Ghana’s gross international reserves fell by about US$1.9 billion between June and August 2026, shrinking the country’s foreign‑exchange buffer and cutting import cover from 5.7 months to 4.2 months.
Bank of Ghana data show reserves slipped from US$12.94 billion in June to US$11.07 billion in August. Earlier in the year, reserves had peaked at US$14.16 billion in March before falling to US$13.95 billion in April and US$12.94 billion in June.
Despite robust export earnings, largely driven by gold, the decline in reserves signals renewed pressure on Ghana’s external position. Governor Dr. Johnson Asiama highlighted a projected current‑account deficit, declining reserves and a pause in gold exports by the Ghana Gold Board since mid‑August as key risks at the Bank of Ghana’s 132nd Monetary Policy Committee meeting.
“Rebuilding reserves will be a key priority for the Bank in the coming months,” Asiama said, noting that a sustained decline could limit the Bank’s ability to respond to foreign‑exchange market pressures, especially with the traditionally stronger demand for dollars in the fourth quarter.
The pause in gold exports adds uncertainty, given gold’s importance to export receipts and foreign‑exchange accumulation. The Bank’s immediate intervention is aimed at maintaining macroeconomic stability while restoring the external buffers needed to cushion the economy against future shocks.
Ghana’s public debt rose by GH¢13 billion between May and July, adding another layer of fiscal pressure to the country’s economic outlook.
As the Bank of Ghana monitors these developments, stakeholders should watch for policy responses that balance inflation, exchange‑rate stability and economic growth.
