Monday, 26 February

Ghana’s gross reserves surge to 1.1 month of import cover

Business
The Bank of Ghana's data revealed a gradual growth from $1.406 billion (0.7 months of import cover) in April 2023 to $2.239 billion (1.0 month of import cover) in July 2023

In October 2023, Ghana's Gross International Reserves (GIR), excluding Encumbered Assets and Petroleum Fund, saw a slight improvement to $2.46 billion, providing approximately 1.1 months of import cover. 

This marks an increase from $2.267 billion in September 2023 (1.0 month of import cover) and $2.016 billion in August 2023 (1.0 month of import cover). 

The Bank of Ghana's data revealed a gradual growth from $1.406 billion (0.7 months of import cover) in April 2023 to $2.239 billion (1.0 month of import cover) in July 2023. 

Additionally, Ghana recorded a trade surplus of $2.058 billion in October 2023, contributing to approximately 2.7% of Gross Domestic Product (GDP). 

Total exports reached $13.453 billion, with gold, crude oil, and cocoa being significant contributors.

Source: classfmonline.com