• Latest
  • Trending
Ghana's foreign reserves sink by $6.3 Billion in just two years

Ghana’s foreign reserves sink by $6.3 Billion in just two years

September 27, 2023
We didn’t choose these wars, but we must defend ourselves- Israeli Ambassador

We didn’t choose these wars, but we must defend ourselves- Israeli Ambassador

June 23, 2025
Aggrieved Teachers Vow to Sleep Over and Petition Parliament

Aggrieved teachers vow to sleep over and petition Parliament

June 23, 2025
Radical Ideologies Hijacking Islam for Political Ambitions – Israeli Ambassador

Radical Ideologies Hijacking Islam for Political Ambitions – Israeli Ambassador

June 23, 2025
Bawumia leads NPP field, but NDC sympathizers favour Ken Agyapong – Survey Reveals

Bawumia leads NPP field, but NDC sympathizers favour Ken Agyapong – Survey Reveals

June 23, 2025
We Don’t Choose Our Enemies – Israeli Ambassador Roey Gilad

We Don’t Choose Our Enemies – Israeli Ambassador Roey Gilad

June 23, 2025
Israel-Ghana Ties Remain Strong After Nearly 70 Years – Ambassador Roey Gilad

Israel-Ghana Ties Remain Strong After Nearly 70 Years – Ambassador Roey Gilad

June 23, 2025
South Africa takes $1.5 billion World Bank loan to fix energy and transport systems

South Africa takes $1.5 billion World Bank loan to fix energy and transport systems

June 23, 2025
Kenyan Police officers charged over death of blogger in custody

Kenyan Police officers charged over death of blogger in custody

June 23, 2025
Fight against Galamsey: The time is not now' - Mustapha Gbande shuts down calls for state of emergency

Fight against Galamsey: The time is not now’ – Mustapha Gbande shuts down calls for state of emergency

June 23, 2025
Fisheries Ministry implements 2025 closed fishing season with some exemptions

Fisheries Ministry implements 2025 closed fishing season with some exemptions

June 23, 2025
Bawumia set right economic fundamentals- Former MCE

Bawumia set right economic fundamentals – Former MCE

June 23, 2025
220 former MMDCEs throw support behind Bawumia for 2028 Flagbearership

220 former MMDCEs throw support behind Bawumia for 2028 Flagbearership

June 23, 2025
Happy Ghana
Advertisement
No Result
View All Result
  • Home
  • News
  • Sports
    • International Sports
    • Afcon2017
    • Afcon2019
    • Corporate Knockout
    • U17 World Cup
    • World Cup 2018
  • Entertainment
  • Business
  • Bizarre
  • Feature
  • More
    • Technology
    • Opinion
    • Lifestyle
  • Listen Live
  • Home
  • News
  • Sports
    • International Sports
    • Afcon2017
    • Afcon2019
    • Corporate Knockout
    • U17 World Cup
    • World Cup 2018
  • Entertainment
  • Business
  • Bizarre
  • Feature
  • More
    • Technology
    • Opinion
    • Lifestyle
  • Listen Live
No Result
View All Result
Happy Ghana
No Result
View All Result
Home News

Ghana’s foreign reserves sink by $6.3 Billion in just two years

in News, Top Story
Ghana's foreign reserves sink by $6.3 Billion in just two years

Ghana's foreign reserves sink by $6.3 Billion in just two years

Share on FacebookShare on TwitterShare on Whatsapp

Ghana has witnessed a dramatic decline in its Gross International Reserves (GIR), losing a staggering $6.3 billion in just two years, according to the Bank of Ghana’s Summary of Economic and Financial Data report.

The GIR serves as a crucial safety net for countries to navigate unforeseen international payment difficulties.

As of August 2021, Ghana boasted an all-time high GIR of approximately $11.4 billion. However, this reserve has dwindled drastically, standing at a mere $5.09 billion as of August 2023. This alarming depletion rate of 55.4% in just 24 months raises concerns about the country’s economic stability.

One key indicator of this decline is the import cover, which measures the ability to finance imports using reserves. In August 2021, Ghana had enough reserves to cover 5.2 months (22 weeks) of imports. As of August 2023, the remaining GIR can only sustain 2.4 months (12 weeks) of import cover, underscoring the urgency of the situation.

Governor of the Bank of Ghana, Ernest Addison, recently emphasized that the government’s decision to suspend interest payments on external debt has saved the country $2 billion in reserves. This move prevented an even more dire situation for Ghana’s reserve levels.

In a significant development, the International Monetary Fund (IMF) Executive Board, on May 17th, approved an Extended Credit Facility (ECF) arrangement of SDR 2.242 billion (approximately US$3 billion) for Ghana. This decision facilitated an immediate disbursement of SDR 451.4 million (about US$600 million), with further tranches expected to follow every six months, subject to program reviews approved by the IMF Executive Board.

Before the IMF’s approval, Ghana was mandated to implement both domestic and external debt restructuring programs to alleviate the mounting debt service burden on its economy. The nation’s domestic debt restructuring program achieved an impressive 85% participation rate, resulting in debt service savings totaling GHS 34 billion.

Ghana is actively engaged in negotiations with external creditors to restructure approximately $20 billion of its debt, to achieve an external debt service savings target of about $10.5 billion.

Tags: Ghanahappy FM

Subscribe to receive notification everytime a new post is published. We promise to be discrete.

Unsubscribe
Previous Post

Asante Kotoko: Otumfuo will not prevent Kwesi Appiah from taking up Sudan coaching job – Owusu Bempah

Next Post

Ghanaians deserve hourly wages to tackle issues of minimum earnings – Felix Martey

Next Post
Ghanaians deserve hourly wages to tackle issues of minimum earnings - Felix Martey

Ghanaians deserve hourly wages to tackle issues of minimum earnings - Felix Martey

Search

No Result
View All Result

Listen Live

BBC Match of the Day Africa

Happy Ghana

Recent News

  • We didn’t choose these wars, but we must defend ourselves- Israeli Ambassador
  • Aggrieved teachers vow to sleep over and petition Parliament
  • Radical Ideologies Hijacking Islam for Political Ambitions – Israeli Ambassador
  • About
  • advertise
  • Privacy Policy
  • Contact Us

© 2025 Happy FM – Powered by Ghana’s leading radio network. Designed with passion by Global Media Alliance.

No Result
View All Result
  • Home
  • News
  • Sports
    • International Sports
    • Afcon2017
    • Afcon2019
    • Corporate Knockout
    • U17 World Cup
    • World Cup 2018
  • Entertainment
  • Business
  • Bizarre
  • Feature
  • More
    • Technology
    • Opinion
    • Lifestyle
  • Listen Live

© 2025 Happy FM – Powered by Ghana’s leading radio network. Designed with passion by Global Media Alliance.