Ghana’s foreign reserves reduced from $9.70 billion to $7.68 billion – Kwaku Agyemang Kwarteng clarifies

The Chairman of the Parliamentary Select Committee on Finance apologised for providing the House with inaccurate figures on Ghana’s foreign reserves, which influenced the approval of the $750 million Afrexim bank loan.

Mr. Kwaku Agyemang Kwarteng, Member of Parliament (MP) for Obuasi West, explained that the act was not intentional.

He claims it was an “unfortunate oversight.”

During today’s sitting (July 22), he clarified that the Bank of Ghana’s (BOG) foreign reserves fell from $9.7 billion to $7.63 billion, rather than the $3 billion earlier reported to the House on Tuesday, July 19.

“We reported that the international reserves of the Bank of Ghana had declined from US$9 billion to US$3billion. Mr Speaker, this was an error, it was an unfortunate oversight.

“According to the Bank of Ghana, the Gross International Reserves of the country was US$9.70 billion at the close of December 2021.

“This declined to US7.68billion at the close of June 2022,” the Chairman of the Parliamentary Finance Committee clarified.