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Ghana Forex Reserves Dip 13.3%
Ghana Forex Reserves Dip 13.3%

Ghana Forex Reserves Dip 13.3%

Ghana Forex Reserves Dip 13.3%

Ghana’s foreign exchange reserves dipped by 13.3% from $ 5.77 billion in June 2017 to $5.1 billion in August 2017, equivalent of three months of import cover, myjoyonline reported. According to Ecobank Research, this is on account of gradual weakening in the trade balance in quarter two of 2017. Cocoa price has been slightly lower than that of last year despite production levels remaining high, and it is presently selling at $2,060. “The recent signing of a COCOBOD loan agreement for $1.3 billion for the 2017/18 season is set to provide a momentary uplift in quarter four 2017”, it stated in its latest report. Also, the issuance of a three-year domestic dollar bond on November 7, 2017 to develop local funding sources to support the economy is expected to shore up the secondary reserves. But the Bank of Ghana Monetary Policy Report September 2017 stated that Gross Foreign Assets stood at $7.1 billion, translating into 4.1 months of import cover at the end of August 2017, compared with $4.9 billion (2.8 months of import cover) a year ago.

 

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