Gross, net int’l reserves up from $1.58bn to $7.50bn & $1.73bn to $4.92, respectively
The “strong build-up” in international reserves continued into August 2024, the Bank of Ghana has said.
Briefing the media about the decision of the 120th Monetary Policy Committee meeting on Friday, 27 September 2024, Governor Ernest Addison said gross international reserves increased by US$1.58 billion to US$7.50 billion at the end of August 2024.
This is equivalent to 3.4 months of import cover.
He said net international reserves also increased by US$1.73 billion to US$4.92 billion at the end of August 2024.
The higher build-up in Gross International Reserves was largely on account of the strong performance of the domestic gold purchase programme, Dr Addison explained.
Trending Business
Water, electricity tariffs up for Q3 2024
16:25‘A lot remains to be done to promote a more resilient banking industry’ – BoG
10:36Inclusive insurance not the same as basic insurance – NIC clarifies
18:30Monetary loss from fraud on the rise – BoG
10:35BoG introduces gold coin as new investment avenue to ease demand for Dollars
14:38Elevated credit risks threaten banking sector recovery – BoG Governor
10:34BoG cuts policy rate from 29% to 27%
13:46Banking sector ‘resilient with strong capital, liquidity buffers’ – BoG
10:32Ghana’s domestic debt balloons to GH₵290.9 billion
13:14‘Unpleasant’ banking sector clean-up ‘needful’ exercise – BoG Governor
10:30