US$3 billion BoG international reserves figure was an error - Kwaku Kwarteng amends

Finance Committee clarifies earlier reports on Ghana’s foreign reserve position

Net International Reserves declined to US$3.58 billion ending June 2022

Finance Minister to deliver 2022 mid-year budget review

The Chairman of Parliament’s Finance Committee has clarified recent reports that the country’s gross international reserves had declined from US$9 billion in December 2021 to US$3 billion ending June 2022.

This come after the Committee had laid

Read full article.a report before the house for the approval of a loan facility between the Government of Ghana and AfreximBank for $750 million.

Providing further clarity on the earlier figure, Kwaku Kwarteng in a statement described the action as regrettable.

“Mr Speaker this was an error. It was an unfortunate oversight,” he stated.

“According to the Bank of Ghana, Gross International Reserves of the country was US$9.7 billion at the close of December 2021. This declined to US$7.6 billion at the close of June 2022,” the statement read.

“In terms of Net International Reserves, the country [Ghana] closed December 2021 with US$6.08 billion. This position declined to US$3.58 billion at the close of June 2022,” it added.

Meanwhile, the Chairman of the Finance Committee also requested that the Clerk at the Table in parliament ensures the records are accordingly corrected.

The amendment was however stood down by the intervention of the majority leader, Osei-Kyei Mensa Bonsu who said the house cannot amend an approved report with a statement.

He said the Finance Minister will make a statement on the matter when he appears on the floor of the house on Monday.