Ghana adds $100m to gross international reserves in nine months

The current gross international reserves (GIR) of Ghana as at the end of September 2011 is $4.8 billion, according to the Bank of Ghana (BoG).

The level of the reserves in December 2010 was $4.7 billion, the Monetary Policy Committee (MPC) of BoG said December 21, 2011.

This means the country added a $100 million to the reserves in the last nine months.

“The GIR of the Bank of Ghana was $4.8 billion as at the end of September 2011. This may be compared to the December 2010 level of $4.7 billion,” said the MPC said in a press statement.

Most of the country’s reserves are in dollars but the BoG has hinted of a likely reserves investment in the Chinese Yuan. Neighbouring Nigeria, Africa’s most populous nation plans to do so.

Ghana’s assets in gold based on current gold prices is valued at $400 million, the governor of the BoG, Mr. Kwesi Amissah-Arthur told a news conference in Accra.

In another development, the MPC  indicated that the total inward transfers through the banks from January to October 2011 amounted to $14.5 billion, representing a growth of 48.3% over the corresponding period of 2010.

Of the total transfers, $1.6 billion accrued to individuals compared to $1.1 billion in October 2010, the BoG said.

By Ekow Quandzie