President John Dramani Mahama has announced that Ghana’s international reserves have reached six months of import cover, up from 4.7 months in April, marking one of the highest levels in the past 15 years.
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Speaking at the Jubilee House during an interaction with the Council of State, President Mahama credited the increase to recent policy interventions by the government and the Bank of Ghana.
“We are now targeting 10 months of import cover. This boost will support the stability of the cedi,” he said.
The President noted that enhanced transparency in gold exports and the establishment of the Ghana Gold Board have improved foreign exchange inflows, helping strengthen the reserve position.
Background
In May, the Bank of Ghana reported reserves at 4.7 months of import cover, equivalent to $10.6 billion. Recent interventions, including nearly $5 billion in support from the central bank to commercial banks and for debt payments, have helped improve the position.
First Deputy Governor Dr. Mumuni Zakari recently confirmed that the Bank has enough foreign currency to meet demand and support the economy.
Mid-Year Budget Outlook
President Mahama also announced that Finance Minister Dr. Ato Forson will present the Mid-Year Budget later this month. The update will provide further insights into the country’s economic performance and outlook.
“We expect the coming months to reflect stronger growth and improved stability,” Mahama added.
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