With only three weeks' worth of import coverage until 2023, Ghana's stocks are practically depleted.

According to the 2023 International Monetary Fund Regional Economic Outlook Report (Sub-Saharan Africa), Ghana's net international reserves will complete the year 2023 with almost three weeks of import coverage (0.8 month).

In contrast to the Bank of Ghana's Summary of Economic and Financial Data, which stated that the country's reserves were anticipated to be 2.7 months of import cover in 2023, the report stated that Ghana's reserves were just slightly above two weeks (0.6 months) of import cover in 2022.

The inference is that the country's economy would be in serious difficulties if foreign investment stopped today since there are so few dollars in reserves for balance of payment operations.

Due to this, the IMF bailout ($3 billion loan) is crucial to the nation's future economic stability.

The country's reserves are anticipated to increase to around 1.7 months of import coverage in 2024, according to the analysis.

Only Zimbabwe (0.2 month), South Sudan (0.5 month), and Ethiopia (0.6 month) are predicted to have import cover lower than Ghana in Sub-Saharan Africa.

Ghana had $2.62 billion in reserves as of BoG.

The Bank of Ghana reported that Ghana's net international reserves increased slightly to $2.62 billion in its March 2023 Summary of Economic and Financial Data, or around 2.8 months of import coverage in February 2023.

This was based on the $2.24 billion in December 2022, or around 2.7 months of import coverage.

But as of the end of February 2023, the nation's balance of payments was in deficit by $3.63 billion, or around 5% of GDP.