The Governor at its Monetary Policy Committee meeting on Monday, February 1, 2021 also said the policy rate is maintained at 14.5 per cent.
“Gross International Reserves at the end of December 2020 was US$8,624.4 million, providing cover for 4.1 months of imports of goods and services”, adding: “The reserve level compares with the end-December 2019 position of US$8,418.1 million, equivalent to 4.0 months of import cover”.
“Cumulatively, the Ghana cedi depreciated by 3.9 per cent against the US dollar in 2020, compared with a depreciation of 12.9 per cent in 2019,” Dr Addison said.
"The Ghana cedi also depreciated by 7.1 per cent against the Pound and 12.1 per cent against the Euro, compared with 15.7 per cent and 11.2 per cent over the same comparative period."
He noted that the current account recorded a deficit of US$2.0 billion (3.0 per cent of GDP) compared with a deficit of US$1.9 billion (2.8 per cent of GDP) in 2019 due to the “lower trade surplus and higher services outflows which were moderated by the strong remittance inflows of US$3.6 billion and lower net investment income outflows, notably, profits and dividends”.
The next Monetary Policy Committee (MPC) meeting is scheduled for March 17 - 19, 2021. The meeting will conclude on Monday, March 22, 2021 with the announcement of the policy decision.