BoG has about US$907m in foreign exchange reserves as of June 27

The Governor of the Bank of Ghana (BoG), Dr. Ernest Addison, has announced that as of June 27, 2024, the Central Bank has successfully amassed foreign exchange reserves amounting to US$907 million.

This figure is reported to be almost twice the target set by the International Monetary Fund (IMF) under Ghana’s current bailout program.

Speaking during a joint press conference between the Ministry of Finance and the IMF, Dr. Addison emphasized the ongoing commitment of the BoG to work in tandem with commercial banks to ensure they have sufficient capital to fulfil their roles in fostering economic growth.

“On the year-to-date basis that is as of June 27, the BoG had accumulated foreign exchange reserves to the tune of $907 million nearly double what we have in the IMF programme target.”

“The bank will continue to work closely with the commercial banks to ensure that they are well capitalised to deliver on their mandates to support growth,” he stated.

Foreign exchange reserves are vital assets maintained by a Central Bank in various foreign currencies, which serve multiple purposes including stabilizing the country’s balance of payments, influencing the exchange rate, and bolstering market confidence.

These reserves comprise not only cash but also other valuable assets like gold.

ID/MA