The gross international reserves of Ghana dropped to $5.6 billion in November 2013, according to the central bank.

The current reserves are equivalent to 2.9 months of imports, the Bank of Ghana (BoG) stated last week in a Monetary Policy Committee (MPC) press release.

As at the end of December 2012, the country recorded a stock position of $5.3 billion reserves making three months of imports.

Ghana recorded low earnings from the export of cocoa and gold during the first ten months of 2013.

The BoG said earnings from gold fell by 12% to $4.2 billion, while exports of cocoa beans also declined by 33.5% to $1.3 billion. Ghana is world?s second largest cocoa producer and Africa?s number two gold producer.

Oil exports, however, increased by 30.9% to $3.2 billion, as a result of increased production, the statement read, as well as earnings from non-traditional exports, including cocoa products, went up by 25.8% to $2.2 billion.

The value of merchandise exports during the ten-month period according to BoG amounted to $11.4 billion.

By Ekow Quandzie/GBN


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