• 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
Colorado attack: Suspect charged with assault and use of explosives; awarded $10m bail

Colorado attack: Suspect charged with assault and use of explosives; awarded $10m bail

June 2, 2025
Tunisian man shot dead in suspected 'racially motivated' attack in Southern France

Tunisian man shot dead in suspected ‘racially motivated’ attack in Southern France

June 2, 2025
President Mahama announces permit system to control excavator imports to Ghana

President Mahama announces permit system to control excavator imports to Ghana

June 2, 2025
Accra High Court Jurors declare strike over eight-month unpaid allowances

Accra High Court Jurors declare strike over eight-month unpaid allowances

June 2, 2025
OSP declares Ofori-Atta wanted over Noncompliance

OSP declares Ofori-Atta wanted over noncompliance

June 2, 2025
Fake recruitment alert: Ghana Prisons Service cautions public

Fake recruitment alert: Ghana Prisons Service cautions public

June 2, 2025
NRSA announces revised road regulations Act to improve road safety

NRSA announces revised road regulations Act to improve road safety

June 2, 2025
E/R- Children, pregnant woman, survive accident on Adukrom road

E/R- Children, pregnant woman, survive accident on Adukrom road

June 2, 2025
President Mahama announces permit system to control excavator imports to Ghana

President Mahama announces permit system to control excavator imports to Ghana

June 2, 2025
Ghana Immigration Service warns public against fake recruitment portal

Ghana Immigration Service warns public against fake recruitment portal

June 2, 2025
Breaking the Stigma: ROSS-B Care Foundation Marks Menstrual Hygiene Day with Community Impact

Breaking the Stigma: ROSS-B Care Foundation Marks Menstrual Hygiene Day with Community Impact

June 2, 2025
Ghana’s Digital Future: Hope for Africa's Digital Identity & Sovereignty

Ghana’s Digital Future: Hope for Africa’s Digital Identity & Sovereignty

June 2, 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

  • Colorado attack: Suspect charged with assault and use of explosives; awarded $10m bail
  • Tunisian man shot dead in suspected ‘racially motivated’ attack in Southern France
  • President Mahama announces permit system to control excavator imports to Ghana
  • 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.