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The International Monetary Fund has revised Ghana’s net international reserves for 2023 to 1.4 months of import cover, from the earlier 0.8 months of import cover, the October 2023 Regional Economic Outlook Report (Sub-Saharan Africa) has revealed.
The Fund also revised the country’s net reserves for 2022 to 1.2 months of import cover, from the earlier 0.6 months.
In 2024, the net international reserves is expected to reach 2.1 months of import cover.
Since the implementation of the IMF Programme in June 2023, Ghana has received $600 million from the Fund to bolster its balance of payment. This has consequently helped to stabilised the economic fundamentals, particularly the exchange rate
A $600 million inflow is also expected in November 2023, after the Board of the Fund has reviewed Ghana’s programme. Per the Economic Credit Facility (ECF) programme, Ghana is expected to receive $3 billion in total over the next three years.
Already, the suspension of external debt repayment and the IMF Programme has impacted positively on investor confidence, with the cedi stabilising since the first quarter of 2023, whilst inflation has slowed down.
In Sub-Saharan Africa, South Sudan (0.8 months), Ethiopia (0.2 months) and Zimbabwe (0.0 months) are the countries expected to record import cover lower than Ghana.
Ghana’s gross reserves stood at 1.0 month of import cover in August 2023
Ghana Gross International Reserves (GIR) excluding Encumbered Assets and Petroleum Fund stood at $2.08 billion in August 2023, about 1.0 months of import cover.
According to the Bank of Ghana’s September 2023 Summary of Economic and Financial Data, the reserves grew from $1.406 billion (0.7 months of import cover) in April 2023 to $2.162 billion (1.0 month of import cover) in May 2023 and $2.235 billion in June 2023 (1.0 month of import cover) respectively.
It stood at $2.239 billion (1.0 month of import cover) in July 2023 and $2.089 billion (1.0 month of import cover) in August 2023 respectively.
