The Custodian Newspaper Online
No Result
View All Result
Monday, June 23, 2025
  • Home
  • News
  • Politics
  • Business
  • Opinion
  • Showbiz
  • Health
  • Sport
  • World
  • eStore
The Custodian Newspaper Online
  • Home
  • News
  • Politics
  • Business
  • Opinion
  • Showbiz
  • Health
  • Sport
  • World
  • eStore
No Result
View All Result
The Custodian Newspaper Online
No Result
View All Result
Home Business

Ghana’s International Reserves To Hit $8.8Bn

by John Kekeli
April 16, 2021
in Business, News
0
Ghana Still Lower-Middle Income Economy – Finance Ministry

Dr Ernest Addison, BoG Governor

152
SHARES
1.9k
VIEWS
Share on FacebookShare on Twitter

Ghana’s Gross International Reserves is expected to rise by 11.1% this year to an average of US$8.8 billion, about 4.5 months of import cover, Fitch Solutions, research arm of ratings agency, Fitch, has said in its April 2021 Africa Monitor Report.

The increase in the reserves is as a result of robust global growth which has triggered demand for Ghana’s export commodities including oil, gold and cocoa.

This is expected to preserve the stability of the cedi at around GH¢5.80 pesewas to the dollar in the first few months of this year.

“The BoG maintains adequate foreign reserves to continue its managed float policy in the coming quarters. We expect gross reserves to rise by 11.1% in 2021 to an average of US$8.8bn (or 4.5 months of import cover, compared to an estimated 4.2% in 2020) as robust global growth bolsters demand for Ghana’s export commodities such as oil, gold and cocoa.”

Furthermore, Fitch Solutions Africa Monitor Report pointed out that “the cedi was among the most stable Sub-Saharan African currencies in 2020, depreciating by a fairly moderate 4.6% over the year – compared to 7.9% for the Kenyan shilling and 8.0% for the Nigerian naira – largely as a result of interventions by the Bank of Ghana (BoG)”.

BoG put the country’s Gross International Reserves at the end of February this year at US$8.71 billion, providing cover for 4.2 months of imports of goods and services.

Fitch Solutions said although dollar demand from importers will rise during the year, amid a general improvement in economic conditions, the increase – and the resulting pressure on the cedi – is likely to be relatively muted in the first half of the year.

This will keep prices of many imported goods unchanged, unless taxes go up.

The cedi strengthened by 1.1% against the dollar in January this year, therefore more than recovering from its modest 0.3% fall in December last year.

Exports to be buoyant

Fitch Solutions also said exports are likely to pick-up relatively swiftly, on the back of rebounding growth in major markets – notably China, which is one of Ghana’s single largest export market.

This is expected to result in an improve terms of trade.

Economic recovery

Fitch Solutions also said Ghana’s economic recovery is likely gather pace in the second half of the year as rollout of a Covid-19 vaccine begins at scale (the government says it expects to procure 17 million doses of a vaccine by June).

This will enable the gradual removal of remaining social distancing measures.

“Although exports are also likely to rise, the rebound in imports will contribute to persistent pressure on the current account, which we forecast will remain in deficit over the coming quarters.”

Post Views: 492
  • Latest
  • Trending
U.S. visa is a privilege, not a right – Embassy in Ghana

U.S. visa is a privilege, not a right – Embassy in Ghana

June 23, 2025
Can Iran really shut down the Strait of Hormuz?

Can Iran really shut down the Strait of Hormuz?

June 23, 2025
MMDCEs NPP flagbearer

220 former MMDCEs endorse Bawumia as 2028 NPP flagbearer

June 23, 2025
Government farmer service

Government to pilot 50 farmer service centres

June 23, 2025
Newspaper Frontpages (Tuesday, 17th June, 2025)

Newspaper Frontpages (Tuesday, 17th June, 2025)

June 17, 2025
Newspaper Frontpages (Monday, 16th June, 2025)

Newspaper Frontpages (Monday, 16th June, 2025)

June 16, 2025
Newspaper Frontpages (Wednesday, 18th June, 2025)

Newspaper Frontpages (Wednesday, 18th June, 2025)

June 18, 2025
The Custodian newspaper

Newspaper Frontpages (Monday, 23rd June, 2025)

June 23, 2025

The CustodianGh Online’s vision is to become the most preferred go-to news brand in Ghana.

Contact Us

[email protected]

Popular Categories

  • News
  • Business
  • Politics
  • Sport
  • Arts & Showbiz
  • Tech

Archives

© 2025 The CustodianGh Online - All rights reserved.

We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept”, you consent to the use of ALL the cookies.
Do not sell my personal information.
Cookie SettingsAccept
Manage consent

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary
Always Enabled
Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
CookieDurationDescription
cookielawinfo-checkbox-analytics11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
cookielawinfo-checkbox-functional11 monthsThe cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
cookielawinfo-checkbox-necessary11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
cookielawinfo-checkbox-others11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
cookielawinfo-checkbox-performance11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
viewed_cookie_policy11 monthsThe cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
Functional
Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
Performance
Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
Analytics
Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
Advertisement
Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.
Others
Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet.
SAVE & ACCEPT
No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Opinion
  • Showbiz
  • Health
  • Sport
  • eStore

© 2025 The CustodianGh Online - All rights reserved.