President John Mahama has revealed that Ghana’s International Reserves has now increased to six months of import cover from the 4.7 months quoted by the Bank of Ghana in April this year.
“This is one of the highest that the country has recorded in the last 15 years”, he announced during an interaction with members of the Council of State at the Jubilee House.
“We are also looking forward to Ghana’s International Reserves reaching 10 months of import cover”, he added.
President Mahama was optimistic this will go a long way to help build the needed balance to aid in the cedi’s stability.
According to him, the significant growth in the country’s reserves can be linked to programmes implemented over the past months by government and the Bank of Ghana.
“We have instituted a lot of measures that has helped improve transparency around Ghana’s gold exports and that is also helping us improve our forex earnings and inflows as well”, he said.
“Looking at the way things are going, we are hopeful that the country’s international reserves could reach record levels in the coming weeks”, he reiterated.
He pointed out that the establishment of the Ghana Gold Board has brought some sanity into the industry and has helped improved the country’s forex inflows.
Background
The Bank of Ghana in its May Financial and Economic data revealed that the country’s international reserves stood at 4.7 months of Import cover, translating into the US $10.6 billion.
The Bank of Ghana has said it is working to increase the country’s international reserves to reach record levels.
Data from the commercial banks showed that ending June 2025, the Bank of Ghana had advanced almost 5 billion dollars to support the local currency and meet the needs of businesses and commercial banks.
The first Deputy Governor Dr. Mumuni Zakari in a recent interview with JOYBUSINESS assured that there is enough dollars to supply commercial banks and also take care of external debt obligations.
Economy
President Mahama announced that the upcoming Mid-Year Budget will be presented by Finance Minister Dr. Ato Forson later this month, and will give more details about development in the economy.
“We will have a better view on what has been done over the past six months, in terms of real economic data” he said.
The President expressed his optimism about the economy in the coming months, pledging that government will continue to undertake steps to stabilize the economy.
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