Gross Int’l Reserves end 2023 at US$5.9bn (2.7 months of import cover)

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Ghana’s Gross International Reserves, excluding pledged assets and petroleum funds, reflected a significant build-up of US$2.2 billion at the end of December 2023 to stand at US$3.7 billion, Bank of Ghana Governor Ernest Addison.

Dr. Addison told journalists on Monday, 29 January 2024 following the Monetary Policy Committee meetings that the “build-up was driven mainly by the gold for reserves program and unwinding of short-term liabilities”.

However, he noted that “the stock of Gross International Reserves ended the year at US$5.9 billion, enough to cover 2.7 months of imports of goods and services, from the stock position of US$6.3 billion (2.7 months of import cover) at the end of December 2022”.

Dr. Addison said the volatilities that characterized the foreign exchange market in January 2023 “dissipated and the Ghana cedi remained relatively stable throughout the rest of the year”, he noted.

He said the stability in the foreign exchange market hinged on improved inflows from the first tranche of US$600 million from the International Monetary Fund’s three-year US$3-billion Extended Credit Facility program, the domestic gold purchase program, remittances, and FX purchases from mining and oil companies, amid monetary policy tightening.

“These were further supported by the release of the COCOBOD loan facility in December 2023”, he said.


Dr Addison said excluding the “sharp depreciation of 20.6 percent in January, the Ghana cedi cumulatively depreciated by 7.2 percent against the US dollar between February and December 2023”.


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