BoG’s Special Drawing Right holdings with IMF decline by GHC100 million in a month

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The Bank of Ghana’s (BoG) Special Drawing Rights (SDR) holdings with the International Monetary Fund (IMF) as indicated in the Central Bank’s Statistical Bulletin for June 2021, declined by Ghs 100 million from Ghs 282 million ($49.21 million) in May 2021 to GHC 182 million ($31.62 million) in June 2021.

Despite the recorded significant decline in its SDR holdings with the IMF, the current GHC 182 million SDR holdings is a huge improvement compared to the some GHC 7.18 million SDR debt owed the Fund in April this year when the Central Bank depleted its holdings with the Bretton Wood institution.

The Bank of Ghana’s (BoG) SDR holdings with the IMF as at the end of the first quarter of 2021 stood at GHS 60.13 million ($10.3 million).

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But a perusal of the BoG’s Statistical Bulletin for April 2021 revealed that the Bank’s SDR holdings with the IMF had been diminished with the Bank being indebted to the IMF.

The BoG had used up its SDR holdings of GHS 60.13 million ($10 million) and was indebted to the IMF by some GHS 7.18 million ($1.2 million).

The Bank between April and May however, significantly increased its SDR holdings with the IMF to GHS 282 million following the repayment of the GHS 7.18 million ($1.2 million) SDR debt owed the Fund.

In a related development, the BoG in its June 2021 Statistical Bulletin notes that foreign securities of the Bank as at the end of June 2021, amounted to GHS 36.1 billion, a decrease of GHS 2.4 billion from the May 2021 value of GHS 38.5 billion.

Other foreign assets of the BoG such asforeign currency and balance with banks also recorded an increase of GHS 1 billion ending the month of June with a value of GHS 19 billion from a value of GHS 18 billion in May.

Gold and ‘other assets’ held by the BoG, recorded marginal increments in value at the end of June 2021. Value for the BoG’s gold and other assets stood at GHS 2.16 billion and GHS 250 million respectively.

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