Ghana’s International Reserves Rise to $7.92 Billion, Current Account Surplus Strengthens
Ghana’s gross international reserves have surged by $1.91 billion between September and November 22, 2024, reaching $7.92 billion, equivalent to 3.5 months of import cover, according to data from the Bank of Ghana (BoG).
The reserves, which stood at $6.31 billion in January 2024, experienced fluctuations throughout the year, dropping to $5.99 billion in March before climbing to $6.59 billion in February and eventually reaching their current level.
The Central Bank attributes this growth to an improved external sector position, driven by a higher current account surplus and reduced net financial outflows. In its latest Monetary Policy Committee (MPC) report, the BoG highlighted the impact of these factors on the country’s external reserve build-up.
Ghana’s current account surplus rose to $2.2 billion during the first nine months of 2024, significantly higher than the $912 million recorded in the same period in 2023.
The Central Bank credits the robust surplus to increased gold and crude oil exports and strong remittance inflows. Additionally, net outflows in the capital and financial account dropped to $414 million, a marked improvement from the $1.4 billion recorded in 2023.
This combination of factors has contributed to a better balance of payments position and bolstered confidence in the country’s economic resilience.
The Central Bank’s ongoing management of reserves and external sector improvements signals a positive outlook for Ghana’s economic stability in the coming months.
