Ghana’s foreign reserves fall to $4.2b

Ghana’s international reserves in gross terms now stands at $4.2 billion as at the end of August 2012, the Bank of Ghana has said.

The reserves fell from $4.3 billion as at June 8, 2012 and from $5.4 billion in December 2011.

Compared to last year August 2011, the reserves were $4.5 billion.

“Gross International Reserves was $4.2 billion at the end of August 2012, compared to $4.5 billion in August 2011,” acting Central Bank Governor Dr Kofi Wampah told a press conference in Accra.

Dr Wampah adds “This was equivalent to 2.4 months of import cover.”