BoG’s foreign exchange reserves expands massively in 2020 — Audit Report

 Bank of Ghana’s foreign exchange reserve assets have expanded by US$8,622.73 million as of December 31, 2020.

In comparing this figure to the US$ 8,414.71 million reserves of 2019, the BoG recorded a massive growth of US$208.02 million or 2.47 percent.

The report stated that all the 23 dealer commercial banks that operated in the year December 31,2020 should fully submit their returns on their foreign exchange earnings to BoG.

The total foreign exchange earned by dealer commercial banks was US$24,821,508,946.00.

The Auditor General advocated that BoG should continue to strengthen its internal control and supervisory roles of officials who prepare and review the statement to maintain the quality of the report, as this would credibly inform stakeholders’ decision making.