BoG reserves dropped from $9.70bn to $7.68bn, not $3bn – Kwaku Kwarteng corrects error

The Finance Committee of Parliament has said Bank of Ghana reserves dropped from $9.7billon to $7.63billion and not $30billion as reported earlier.

A statement sighted by GhanaPlus.com and signed by the Chairman of the committee, Mr Kwaku Agyeman Kwarteng said the earlier  report to the house which indicated that the country’s BoG reserves currently stands at $30bn from $9.7bn was an error.

 “It was an error, unfortunate oversight, it was an unfortunate oversight,” he said.

“According to the Bank of Ghana, the Gross International Reserves of the country was US$ 90.70billion at the close of December 2021.  This declined to US$7.68billion at the close of June 22,” the statement clarifies.

“In terms of Net International Reserves, the country closed December 2021 with US$6.08billion. This position decline to US$3.58 at the close of June, 2022,” it further added.

Mr Kwarteng requested the house to ensure the corrections are effected accordingly adding that the error is regrettable.

“Mr Speaker, the error is regrettable and I request the Clerk at Table to ensure that all the records are accordingly corrected”.

BoG Reserves dropped from US$9.70bn to US$3bn

The Finance Committee of Parliament on July 19 in a report to Parliament for a loan facility agreement between Government of Ghana and African Export-Import Bank mentioned that the reserves of the Bank of Ghana declined from S$9.7billon to US$30billion.

The loan was to assist government finance capital and growth – related expenditures in the 2022 budget statement.

Government have since received several backlash over the said depletion in government’s reserves.

Source: GhanaPlus.com