Dr Zakari Mumuni is the First Deputy Governor of the Bank of Ghana (BoG)
The First Deputy Governor of the Bank of Ghana (BoG), Dr Zakari Mumuni, has noted that Ghana has about 3.7 months of import cover according to the metrics of the International Monetary Fund.
He noted that the target set by the IMF, rather ambitious, has been exceeded by the government.
“If there is one thing under the IMF programme that we have done well as a country, it is reserves accumulation. These were very ambitious targets. Anybody would have doubted whether we could achieve them.
“You know the target. The target at the end of the programme period is three months of import cover. We are above that. We’re around 3.7 months using the IMF metric,” he was quoted by myjoyonline.com.
Dr Mumuni explained that on a larger scale, Ghana’s recovery has been phenomenal in the last few months.
He said, “If you look at it broadly, including the petroleum funds, which also belong to Ghana, we are even at 4.7 months of import cover. This tells you we’ve devised very innovative ways of meeting market demand while still accumulating buffers.”
According to the deputy governor, the bank has been strategic in balancing its foreign exchange interventions, accounting for the performance of the cedi.
“Whatever we are doing is now weighted more towards reserve build-up rather than just market support. We are meeting market demand without affecting our reserves,” he said.
SSD/MA
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