Ghana’s international reserves declined by approximately US$1.9 billion between June and August 2026, raising fresh concerns about the country’s ability to withstand external shocks despite strong gold export earnings.
The Bank of Ghana’s latest economic data show gross international reserves falling from US$12.94 billion in June to US$11.07 billion in August, a reduction of US$1.87 billion in just two months.
The decline has become an important consideration for monetary policymakers as the country approaches a period of traditionally higher demand for foreign exchange.
Ghana Loses US$3.09bn Since March
Ghana ended 2025 with gross international reserves of US$13.83 billion. The stock increased to US$14.16 billion by March 2026 before beginning a sustained decline.
Reserves slipped to US$13.95 billion in April and US$12.94 billion in June, eventually reaching US$11.07 billion at the end of August.
That represents a cumulative reduction of US$3.09 billion from the March level.
Import cover also weakened, falling from 5.7 months in March to 4.2 months in August.
The reduction means the country has a smaller foreign exchange cushion to meet external payment obligations and respond to unexpected pressures on the cedi.
GoldBod Export Pause Adds to External Risks
Bank of Ghana Governor Dr Johnson Pandit Asiama has identified slowing gold shipments and a pause in exports by the Ghana Gold Board as additional risks to the country’s external position.
Speaking at the opening of the 132nd Monetary Policy Committee meeting, he said GoldBod had paused exports since mid-August, while Ghana’s current account was projected to record a deficit in the third quarter.
The development is significant given gold’s role in Ghana’s export earnings and foreign exchange inflows.
Strong export receipts have not prevented the drawdown in reserves, leaving the central bank to assess how much pressure the external sector could face in the coming months.
Rebuilding Reserves Becomes BoG Priority
Dr Asiama warned that the decline requires close monitoring ahead of the usual increase in foreign exchange demand during the fourth quarter.
“Rebuilding reserves will be a key priority for the Bank in the coming months,” he said.
The reserve position is now part of the MPC’s assessment of inflation, exchange rate stability and economic growth.
A sustained reduction in external buffers could narrow the Bank’s room to respond to currency pressures, particularly if demand for dollars rises while export inflows remain subdued.
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