nevertheless, a review of official data shows significant discrepancies.

First, Dr. Ayeh claimed the Bank of Ghana’s policy rate was 28% upon the change in government. The policy rate is the tool the Central Bank uses to manage the money supply. It also controls interest rates. However, Bank of Ghana reports show a different figure. The Monetary Policy reports for November 2024 and January 2025 confirm the rate stood at 27%. Consequently, the initial figure of 28% is incorrect. Since then, the rate has dropped considerably. The most recent report, released in September 2025, shows a reduction to 21.5%. Therefore, the claim about the policy rate receives a mixture rating.

Furthermore, the aide addressed the Debt-to-GDP ratio. He stated the ratio reached a peak of 105% under the previous administration. He also noted the current ratio is around 44.9%. The latest Bank of Ghana report confirms the current ratio is indeed 44.9% as of July 2025. Conversely, a review of previous economic data reveals the 105% peak is inaccurate. The highest Debt-to-GDP ratio recorded was 93.5% in November 2022. Thus, the statement about the Debt-to-GDP ratio also receives a mixture rating.

Crucially, the claim about Ghana’s import cover proved wholly false. The aide asserted that the Mahama administration inherited only two weeks of import cover. He explained this meant foreign exchange reserves would last just two weeks for importers. Conversely, official documents present a very different picture. The import cover shows how many months a country can pay for imports using its reserves. The Bank of Ghana’s 2024 annual report clearly stated the Gross International Reserves were $8.98 billion.

This figure was enough to cover four months of imports. In addition, Finance Minister Cassiel Ato Forson corroborated this data in the 2025 budget speech. He confirmed the four-month cover exceeded the target floor of three months. Clearly, the assertion of a two-week import cover is inaccurate. The claim about Ghana’s import cover is therefore rated false. Official figures offer a more constructive view of the nation’s financial status at the time.