The Bank of Ghana (BoG) expects an improvement in its international reserves following the resumption of gold exports in September, after disruptions earlier in the year slowed the accumulation of foreign assets.
Dr. Philip Abradu-Otoo, the central bank’s Director of Research, said interruptions to gold exports during the Middle East crisis affected reserve inflows in the first seven months of 2026, compelling the Bank to draw on its existing holdings to support trade and economic activity.
He expressed optimism that the resumption of exports would help restore reserves to normal levels by the end of the year.
Dr. Abradu-Otoo made the remarks at the launch of the Institute of Statistical, Social and Economic Research’s (ISSER) State of the Ghanaian Economy Report 2025.
Addressing concerns about Ghana’s economic indicators, he also defended the country’s inflation performance, arguing that comparisons with other African economies should take into account differences in monetary policy frameworks and exchange-rate arrangements.
Ghana’s inflation rate rose marginally to 5.2 per cent in September 2026, but Dr. Abradu-Otoo maintained that the figure remained within a favourable range.
He explained that Ghana operates an inflation-targeting monetary policy framework, with interest rates serving as the main instrument for controlling price increases.
“So we have an inflation-targeting framework of monetary policy, and we use the interest rate tool as the main tool to control inflation,” he said.
He noted that some countries in sub-Saharan Africa, including Ghana’s peers in West Africa, operate currency arrangements pegged to the euro, which he said contributed to their relatively low inflation figures.
“So their currencies have been pegged to the euro. The euro is a stable currency, and therefore it feeds into their inflation numbers as very low inflation,” he added.
Dr. Abradu-Otoo said Ghana’s recent inflation performance represented an improvement and urged that it be assessed within the context of the country’s monetary policy framework.
“And I think by and large, our inflation numbers are in very good territory, and we should be happy about that,” he said.
On public debt, the BoG Research Director attributed a slight increase in the country’s debt figures to exchange-rate movements rather than new government borrowing.
He pointed to a reported 10.8 per cent depreciation in the exchange rate since the beginning of the year, suggesting that currency movements had contributed to the change in the debt figures.
His remarks highlighted the influence of gold export earnings and exchange-rate movements on Ghana’s external reserves and reported debt levels, alongside the central bank’s assessment of the country’s inflation performance.
