The Finance Committee of Parliament has clarified that the Bank of Ghana (BoG) foreign reserves declined from $9.7 billion to about $7.63 billion and not that they dropped to $3 billion as it was reported earlier.
The Finance Committee had said “These challenges are further exacerbated by the rapidly dwindling reserves of the Bank of Ghana which has declined from $9 billion to about $3 billion.
“With a monthly demand of over $600 million, the reserves of the central bank may be exhausted in a few months if urgent steps are not taken to shore up the country’s reserves.”
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“The Minister further indicated that, there is an urgent need for the government to secure the $750 million facility to help shore up the reserve position of the Bank of Ghana to avoid the country defaulting on its international commitments and also to avoid the country moving into insolvency.”
