The Governor of the Bank of Ghana (BoG), Dr. Ernest Addison, has disclosed that the Central Bank accumulated foreign exchange reserves worth $907 million as of June 27, 2024.
Foreign exchange reserves, held by central banks in foreign currencies, are essential for balancing national payments, influencing currency exchange rates, and maintaining confidence in financial markets. These reserves include cash and other assets such as gold.
Dr. Addison shared this information during a joint press conference with the Ministry of Finance and the International Monetary Fund (IMF) on Monday.
He emphasized that the Bank of Ghana would continue to collaborate with commercial banks to ensure they remain well-capitalized.
“On the year-to-date basis that is as of June 27, the BoG had accumulated foreign exchange reserves to the tune of $907 million nearly double what we have in the IMF programme target.”
“The bank will continue to work closely with the commercial banks to ensure that they are well capitalised to deliver on their mandates to support growth,” he stated.
