Bank of Ghana addresses financial deficit
from RUSSEL ADADDEVO in Accra, Ghana
ACCRA – GHANA is making frantic efforts to increase its dwindling international reserves, a senior official at the Bank of Ghana (BoG) has said.
Presently, Ghana’s depleted reserves are at $4,2 billion instead of $5,6 billion, a development which represents a slightly more than three months of import cover during year end of 2013.
Central bank governor, Dr Henry Kofi Wampah, told journalists at the Monetary Policy Committee (MPC) that BoG would increase international reserves of the country due to inflows from the Eurobond and the cocoa syndicated loan.
He said the current reserves would be increased to the $5,6 billion.
He said the projected inflows from the cocoa syndicated loan would boost the country’s liquidity on the foreign exchange market.
Apart from the cocoa revenue, BoG also expects the International Monetary Fund (IMF) to provide additional balance of payment to Ghana, a development that would strengthen the country’s economic performance.
– CAJ News
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