Dr. Ernest Addison, the Governor of the Bank of Ghana (BoG), has announced that the Central Bank has amassed foreign exchange reserves amounting to $907 million as of June 27, 2024.
This revelation underscores the BoG’s efforts to bolster the country’s economic stability and strengthen its financial position amidst global economic fluctuations.
Foreign exchange reserves are crucial assets held by central banks in foreign currencies, including cash and other reserve assets like gold. These reserves play a pivotal role in managing a nation’s balance of payments, influencing the exchange rate of its currency, and instilling confidence in financial markets.
Dr. Addison disclosed this significant milestone during a joint press conference held between the Ministry of Finance and the International Monetary Fund (IMF) on Monday.
He emphasized that the BoG’s current foreign exchange reserves exceed the targets set under the IMF programme, reflecting robust management and strategic accumulation efforts.
Highlighting the strategic importance of these reserves, Dr. Addison affirmed the BoG’s commitment to collaborating closely with commercial banks to ensure their adequate capitalization.
This partnership aims to empower commercial banks to effectively fulfill their mandates in supporting economic growth and financial stability across Ghana.