Ghana’s foreign reserves hit US$8.1bn after fall

Ghana’s gross international reserves inched up in October 2019 to $8,097,000,000, enough to cover imports for 3.9 months from the previous $7,965,000,000 recorded in September.

This was contained in the Bank of Ghana’s Summary of Economic and Financial Data released on 22 November 2019.

This comes in the wake of the government’s target of an additional US$1 billion before the end of the year.

Ghana’s reserves hit an all-time high of US$9.96 billion in March 2019 as a result of the US$3 billion Eurobond proceeds.

The following month recorded a dip, registering $7.97 in September with a reverse in October 2019.

The reserves are expected to 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 strengthen the Ghana cedi against high depreciation in relation to other international currencies on the forex market.