BoG’s year-to-date reserve accumulation hit $917m; higher than IMF’s $463m target

The Bank of Ghana (BoG) has accumulated some $917m in foreign reserves from the beginning of January to June this year.

The accumulated reserve is more than the expected $463m reserves to be accumulated by the Central Bank for this year under the Fund programme.

“I must at this point say that on a year-to-date basis (June 27), the Bank has accumulated US$917 million, ahead of the $463.8 million IMF programme targets,” quipped Governor of the Central Bank, Dr Ernest Addison speaking during a joint press briefing with the IMF and the Finance Ministry on Monday.

According to the Governor, the country’s gross reserves currently stand at some $6.6bn.

Speaking further during the joint press briefing, Dr Addison intimated that with a successful conclusion of the second review, Government needs to begin to think of the third review of the programme and beyond and take advantage of the reform momentum.

He noted that steadfastness and commitment to the programme will be needed from now till the end of the year to see through all the structural reforms envisaged under the programme which include the signing of the Memorandum of Understanding between the Ministry of Finance and the Bank of Ghana on the recapitalisation of the central bank.

“This will strengthen the central bank’s credibility to effectively deliver on its reforms,” he averred.

Concluding his remarks during the press briefing, the Governor noted that the rest of the year will be challenging but the Central Bank will remain resolute, working with the Ministry of Finance and the IMF to ensure that the country’s improving economic outlook is sustained.

Source: Norvanreports.com