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Ghana’s foreign exchange reserves have shown resilience and growth, supported by an improving current account balance, as per Dr. Ernest Addison, Governor of the Bank of Ghana (BoG).
Dr. Addison confirmed, “Despite some delays in donor support disbursements, our foreign exchange reserves have maintained a steady level, currently standing at $6.2 billion as of April 5, 2024.”
The Governor highlighted the bank’s commitment to continuing this trend, citing the implementation of the Gold for Reserves program, which has markedly influenced Ghana’s foreign exchange management strategies.
At a joint press conference with the International Monetary Fund (IMF) and the Ministry of Finance concerning the second review of the Extended Credit Facility (ECF) Programme, Dr. Addison pointed out several critical developments. These included addressing the implications of the DDEP on the BoG’s balance sheet and achieving a mutual agreement on the early recapitalization of the BoG.
Dr. Addison also mentioned ongoing discussions regarding the progress in the government’s External Debt restructuring program.
He stressed the necessity of steadfast adherence to the program, fiscal discipline, a stringent monetary policy, and essential structural reforms to ensure continued economic progress. Dr. Addison called for the IMF’s flexibility to adapt to the evolving dynamics of Ghana’s economy.
Recognizing the challenges historically faced during election years with IMF-supported programs, Dr. Addison affirmed the government and central bank’s resolve to change this trend. He underlined the importance of maintaining macroeconomic stability and a swift return to capital markets, reiterating their commitment to rigorous program implementation.
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