Ghana gross international reserves position grew strongly further as it hit $11.4 billion in the first eight months of this year, data from the Bank of Ghana has revealed.
This is equivalent to 5.2 months of import cover.
The net reserves however stood at $8.21 billion as of the end of August 2021. This is lower than $8.23 billion registered in May 2021.
The country’s gross reserves position in June 2021 and July 2021 stood at $11.02 billion and $10.72 billion respectively.
According to the figures from Bank of Ghana on External Sector Developments, the Heritage and Stabilisation Funds in the first eight months of this year was $828.3 million
The country’s reserves experienced a significant growth because of boost in exports as oil and cocoa prices have shot up significantly since the beginning of this year, following a rebound in the global economy.
Trade balance hits a surplus of $874.8m
Meanwhile, the country’s Trade Balance stood at a surplus of $874.8 million in August 2021, about 1.2% of Gross Domestic Product.
Total Exports as of the end of August 2021 was however $9.85 billion, whilst imports stood at $8.98 billion. Imports have started picking up because of the rebound of the global economy.
In terms of the traditional export commodities, gold exports for the first eight months of 2021 stood at $3.42 billion, whilst cocoa inched up to $2.10 billion. Crude oil exports was estimated at $2.43 billion, better than the same period last year.
Also, inward remittances stood at $2.15 billion in June 2021. This is compared with $1.03 billion in March this year.
However, the balance of payment stood at a deficit of $926 million in June 2021.
Foreign Direct Investments was also estimated at $954.2 million in first six months of 2021.
Ghana’s international reserves to go up 16.8% to $9.5bn in 2021 – Report
Ghana’s net international reserves excluding gold is expected to grow by 16.8% this year to $9.5 billion.
This is a revision of an earlier forecast by Fitch Solutions, which pegged the end-year reserves at $8.8 billion.
According to the research arm of ratings agency, Fitch, the reserves will be equivalent to 4.2 months of import cover.
This means the country will have a little above four months to take care of imports with the foreign exchange reserves when there is a shock.
Latest Stories
-
Bright Simons: Ghana’s billion-dollar ‘Timber Merchant’ deal to protect taxes
9 mins -
Cash Waterfall Mechanism report shows significant non-compliance with formula for revenue allocation – Report
27 mins -
Prison officer injured in clash with soldiers in Bawku
30 mins -
SSNIT reserves projected to hit zero in 12 years – ILO
35 mins -
Prestigious Nigerian school closed over bullying reports
40 mins -
Funny Face failed to perform at my show after taking money – Parrot Mouth
46 mins -
CAFCC: Sports Minister to offer Dreams FC a ‘surprise’ package before Zamalek clash
57 mins -
CAF awards 3-0 win to RS Berkane, after Algerian customs confiscated their kits
1 hour -
AgriTech challenge pro holds first pitch
1 hour -
UNIDO commits to improving local rice standards
1 hour -
Suleja prison: 108 inmates on the run in Nigeria
1 hour -
We object to government’s plans to make BEST sole off-taker of Sentuo Oil Refinery – CBOD
1 hour -
Burkina Faso army massacred 223 villagers in revenge attack – HRW
2 hours -
Lebanese Community awards ¢100K in scholarships to 21 students at UniMAC
2 hours -
Germany detains alleged Nigerian mafia members
2 hours