October 6, 2022

Ghana’s Foreign Reserves Stand At $6.6 Billion

The Bank of Ghana (BoG) has announced that the country’s Gross International Reserves have declined to US$6.6 billion as of September 2022.

This, the central bank said, is equivalent to 2.9 months of import cover for goods and services in September 2022.

“This compares with the December 2021 position of US$9.7 billion, equivalent to 4.3 months of import cover”, it said and added that “Net International Reserves, which excludes encumbered assets and petroleum funds, is estimated at US$2.7 billion as of September 2022”.

The Chairman of the Finance committee of Parliament in July 2022, told the House that the foreign reserves of Ghana stood at US$7.6 billion as of June 2022 after it had approved the US$750 million AfreximBank loan.

The BoG was confident, ahead of the arrival of the Afrexim loan, that it was going to contribute to the shoring up the foreign reserve of the country in August but that doesn’t seem to have had much impact.

The Bank has relayed other measures it has in place to increase the country’s reserves including the expected Cocoa syndicated loan, a programme to purchase gold and the Special Foreign Exchange Auction for the Bulk Distribution Companies (BDCs).

Source: opemsuo.com/Hajara Fuseini

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