Ghana's Total Foreign Asset Base On the Rise

The value of Ghana's total foreign asset base surged at the end of the third quarter of 2002, but so has claims on government over the same period.

Statistics supporting the situation showed that Ghana's total foreign asset base closed at 2,869.9 billion cedis at the end of last year. But managed a rise of 3,401.3 billion cedis by the first quarter of this year, starting the year at 3,076.3 billion cedis.

Sources at the Central Bank told the Ghana News Agency (GNA) Business Desk that after several years of fluctuating, even though within a certain bracket, "the trend now has been to rise; and we are certain to maintain it and increase the figures."

The total foreign asset base consist of Gold, Special Drawing Rights (SDR) of Holdings of the International Monetary Fund, foreign currency and balance with banks, foreign securities and buildings.

By the close of the second quarter this year, this had risen to 3,241.9 billion cedis. This figure went up slightly to 3,568.6 billion cedis in August, but slipped sharply to 3,417.5 billion cedis.Total claims on government in the form of government stocks, treasury bills, loans and advances and revaluation stocks, closed 2001 at 2,473.4 billion cedis.

This jumped to 29,775.2 billion cedis in January this year but strict financial management saw the quarter finishing at 9,149.3 billion cedis.The second and third quarters saw claims on government rising to 15,324.8 billion cedis and 23,324.5 billion cedis respectively.