{"id":11025,"date":"2025-05-16T09:56:28","date_gmt":"2025-05-16T09:56:28","guid":{"rendered":"https:\/\/www.fishfmonline.com\/?p=11025"},"modified":"2025-05-16T09:56:28","modified_gmt":"2025-05-16T09:56:28","slug":"weve-already-hit-imf-target-bog-deputy-governor-declares-reserve-milestone","status":"publish","type":"post","link":"https:\/\/www.fishfmonline.com\/?p=11025","title":{"rendered":"\u2018We\u2019ve already hit IMF target\u2019 \u2013 BoG Deputy Governor declares reserve milestone"},"content":{"rendered":"

The First Deputy Governor of the Bank of Ghana (BoG), Dr Zakari Mumuni, says Ghana has already exceeded the ambitious reserve target set under the IMF programme.<\/p>\n

He said this is one of the clearest signs the economy is recovering.<\/p>\n

\u201cIf there is one thing under the IMF programme that we have done well as a country, it is reserves accumulation,\u201d he said.<\/p>\n

\u201cThese were very ambitious targets. Anybody would have doubted if we could achieve them.\u201d<\/p>\n

He told Joy News\u2019 George Wiafe on PM Express Business Edition on Thursday that Ghana has gone beyond the final benchmark set by the IMF.<\/p>\n

\u201cYou know the target. The target at the end of the programme period is three months of import cover. We are above that. We\u2019re around 3.7 months using the IMF metric,\u201d he said.<\/p>\n

He added that the numbers look even better when you include Ghana\u2019s petroleum funds.<\/p>\n

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\u201cIf you look at it broadly, including the petroleum funds, which also belong to Ghana, we are even at 4.7 months of import cover,\u201d Dr. Mumuni stated.<\/div>\n
He said this performance shows careful planning and strong reserve management.<\/div>\n
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\u201cThis tells you we\u2019ve devised very innovative ways of meeting market demand while still accumulating buffers,\u201d he explained.<\/p>\n

According to him, the central bank has been strategic in balancing its foreign exchange interventions.<\/p>\n

\u201cWhatever we are doing is now weighted more towards reserve build-up rather than just market support,\u201d he said.<\/p>\n

\u201cWe are meeting market demand without affecting our reserves.\u201d<\/p>\n

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<\/div>\n<\/div>\n

Dr Mumuni rejected suggestions that the central bank is burning reserves to defend the cedi.<\/p>\n

\u201cUnfortunately, if that were the case, very smart market players would have read into it. The rally would be short-lived,\u201d he said.<\/p>\n

Instead, he said the market is responding positively because the reserve growth is real and organic.<\/p>\n

\u201cOn the contrary, we are accumulating reserves much faster than anticipated. These are not debt-creating reserves,\u201d he said.<\/p>\n

\u201cThese are organically accumulated reserves. And they\u2019re high.\u201d<\/p>\n

Dr Mumuni disclosed that by the end of April, Ghana\u2019s reserves were already over $10 billion.<\/p>\n

\u201cWe even expect that number to hit some $11 billion by the end of the second quarter,\u201d he revealed. \u201cThis is far in excess of what is expected under the IMF programme.\u201d<\/p>\n

He said this performance is one of the reasons the cedi is showing resilience.<\/p>\n

\u201cThat\u2019s what\u2019s giving a lot of confidence in the system,\u201d he said. \u201cThat\u2019s why the market believes this can be sustained.\u201d<\/p>\n

Dr Mumuni believes this signals a turning point.<\/p>\n

\u201cThis time is different,\u201d he said.<\/p>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

The First Deputy Governor of the Bank of Ghana (BoG), Dr Zakari Mumuni, says Ghana has already exceeded the ambitious reserve target set under the IMF programme. He said this is one of the clearest signs the economy is recovering. \u201cIf there is one thing under the IMF programme that we have done well as […]<\/p>\n","protected":false},"author":123457,"featured_media":11026,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"footnotes":""},"categories":[3525,41],"tags":[3528,163],"class_list":["post-11025","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","category-general-news","tag-dr-zakari-mumuni","tag-imf"],"_links":{"self":[{"href":"https:\/\/www.fishfmonline.com\/index.php?rest_route=\/wp\/v2\/posts\/11025","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.fishfmonline.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.fishfmonline.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.fishfmonline.com\/index.php?rest_route=\/wp\/v2\/users\/123457"}],"replies":[{"embeddable":true,"href":"https:\/\/www.fishfmonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=11025"}],"version-history":[{"count":1,"href":"https:\/\/www.fishfmonline.com\/index.php?rest_route=\/wp\/v2\/posts\/11025\/revisions"}],"predecessor-version":[{"id":11027,"href":"https:\/\/www.fishfmonline.com\/index.php?rest_route=\/wp\/v2\/posts\/11025\/revisions\/11027"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.fishfmonline.com\/index.php?rest_route=\/wp\/v2\/media\/11026"}],"wp:attachment":[{"href":"https:\/\/www.fishfmonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=11025"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.fishfmonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=11025"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.fishfmonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=11025"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}