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Ghana’s gross international reserves have declined from US$8.1 billion in May 2022 to US$7.6 billion in June 2022, a Joy Business report has said.
This comes after a
Read full articlerecent report by Parliament’s Finance Committee which stated the figure had propped by a third, from US$9 billion to US$3 billion.
But according to tweets shared by Joy Business’ George Wiafe, documents sighted from the Bank of Ghana showed that the US$7.6 billion figure covered 3.4 months of import cover for the period ending June 2022.
He added that it remains unclear how the Finance Committee of Parliament when approving the US$750 million loan between Ghana and AfreximBank stated that the country’s gross international reserves had declined from US$9 billion to US$3 billion, with over US$600 million of monthly demand.
Meanwhile, the Finance Committee’s report disclosed that but for recent parliamentary approval of the US$750 million loan agreement between the government of Ghana and the AfreximBank, the country would have hit bankruptcy.
