Reserve Build-up In 1st half of 2024 Strong- BoG

The Bank of Ghana (BoG) says it is better positioned in terms of reserves to cushion the country against all external forces that may arise against the forex.

At a press conference on July 26, the Governor of the Bank, Dr Ernest Addision said it had built a strong reserve in the first half of the year.

This is as a result of external payments and some domestic initiatives such as Domestic Gold Purchase Programme and the International Monetary Fund-supported Programme.

“The external payments position improved in the first half of the year. The current account surplus significantly improved, aided by strong gold exports, robust remittances, and effect of the debt suspension.

“This development, along with the Domestic Gold Purchase Programme helped accumulate reserves faster than envisaged under the IMF-supported programme.”

The Central Bank has no doubt it will resist all immediate shocks with the build-up.

“With a favourable external position and a strong reserve build-up, the Bank of Ghana is better positioned to provide cushion against external shocks to the economy and thereby provide stability in the foreign exchange market.”