'We’ve already hit IMF target' – BoG Deputy Governor declares reserve milestone

Dr. Zakari Mumuni, the First Deputy Governor of the Bank of Ghana, announced good news. Ghana has exceeded its reserve target set by the IMF programme.

He stated that this achievement shows the economy is recovering. “We have done well in reserves accumulation,” he said.

Mumuni spoke with Joy News’ George Wiafe on PM Express Business Edition. He noted that Ghana surpassed the final benchmark set by the IMF.

The target was three months of import cover. Currently, Ghana is at about 3.7 months using IMF metrics.

When including petroleum funds, the situation improves further. “We are at 4.7 months of import cover,” Dr. Mumuni explained.

This performance reflects careful planning and strong reserve management. “We’ve devised innovative ways to meet market demand while accumulating buffers,” he added.

The central bank has been strategic in its foreign exchange interventions. “Our focus is now more on reserve build-up than just market support,” he said.

Dr. Mumuni dismissed claims that the central bank is depleting reserves to defend the cedi. He argued that smart market players would notice such a strategy quickly.

Instead, he emphasized that reserve growth is real and organic. “We are accumulating reserves much faster than anticipated,” he stated.

By April's end, Ghana’s reserves were over $10 billion. He expects this number to reach around $11 billion by late June.

This performance exceeds expectations under the IMF programme and supports cedi resilience. “That gives confidence in the system,” he noted.

Dr. Mumuni believes this indicates a turning point for Ghana’s economy. “This time is different,” he concluded.