The Governor of the Bank of Ghana (BoG), Dr Ernest Addison has revealed that the Central Bank accumulated foreign exchange reserves worth $907 million as of June 27.
Foreign exchange reserves are assets held on reserve by a Central Bank in foreign currencies. They are used to balance payments of the country, influence the foreign exchange rate of its currency, and maintain confidence in financial markets. They include cash and other reserve assets such as gold.
Dr Addison made this known during a joint Press Conference between the Ministry of Finance and the International Monetary Fund (IMF) on Monday.
He further indicated that the bank would continue to work closely with the commercial banks to ensure that they were well capitalised.
“…On the year-to-date basis that is as of June 27, the BoG had accumulated foreign exchange reserves to the tune of $907 million nearly double what we have in the IMF programme target.”
“The bank will continue to work closely with the commercial banks to ensure that they are well capitalised to deliver on their mandates to support growth,” he stated.
Source: citinewsroom.com