According to the Governor of the Bank of Ghana Dr. Ernest Addison, they have accumulated enough in their reserve to meet the market demand as the country heads into the Christmas season.
Demand for forex usually increase owing to traders importing goods to fill their shops few months to Christmas. This pressure sometimes result in forex shortage and the depreciation of the Cedi.
At the press briefing following the Monetary Policy Committee (MPC) meeting in Accra, Dr. Addison was asked if the Bank of Ghana foreign exchange reserve was strong enough to support the anticipated market demand if necessary.
“I think the market should be rest assured that the central bank has enough reserves. If it is necessary for us to increase the foreign exchange intervention, we will. The country’s Gross International Reserves improved by $1.58 billion to $7.50 billion at the end of August, covering 4 months of import cover,” he stated.
Dr. Addison also explained that the growth in gold exports helped in improving trade surplus together with internal resources accompanied by external financial inflows from the IMF and the World Bank
“These together have contributed to an improved balance of payments position in the first half of 2024…Looking ahead to the end of the year, the balance of payments is projected to achieve a surplus, driven by increased exports, stronger remittance growth, and lower government external payments,” Dr. Addison said.
Ghana recorded 20.4% inflation in August 2024, a significant decline from 20.9% recorded in the previous month. Other current data suggests that Ghana is on the path of economic recovery.
