BoG Governor assures Ghana’s foreign reserves remain strong despite decline

Notwithstanding the decline, the current level of reserves provides adequate buffers for the economy to withstand external shocks," he said.

Asiama said the current level of reserves provides sufficient protection against external shocks, including those arising from renewed tensions in the Middle East.

The Monetary Policy Committee also observed that the economy is better placed to absorb external shocks, citing improvements in the trade balance, a strong current account position and adequate reserve buffers.