Ghana’s net international reserves will end 2023 at nearly three weeks of import cover (0.8 month), the 2023 International Monetary Fund Regional Economic Outlook Report (Sub-Saharan Africa) has disclosed.
Again, the report said Ghana’s reserves stood at a little above two weeks (0.6 month) of import cover in 2022.
This is contrary to the Bank of Ghana’s Summary of Economic and Financial Data that the country’s reserves in 2022 was estimated at 2.7 months of import cover.
The implication is if foreign inflows are to stop today, the country’s economy will be in severe trouble, as there are only few dollars in the reserves for balance of payment transactions.
This makes the IMF bailout ($3 billion loan) critical to the country’s economic stability going forward.
The report also said the country’s reserves is expected to grow to about 1.7 months of import cover in 2024.

In Sub-Saharan Africa, Zimbabwe (0.2 month), South Sudan (0.5 month) and Ethiopia (0.6 month) are the only countries expected to record import cover lower than Ghana.
Ghana’s reserves stood at $2.62bn - BoG
The Bank of Ghana in its March 2023 Summary of Economic and Financial Data said Ghana’s net international reserves improved slightly to $2.62 billion, about 2.8 months of import cover in February 2023.
This was from the $2.24 billion recorded in December 2022, about 2.7 months of import cover.
The country’s Balance of Payment at the end of February 2023, however, stood at a deficit of $3.63 billion, approximately 5% of Gross Domestic Product.
Latest Stories
-
Zoomlion contract: People should be jailed, but there’s a lack of political will – Manasseh Azure
17 minutes -
IAEA board declares Iran is in nuclear breach
1 hour -
Teenage mother returns to write BECE after giving birth mid-exam
2 hours -
Qatar Ambassador pays courtesy call on Education Minister
2 hours -
CTVET head advocates for competency-based training for TVET institutions
2 hours -
IMF welcomes GH¢1 fuel levy
2 hours -
Your future is too bright to cheat – Asunafo North MP urges BECE candidates to choose integrity
3 hours -
Daily insight for CEOs: Governance Agility – Rethinking oversight for rapid change
3 hours -
You have 30 days or you’re out – Sam George warns radio stations after Mahama’s directive
4 hours -
Media shutdown: Our fight is not against free speech but impunity – Sam George
4 hours -
Richard Nyamah demands NPP NEC summon Freddie Blay over support for a Mahama ‘3rd Term’ bid
4 hours -
Asenso-Boakye leads Bantama Assembly Members to pay courtesy call on Kumasi Mayor
4 hours -
Cunha completes ‘dream’ £62.5m Man Utd move
4 hours -
GRNMA strike: Nurses, government progress in talks
4 hours -
Nursing and Midwifery unions urge GRNMA to end strike due to progress in conditions of service talks
4 hours