Ghana’s reserves are almost empty; ends 2023 after nearly 3 weeks of import insurance – IMF

Ghana’s net international reserves will end in 2023 after nearly three weeks of imports (0.8 months), the International Monetary Fund’s (Sub-Saharan Africa) Regional Economic Outlook for 2023 has revealed revealed.

Again, the report indicates that Ghana’s reserves are just over two weeks (0.6 months) above imports in 2022, contrary to the Bank of Ghana’s summary of economic and financial data that The country’s reserves in 2023 have been estimated. up to 2.7 months of imported bags. The implication is that if foreign capital flows stopped today, the country’s economy would be in serious trouble, as there are only a few dollars in reserve for balance of payments transactions.

This makes the IMF bailout ($3 billion loan) crucial for the future economic stability of the country. The report also said the country’s reserves are expected to reach about 1.7 months of imports by 2024. Ghana’s reserves are almost empty; end of 2023 after nearly 3 weeks of import insurance – IMF In sub-Saharan Africa, Zimbabwe (0.2 months), South Sudan (0.5 months) and Ethiopia (0.6 months) are the only countries expected to record lower import coverage. Ghana. Ghana’s reserves at $2.62 billion – BoG The Bank of Ghana, in its March 2023 Summary of Economic and Financial Data, said Ghana’s net international reserves improved slightly to $2.62 billion, or about 2.8 months of imports. in February 2023.

This figure comes from $2.24 billion recorded in December 2022, or about 2.7 months of imports. However, the country’s balance of payments at the end of February 2023 had a deficit of $3.63 billion, or about 5% of gross domestic product. Ghana’s reserves increased slightly to $2.62 billion; balance of payments remains negative