President John Mahama
President John Mahama has revealed that Ghana’s international reserves has now increased to six months of import cover with the president expressing optimism that this would go a long way to help build the needed balance to aid in the cedi’s stability
This is higher than the 4.7 months quoted by the Bank of Ghana in April this year.
“This is one of the highest that the country has recorded in the last 15 years,” he announced during an interaction with members of the Council of State at the Jubilee House.
“We are also looking forward to Ghana’s International Reserves reaching 10 months of import cover,” he added.
According to him, the significant growth in the country’s reserves can be linked to programmes implemented over the past months by the government and the Bank of Ghana.
“We have instituted a lot of measures that have helped improve transparency around Ghana’s gold exports, and that is also helping us improve our forex earnings and inflows as well,” he said.
“Looking at the way things are going, we are hopeful that the country’s international reserves could reach record levels in the coming weeks,” he reiterated.
He pointed out that the establishment of the Ghana Gold Board has brought some sanity into the industry and has helped improve the country’s forex inflows.
President Mahama announced that the upcoming Mid-Year Budget will be presented by Finance Minister Dr. Ato Forson later this month, and will give more details about development in the economy.
“We will have a better view on what has been done over the past six months, in terms of real economic data” he said.
The President expressed his optimism about the economy in the coming months, pledging that the government will continue to undertake steps to stabilize the economy.