Ghana’s import cover revised from 0.8 to 1.4 months - Report

The October 2023 Regional Economic Outlook Report for Sub-Saharan Africa has shown that Ghana’s net international reserves for 2023 have been revised to 1.4 months of import cover from 0.8 months of import cover.

However, the country’s net international reserves are expected to reach 2.1 months of import cover in 2024.

For other countries in Sub-Saharan Africa, South Sudan has 0.8 months of import cover, Ethiopia has 0.2 months, and Zimbabwe has 0.0 months.

These are the countries expected to record import cover lower than Ghana.

Since the implementation of the IMF Programme in June 2023, Ghana has received $600 million from the Fund to bolster its balance of payment. This has consequently helped to stabilise the economic fundamentals, particularly the exchange rate

The Bank of Ghana’s September 2023 Summary of Economic and Financial Data showed that Ghana's Gross International Reserves (GIR) excluding Encumbered Assets and Petroleum Fund stood at $2.08 billion in August 2023, about 1.0 months of import cover.

The data showed that the reserves grew from $1.406 billion (0.7 months of import cover) in April 2023 to $2.162 billion (1.0 month of import cover) in May 2023 and $2.235 billion in June 2023 (1.0 month of import cover) respectively.

It stood at $2.239 billion (1.0 month of import cover) in July 2023 and $2.089 billion (1.0 month of import cover) in August 2023 respectively.

SSD/DAG

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