Skip to main content

Ghana’s gross foreign assets stand at US$5.7 billion- BoG


By: Fred Yaw Sarpong- Daily Express

Bank of Ghana (BoG), the regulator of the banking industry has announced that Ghana currently has gross foreign assets of US$5.7 billion which can sustain the country for a period of 3.4 months of imports.

According to the central bank, there are other inflows which expected to beef up to the US$5.7 billion reserve.

Dr. Kofi Wampah, the Governor of the central bank announced this at a news conference after the Monetary Policy Committee (MPC) review of the state of the economy.

The governor stated that the central bank was expecting US$800 million from cocoa inflows into the country. He also mentioned US$50 million from the Africa Development Bank (AfDB).

“With all these coming into the country in addition to the regular monthly inflows such as gold export, cocoa and manganese among others to our reserve will be better for months,” said the governor.

He said for the first 10 months of 2015, the overall balance of payments position, as measured by the change in net international reserves, worsened to a deficit of US$378 million, compared with a surplus of US$181.6 million for the corresponding period of 2014.

“The current account balance for the first nine months recorded a deficit equivalent to 5.4 percent of GDP,” said Dr. Wampah.

He said fiscal consolidation remains on track because for the first nine months of 2015 the overall budget balance registered a cash deficit of 5.1% of GDP which is within the programme target of 5.7%.


“Maintaining the fiscal consolidation efforts would complement the tight monetary policy stance for the attainment of the medium term inflation target. This would, in turn, help create conditions for long term sustainable growth,” he added.

Comments

Popular posts from this blog

Deputy AG sues Facebooker over 'malicious' Ameri deal

The Deputy Attorney-General and Member of Parliament for Bolgatanga East, Mr Dominic Ayine has filed a defamation suit at an Accra High Court against a Facebook commentator, Evron Hughes.
In Mr Ayine’s statement of claim, sighted by Graphic Online, he accused Mr Hughes of defaming him in a post he authored and published on Facebook on December 21, 2015, titled “RE: AMERI TRANSACTION”.
According to the Deputy A-G, the “false and malicious” post has provoked “public disaffection” against him and exposed him to public ridicule and contempt.
Describing Mr Hughes as a “self-styled social media blogger and a social commentator”, Mr Ayine said the Facebook post had brought his hard-won reputation “as a respected politician, teacher and lawyer” into “hatred, ridicule, odium, discredit, contempt, opprobrium and reproach”.
The Deputy A-G said the “defamatory words” were authored with the sole intent to reduce him in the estimation of all right thinking Ghanaians, adding that he had received numerou…

Meet Ghanaian female shoemaker

The Saint Ozwald shoe brand

By: Fred Yaw SARPONG
The Daily Express

From her humble beginning in Sunyani in the Brong Ahafo region, a senior high female graduate from the Twene Amanfo Senior high in the Brong Ahafo Sunyani and a Ghanaian now boasts of being one of the most popular Made-in-Ghana shoe brands and has the most number of celebrity endorsements.
Sandra Ozwald, CEO of Saint Ozwald

After Sandrah Ozwald completed school in 2013, her parent couldn't have enough money to help her continue school so she planned to do something for herself by selling ice cream, groundnut cakes or food. Back at the senior high, Sandra used to make groundnut cakes, condensed toffees and ice cream to support herself since her mother couldn't provide all for her.

With 12 siblings and the only girl child (2nd born) among them, and whiles planning which of these to sell, Sandra attended a friend’s wedding and the grooms shoe looked so attractive to her.

According to her, the groom’s shoes were Ma…