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Vol 64 No 24

Published 30th November 2023

Central bankers hunt for foreign exchange

From negative-equity Ghana to South Africa with its sizeable gold holdings, emerging markets are scrambling for liquidity

What happens when your central bank starts losing money? Less than you might think, in practical term at least. Ghanaians were horrified to hear their central bank – the Bank of Ghana (BoG) – has reported losses of 61 billion cedis (US$6.1bn at the end-year rate), according to its auditors, Deloitte. Most of those losses were due to the government's restructuring of its public debt, a condition of its $3bn programme with the IMF (AC Vol 64 No 11).

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