Ghana’s foreign exchange reserves stood at USD 9.7 billion in December 2021, compared to USD 8.6 billion at the end of 2020. This is according to a statement from the Central Bank of Ghana, published at the end of January.
With this level, the reserves of the second economy of the Economic Community of West African States (ECOWAS) are equivalent to 4.4 months of import cover against 4 months a year earlier. An annual increase of 13% which continues its trend at the end of January, with 9.9 billion USD in reserve as of January 28, 2022.
This increase, notes the central bank, had an impact on the local currency. While the Ghana cedi depreciated by 4.1% and 3.1% against the US dollar and British pound, respectively in 2021, it appreciated by 3.5% against the euro. In the same period of 2020, the Ghanaian currency recorded depreciations of 3.9%, 7.1% and 12.1% respectively against the US dollar, the British pound and the euro.
