Ghana’s Gross International Reserves improving, now stand at US$6.2 billion — Finance Minister

Ghana's Gross International Reserves (GIR) have improved and now stand at US$6.2 billion, offering some positive economic news, according to Finance Minister Mohammed Amin Adam.

Addressing stakeholders at his regular monthly briefing on the economy on Friday, May 23, the Minister revealed that "Gross International Reserves (GIR) is improving and now stands at US$6.2 billion covering 2.7 months of import cover at the end of February 2024 compared to US$5.9 billion in the corresponding period of 2022."

This represents an increase of US$300 million in Ghana's foreign reserves over the past year.

According to the Finance Minister, "GIR is expected to improve to cover at least 4.4 months of import cover in the medium-term to be supported by external inflows from the IMF and World Bank, the government’s Gold-for-Oil Programme, the BoG’s Gold for Reserves programme, as well as the Cocoa Syndicated Funds."

The rising reserves were welcomed by the Minister as a sign that Ghana's economic program, supported by the IMF, is beginning to bear fruit.

“We are now seeing signs of macroeconomic stability and economic recovery," he said, pointing to reserves as one positive indicator.

The Minister said measures are being taken to address pressures on the cedi and affirmed Ghana's commitment to restoring debt and macroeconomic stability under the IMF program.