A report by the International Monetary Fund (IMF) on the state of Ghana’s net international reserves paints a worrying picture of the country’s economic situation.
The report titled, “2023 International Monetary Fund Regional Economic Outlook Report (Sub-Saharan Africa)” discloses that Ghana will end this year with about three weeks of import cover.
The IMF report on a myriad of economic indicators of sub-Saharan African countries disclosed that Ghana’s current foreign reserves can last for only two weeks.
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This means that should foreign inflows stop abruptly today, Ghana’s economy will be in tatters because there is only a handful of dollars available at the Bank of Ghana (BoG) to transact business.
The IMF figures run contrary to those published by the BoG.
The BoG’s Summary of Economic and Financial Data stated that Ghana’s reserves in 2023 could cover 2.7 months of import cover.
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