Ghana had less than 1.5 months of import cover in 2023, the April 2024 World Bank Africa Pulse Report has revealed.
The country and five other countries including Burkina Faso recorded very low secondary reserves.
Nearly 40% of the countries in the region had less than three months of imports in international reserves by the end of 2023.
The report added that the depreciation of currencies in many African countries resulted from acute shortages of foreign exchange.
It continued that most currencies in Sub-Saharan Africa weakened in 2023 as a result of tighter (global and domestic) financial conditions and a strong dollar.
Ghana’s gross reserves increased by 9.9% in first two months of 2024 to $4.06bn
According to the Bank of Ghana, Ghana's Gross International Reserves (GIR) excluding Encumbered Assets and Petroleum Fund increased by 9.99% in the first two months of 2024 to $4.02 billion in February 2024.
This was equivalent to 1.8 months of import cover.
In December 2023, the Gross International Reserves stood at $3.66 billion, about 1.7% of import cover. It inched up to $4.17 billion in January 2024 but declined slightly to $4.02 billion in February 2024.
According to the Summary of Economic and Financial Data, the country’s reserves have been growing consistently albeit slightly since August 2023.
Latest Stories
-
Photos from DW-JoyNews street debate on ‘galamsey’
8 mins -
Mimmy Yeboah: Blending heritage with global sophistication, confidence redefined through couture
23 mins -
Akufo-Addo commissions 97-km Tema-Mpakadan railway line
50 mins -
Majority requests recall of Parliament
1 hour -
Kanzlsperger and Professor Quartey support WAFA with medical Donation
1 hour -
Gideon Boako donates 10 industrial sewing machines to Yamfo Technical Institute
1 hour -
‘Golden Boy’ Abdul Karim Razak honored at WAFU-B general assembly
2 hours -
Buipewura Jinapor secures Vice Presidential position in National House of Chiefs with record votes
2 hours -
2024 election: I want results to come out like ‘milk and honey’ – Toobu
2 hours -
Ghana’s Henry Bukari hands over chairmanship of ECOWAS Brown Card Council of Bureaux
2 hours -
Residents of Dome-Kwabenya on edge ahead of December elections
2 hours -
Moffy drops new single ‘Wo’, blending culture and modernity
3 hours -
Don’t bring soldiers to polling stations – Martin Kpebu
3 hours -
Ogyeahohuo Yaw Gyebi II retained as President of National House of Chiefs
3 hours -
Embrace ICT to fit in digital world – Ho NYA boss to youth
4 hours