Africa Finance: Ghana Reserves Fall as SA Raises Rates

Ghana's gross international reserves fell to $11.07 billion in August, their lowest level in 12 months, despite strong gold export earnings.

The central bank said rising foreign exchange demand towards the end of the year, a projected current account deficit and a pause in gold exports by the Ghana Gold Board could put further pressure on the country's external position.

According to the Bank of Ghana, reserves dropped by about $1.9 billion between June and August, from $12.94 billion to $11.07 billion, and are now about $3.09 billion below their level at the end of the first quarter.