Ghana’s Gross international reserves (GIR) as of the end of June 2024 stood at US$6.87 billion, equivalent to 3.1 months of import cover, according to the Bank of Ghana’s Monetary Policy Report – July 2024.

Meanwhile, GIR (excluding encumbered and petroleum assets) was US$4.52 billion.

This compares with a GIR stock of US$5.92 billion and GIR (excluding encumbered and petroleum assets) of US$3.68 billion at the end of December 2023.

Current Account

The central bank said provisional data for the first half of the year showed a current account surplus of US$1.28 billion, representing a 48.2 per cent increase over the surplus of US$863.04 million recorded during the same period in 2023, due largely to an improved trade surplus, and higher remittance inflows.

Net remittance flows for the review period increased by 33.2 per cent to US$2.69 billion.

Net income payment and payment for services also increased by 20.1 per cent and 13.6 percent, respectively, to US$1.23 billion and US$1.98 billion.

Capital and Financial Accounts

In the capital and financial account, net outflows reduced from US$1.04 billion in the first half of 2023 to US$368 million in the first half of 2024.

The lower capital outflows recorded are due to higher government loan disbursements, reduced amortisations, and lower portfolio outflows.

“Other capital”, including private capital, recorded a net outflow of US$1.61 billion, compared to an outflow of US$1.13 billion for the same time in 2023.

The current account surplus, together with the reduced capital outflows, resulted in an overall Balance of Payments (BOP) surplus of US$942.3 million in the first half of 2024, compared to a deficit of US$341.0 million for the same period in 2023.