Ghana’s gross international reserves surged to $7.92 billion as of November 22, 2024, marking a $1.91 billion increase since September, according to the Bank of Ghana (BoG). This milestone, equivalent to 3.5 months of import cover, reflects significant progress in the country’s external sector position.
The year began with reserves at $6.31 billion but saw fluctuations, dropping to $5.99 billion in March before gradually recovering. This rebound is attributed to a higher current account surplus and reduced net financial outflows, as detailed in the BoG’s Monetary Policy Committee report.
The current account surplus rose to $2.2 billion during the first nine months of 2024, a sharp increase from $912 million during the same period in 2023. This improvement was fuelled by strong performance in gold and crude oil exports, coupled with robust remittance inflows. Meanwhile, net financial outflows significantly declined to $414 million, down from $1.4 billion in 2023.
The bolstered reserves and strengthened balance of payments position signal growing economic stability and resilience. The Central Bank’s efforts to manage reserves effectively, coupled with improved external sector dynamics, offer a positive outlook for Ghana’s economic trajectory in the coming months.
This development underscores Ghana’s ongoing progress in enhancing its economic fundamentals, creating a more stable environment for trade, investment, and financial growth.
