Middle East tensions put Ghana’s reserves under pressure – BoG Governor
Bank of Ghana (BoG) Governor Dr Johnson Asiama has revealed that tensions in the Middle East have put significant pressure on Ghana’s international reserves in recent months. He said the country had faced a challenging period as global developments affected its reserves and forced the central bank to provide support to critical sectors of the […]
Bank of Ghana Governor Dr Johnson Asiama has stated that recent tensions in the Middle East have put significant pressure on Ghana's international reserves. During a meeting with students from the University of Ghana and the University of Ghana Business School, Asiama revealed that the country lost 1.2 billion reserves in the past three to four months.
The shortfall comes as international reserves fell from US$14.1 billion to US$12.9 billion, as reported in the July Economic and Financial Data by the Bank of Ghana. During the engagement, Asiama emphasized the importance of maintaining strong reserves to protect Ghana from global economic shocks. He highlighted the decision to build high reserves last year as a positive step, given the current challenging period.
Asiama stressed that increased earnings from cocoa and non-traditional exports, as well as a greater focus on remittances, are crucial for rebuilding Ghana's reserves and supporting the economy.
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