The Bank of Ghana (BoG) made this known to journalists on Monday, November 25, 2019, at a press conference after its 91st Monetary Policy Meeting.
Governor of the Central Bank, Dr Ernest Addison, said the increase provided a cover for 4.2 months of imports.
He stated that “this compares with the end-December 2018 position of $7.02 billion (equivalent to 3.6 months of import cover).
Exchange Market
According to him, the Foreign exchange market has continued to remain calm since the sharp depreciation in the first quarter of the year.
As of November 21, 2019, he noted, the Ghana cedi has depreciated by 10.4 per cent against the US dollar compared with an 8.1 per cent depreciation for the corresponding period in 2018.
Against the British Pound and Euro, he reported, the Ghana Cedi cumulatively depreciated by 11.2 per cent and 7.4 per cent respectively, compared with 2.6 per cent over the corresponding period in 2018.
In trade-weighted terms, the real effective exchange rate continued to be broadly aligned with the underlying fundamentals. Read Full Story
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