Ghana’s gross reserves projected to grow to circa $10.9bn in 2028
Ghana’s gross international reserves is projected to grow to an outstanding $10.87bn by 2028 – approximately $10.9bn.
The projected growth in reserves is expected to be underpinned by the IMF programme.
The projection by the Fund translates into circa 4 months of imports cover for the country.
This is from a projected gross international reserves of $3.8bn at end-2024 which also translates into some 1.7 months import cover.
Per the projections made by the IMF in its 2023 Article IV Consultation on Ghana’s economy, the country’s gross reserves will increase from $5.5bn in 2025 to $.7.67bn in 2026 to $9.25bn in 2027 and finally to $10.87bn in 2028.
In a related development, the Fund is forecasting an 18.1% tax-to-GDP growth for Ghana by the next three years – 2027.
The projection is some 1,300 basis points (1.3%) increment over 2024’s 16.8% tax-to-GDP growth rate target set by the Government.
Total revenue and grants for 2024 are projected at GHS 176.4 billion (16.8% of GDP) and are expected to be underpinned by permanent revenue measures largely tax revenue measures amounting to 0.9% of GDP.
Total government expenditure projected for the 2024 fiscal year amounts to some GHS 226bn.
The projected expenditure represents approximately 21.6% of the country’s current Gross Domestic Product (GDP).
The expenditure projection according to Finance Minister Ken Ofori-Atta, reflects a reduction of 6.1% of GDP in total expenditures (commitment basis) relative to the outturn in 2023.
