Ghana’s foreign reserves increase to US$8.1bn after fall

November 25, 2019 1:28 PM

Ghana’s gross international reserves went up to $8,097,000,000 in October 2019.

US dollar

This is a marginal increase from the previous $7,965,000,000 recorded in September 2019. The October gross international reserves is enough to cover imports for 3.9 months.

Recommended articles

finance Boohoo stock tumbles 30%, wiping $1.25 billion off its market value, after an explosive report into working conditions at one of its factories

This is according to the Bank of Ghana’s Summary of Economic and Financial Data released on 22 November 2019.

This is coming after the government targeted an additional US$1 billion before the end of the year.

In March 2019, Ghana’s reserves hit an all-time high of US$9.96 billion. This was due to the US$3 billion Eurobond proceeds.

However, in April Ghana’s reserve recorded a dip, registering $7.97 in September with a reverse in October 2019.

It is expected that the reserves will be boosted by the receipt of the second tranche of this year’s US$1.3 billion Cocoa syndicated loan from a consortium of international banks. The deal was recently passed by Parliament.

This is expected to help the Ghana cedi appreciate against other international currencies on the forex market.