The Governor of the Bank of Ghana, Dr. Ernest Addison, has noted that as of May 19, 2023, after the first tranche of the $3 billion International Monetary Fund loan hit the Bank of Ghana’s account, Ghana’s gross international reserves have increased to $5.7 billion.

This is indicative of 2.6 months of import cover.

He made the statement at the 112th Monetary Policy committee meeting on May 22, 2023.

He said: “Gross International Reserves at the end of March 2023 stood at US$5.1 billion, equivalent to 2.4 months of import cover, compared with the end-December 2022 stock position of US$6.2 billion, equivalent to 2.7 months of import cover. Gross International Reserves, excluding oil funds, encumbered and pledged assets, stood at US$1.4 billion.”

“Net International Reserves as of March 2023 stood at US$2.1 billion. With the approval of the IMF-supported programme and receipt of the first tranche of the disbursement, Gross International Reserves have increased to US$5.7 billion as of Friday, 19th May 2023, equivalent to 2.6 months of import cover,” he added.

In April 2023 the IMF’s Regional Economic Outlook Report for Sub-Saharan Africa noted that Ghana’s international reserves were projected to end 2023 at approximately three weeks of import cover (0.8 months), representing an almost depleted national reserve.

The projection by the Fund is however contrast to the Central Bank’s Summary of Economic and Financial Data, which estimated Ghana’s foreign reserves to about 2.7 months of import cover in 2023.

It was however expected that the IMF loan will cushion the country and boost its balance of payments deficit.

The Central Bank however confirmed the receipt of the first $600 million on May 19, 2023.

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