Borrowed monies always part of Ghana’s reserves – BoG

The Bank of Ghana (BoG) has indicated that borrowed monies have always formed part of the country’s international reserves.

Ghana’s gross international reserves currently stands at $5.2 billion at the end of October 2012, compared to $5.3 billion in October 2011, according to the central bank’s Monetary Policy Committee (MPC) press release issued November 14, 2012.

The current reserves are equivalent to 2.9 months of import cover, the BoG stated.

Speaking at a press conference in Accra, acting BoG governor, Dr Kofi Wampah said “Reserves have always been made of borrowed monies.”

“Not only in Ghana but in other countries,” Dr Wampah added.

Apart from borrowed monies, the country’s reserves are also made up of earnings from Ghana’s exports, he explained.

Dr Wampah stated Ghana aims at achieving a three-month import cover with its reserves.

By Ekow Quandzie