Ghana’s gross international reserves increased by $1.91 billion from September 2024 to US$7.92 billion as of November 22, 2024.

This is equivalent to 3.5 months of import cover.

According to data from the Bank of Ghana, the country’s reserves stood at $6.31 billion in January 2024 but dropped to $5.99 billion in March 2024.

It later shot up to $6.59 billion in February 2024 and continued on the same path into the year.

The Central Bank in its Monetary Policy Committee (MPC) report said the external sector position of the country has improved remarkably in the year, supported by a higher current account surplus and a reduction in net financial outflows.

This has led to a strong external reserve build-up.

Current account surplus hits $2.2bn

The current account surplus increased to$2.2 billion in the first nine months of the year, compared with a surplus of $912 million over the corresponding period in 2023.

According to the Central Bank, the strong current account surplus was supported by increased gold and crude oil exports as well as robust remittance inflows.

This development, together with a lower net outflow of $414 million in the capital and financial account relative to a net outflow of US$1.4 billion in 2023 contributed to an improved balance of payments position in the first three quarters of the year