The Bank of Ghana (BoG) says rebuilding the country’s international reserves will be a key priority in the coming months after Ghana’s external buffers fell sharply between June and August 2026.
Gross international reserves declined from US$12.94 billion at the end of June to US$11.07 billion by August, representing a drop of about US$1.9 billion in just two months.
The latest position means Ghana has lost about US$3.09 billion in reserves since the first quarter of the year.
Reserves had risen to US$14.16 billion in March 2026, but subsequently declined to US$13.95 billion in April before falling to US$12.94 billion by June.
The August figure also represents a reduction in import cover, from about 5.7 months at the beginning of the year to 4.2 months currently.
The development has placed renewed attention on Ghana’s external position as the country approaches the final quarter of the year, when demand for foreign exchange traditionally tends to increase.
Speaking at the opening of the Bank of Ghana’s 132nd Monetary Policy Committee meeting, Governor Dr Johnson Asiama identified the declining reserves among the key risks requiring close monitoring.
He also pointed to a projected current account deficit and a pause in gold exports by the Ghana Gold Board since mid-August as developments that could affect the country’s external position.
“Rebuilding reserves will be a key priority for the Bank in the coming months,” he said.
The reserve decline comes despite relatively strong export earnings, with gold continuing to provide significant support to Ghana’s external receipts.
The latest development therefore raises questions about the extent to which export inflows are translating into accumulation of foreign-exchange buffers.
The pause in gold exports by GoldBod is particularly significant given the commodity’s contribution to Ghana’s export earnings and foreign-exchange inflows.
For the central bank, the reduction in reserves could constrain the room available to respond to renewed pressure on the foreign-exchange market, particularly if demand for US dollars increases during the fourth quarter.
International reserves serve as an important buffer for meeting external payment obligations and supporting confidence in the domestic foreign-exchange market.
The decline is consequently expected to remain an important consideration for the Monetary Policy Committee as it weighs inflation, exchange-rate stability and economic growth.
The BoG’s focus on rebuilding reserves suggests that strengthening the country’s external position will remain an important part of monetary and foreign-exchange management in the months ahead.
With the reserve buffer now at 4.2 months of import cover, developments in gold exports, the current account and foreign-exchange demand will be closely watched as Ghana seeks to restore some of the reserves accumulated earlier in the year.
