The Gross International Reserves of Ghana, according to the Bank of Ghana (BoG), fell to US$6.6 billion as of September 2022.
This is equal to 2.9 months of import coverage for goods and services in September 2022, according to the central bank.
"This compares with the December 2021 position of US$9.7 billion, equivalent to 4.3 months of import cover", it said and added that "Net International Reserves, which excludes encumbered assets and petroleum funds, is estimated at US$2.7 billion as of September 2022".
In July 2022, after the approval of a US$750 million AfreximBank loan, the chairman of the Finance Committee reported to the House that Ghana's foreign reserves had reached US$7.6 billion as of June 2022.
Prior to the Afrexim loan's arrival, the BoG was optimistic that it would help boost the nation's foreign reserve in August, but it doesn't appear to have had much of an effect.
Other steps taken by the Bank to boost the nation's reserves include the anticipated syndicated loan for cocoa, a program to buy gold, and the Special Foreign Exchange Auction for Bulk Distribution Companies (BDCs).