The nation at finish of 2024 recorded $8.98 billion in Gross International Reserves (GIR), overlaying 4 months of import cowl.
This almost double the determine recorded in 2023 which stood at $5.92 billion, overlaying 2.7 months of import cowl.
The Governor and Chairman of the Financial Coverage Committee (MPC) of the Financial institution of Ghana (BoG), Dr Ernest Addison, talking on the 122nd press convention of the MPC after its common assembly famous that GIR reserves build-up was quicker than programmed in 2024.
“GIR elevated to a inventory position of US$8.98 billion on the finish of 2024 and was sufficient to cowl 4.0 months of imports, exceeding targets below the IMF professionalgramme,” the Governor defined.
The 2024 GIR, he stated, compared favourably with the end-December 2023 GIR of US$5.92 billion.
On the yesterday’s press conference, the MPC’s for the third consecutive time maintained its coverage charge at 27 per cent, citing constructive macroeconomic stability robust development.
Dr Addison stated financial exercise was stronger with excessiveer-than-projected development within the first three quarters of 2024.
“The newest information from the Ghana Statistical Service confirmed that actual Gross Home Product expanded at an annual charge of 6.3 per cent through the first three quarters of 2024, relative to 2.6 per cent through the corresponding interval in 2023. Non-oil Gross Home Product grew by 6.2 per cent from 3.3 per cent over the identical comparative interval,” he acknowledged.
He indicated that the robust development outturn was primarily pushed by gold manufacturing within the trade sector.
Dr Addison stated the Financial institution’s Composite Index of Financial Exercise (CIEA) within the final quarter of final yr recommended that development would stay robust, pushed in giant elements by worldwide commerce actions, elevated credit score to the personal sector by banks, construction actions, and tourist-related spending.
He additional famous that the newest confidence surveys carried out in December 2024 confirmed an improvement in each shopper and enterprise confidence.
“Shopper confidence improved largely on account of optimism about future financial circumstances. Enterprise confidence additionally picked up as corporations met their short-term targets and expressed constructive sentiments about firm and trade prospects according to bettering macroeconomic conditions,” the Governor acknowledged.
The Chairman of MPC additionally outlined that the nation’s exterior sector circumstances remained positive, with sustained and stronger-than-programmed rebuilding of reserve buffers, contributing to the soundness of the home foreign money.
Moreover, he stated the performance of the exterior sector was primarily pushed by robust development in gold exports, which additionally largely impacted positively on development.
“Within the outlook, the external sector is predicted to stay robust as commodity costs stay beneficial amid enhancements in manufacturing,” the Chairman of MPC acknowledged.
Nonetheless, he stated whereas the exterior sector circumstances have been anticipated to offer an anchor to change charge stability, key dangers within the outlook together with challenges within the vitality sector must be intently monitored.
“The exterior sector place improved considerably in 2024 on account of elevated commerce surplus and decrease capital outflows,” he stated.
BY KINGSLEY ASARE
