The bank of Ghana has said Ghana’s Gross International Reserves (GIR) increased by $1.67 billion to $8.70 billion as of November 15, 2019.
Governor of the Central Bank, Dr. Ernest Addison, made this known at a press conference after its 91st Monetary Policy Meeting.
He said the increase covered 4.2 months of imports.
“This compares with the end-December 2018 position of $7.02 billion (equivalent to 3.6 months of import cover),” he added.
Since the fast depreciation of the cedi in the first quarter of the year, the governor says the foreign exchange market has remained relatively calm.
The Ghana cedi, according to the governor has depreciated by 10.4 per cent against the US dollar as of November 21, 2019, compared with an 8.1 per cent depreciation for the corresponding period in 2018.
Against the British Pound and Euro, the Ghana Cedi depreciated by 11.2 per cent and 7.4 per cent respectively, compared with 2.6 per cent over the corresponding period in 2018.
