Ghana’s Gross International Reserves (GIR) saw an increase, climbing from $7.83 billion in September 2024 to $7.92 billion in November, according to data released by the Bank of Ghana (BoG).

The BoG highlighted that from January to the end of September 2024, the country managed to accumulate reserves amounting to $1.91 billion. This brought the reserves to $7.83 billion, equivalent to 3.5 months of import cover, and further growth pushed the figure to $7.92 billion by November.

The Bank noted that this significant growth in reserves has strengthened Ghana’s external financial position considerably in 2024. The announcement followed the 121st regular meeting of the Monetary Policy Committee (MPC).

But on its website, the Finance Ministry, in an article dated December 4, reported Ghana's external reserves improved to $7.7 billion in November. This information was announced by Dr. Mohammed Amin Adam at a Monthly Press briefing where he highlighted Ghana’s restored macroeconomic stability and accelerated growth.

According to the Bank of Ghana (BoG), the improved external position was supported by a higher current account surplus and a reduction in net financial outflows, leading to a strong external reserves build-up.

“The current account surplus increased to $2.2 billion in the first nine months of the year, compared with a surplus of $912 million over the corresponding period in 2023,” the Central Bank revealed.

It said the strong current account surplus was supported by increased gold and crude oil exports as well as robust remittance inflows.

“This development, together with a lower net outflow of $414 million in the capital and financial account (relative to a net outflow of $1.4 billion in 2023), contributed to an improved balance of payments position in the first three quarters of the year,” the statement indicated.

Gold exports significantly contributed to this total, with a value of $9,551.1 million, maintaining its position as the country's top export earner. Cocoa exports also demonstrated resilience, with October 2024 figures amounting to $1,150.8 million.

Similarly, oil exports were robust, standing at $3,331.3 million, driven by higher global oil prices and consistent production levels. Other exports, encompassing non-traditional goods, reached $2,450.1 million in October.