Ghana’s gross International reserves estimated at US$7,554.8 million

Ghana’s Gross International Reserves at the end of December 2017 was estimated at US$7,554.8 million, from a stock position of US$6,161.8 million at the end of December 2016, representing a build-up of US$1,393.0 million.

Mr Ken Ofori-Atta, the Minister of Finance, said this was sufficient to provide cover for 4.3 months against 3.5 months of imports over the comparative period.

The Finance Minister, who was addressing Parliament in his presentation of the Mid-Year Policy Review of the 2018 Budget Statement and Economic Policy, in Accra on Thursday, also touched on areas such as the exchange rate market.

He indicated that in the currency market, the Ghana cedi remained stable against the major currencies, on account of improving macro-economic fundamentals and higher foreign exchange inflows.

However, the foreign exchange market witnessed some volatility in December 2017, in line with the seasonal demand pressures.

Cumulatively, on the interbank market, the Ghana cedi depreciated by 4.9, 12.9, and 16.2 percent against the US Dollar, British Pound Sterling and Euro, respectively, in 2017, compared to the same period in 2016, he said.

Mr Ofori-Atta however stated that the Cedi depreciated cumulatively by 9.7 and 6.4 percent against the US Dollar and the Euro, respectively, but appreciated by 8.3 percent against the British Pound Sterling.

Source: Ghana News Agency