Ghana's international reserves have declined to US$11.04 billion as of August 2026, according to Bank of Ghana governor Dr. Johnson Asiama. This represents a drop from the US$12.94 billion recorded at the end of June 2026, a decline of US$1.9 billion. The current reserves are sufficient for 4.2 months of import cover. Dr. Asiama revealed this data during the 132nd Meeting of the Monetary Policy Committee of the Bank of Ghana on September 23, 2026.
The decline in international reserves is attributed to a weaker current account, with gold shipments slowing down and service payments increasing. The Bank of Ghana governor stated that rebuilding net foreign assets must be a priority heading into the fourth quarter. He emphasized that the pause in gold exports by GoldBod since mid-August and the usual rise in foreign exchange demand in the fourth quarter call for a careful look at Ghana's buffers.
However, fresh data from the Summary of Economic and Financial Data report released by the Bank of Ghana on September 22, 2026, showed that Ghana's international reserves stood at US$12.04 billion. This indicates a slight increase in reserves after the August decline. Dr. Asiama added that rebuilding reserves will be a key priority for the Bank in the coming months.
Ghana's international reserves reached a historic high of US$14.5 billion in February 2026, representing 6 months of import cover. The significant decline from this high point underscores the need for the Bank of Ghana to focus on rebuilding reserves. The Monetary Policy Committee faces critical issues, including rising headline inflation, which has increased from 3.2% to 5% in August 2026.
The Bank of Ghana governor highlighted that the fiscal development in the rest of the year will be crucial, with spending set to rise and the share of short-term domestic debt increasing. The completion of the external debt restructuring will also raise debt service obligations, which will have implications for liquidity and the exchange rate. These factors will be carefully considered by the Monetary Policy Committee during its meeting.
The Committee will weigh the risks associated with the current economic developments, including the upward trend in headline inflation and the decline in international reserves. The governor noted that the expected rise in inflation over the coming months may be a one-off adjustment to higher energy prices and administered tariffs or the start of more persistent pressure that could unsettle expectations.
The Bank of Ghana will prioritize rebuilding reserves and maintaining economic stability. The governor's comments suggest that the Bank will take a proactive approach to managing the economy, including monitoring the cedi's performance and addressing potential risks. The policy rate review will be influenced by these factors, and the Committee's decision will be announced after careful consideration of the current economic trends.
Key points
- Ghana's international reserves have declined to US$11.04 billion as of August 2026.
- The decline in reserves is attributed to a weaker current account and slowdown in gold shipments.
- Rebuilding reserves will be a key priority for the Bank of Ghana in the coming months.
