Ghana’s gross reserves stood at $7.68bn in June 2022; but net reserves falls to $3.58bn – BoG
The latest Bank of Ghana Summary of Economic and Financial Data has confirmed Joy Business’s earlier publication that Ghana’s gross international reserves stood at $7.68 billion, as of June 2022.
This is equivalent to 3.4 months of imports cover.
In March 2022, the country’s international reserves stood at $8.8 billion, about 3.9 months of import cover.
However, the net international reserves fell to $3.58 billion in June 2022, as against $5.13 billion in March 2022.
In January 2022, the country’s gross international reserves stood at $9.76 billion, about 4.4 months of import cover.
It further dropped to $9.54 billion (4.2 months of import cover) in February 2022 and $8.81 billion (3.9 months of import cover) in March 2022.
Again, it fell to $8.34 billion in April 2022 and subsequently to $8.11 billion in May 2022.
According to the figures on External Sector Developments, the Heritage and Stabilisation Funds in June 2022 stood at $1.22 billion.
This is compared with $939 million in April 2022.
Meanwhile, the country’s overall balance of payment stood at a deficit of $2.49 billion, as of June 2022, against a deficit of $934.5 million in March 2022.
This is equivalent to -3.5% of Gross Domestic Product.
The current account balance also stood at a deficit of $1.09 billion in June 2022, about -1.5% of GDP.
Similarly, the capital and financial account balance also stood at a deficit of $1.28 billion.
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