Ghana’s reserves fall to $11.1bn despite strong gold exports

Ghana’s gross international reserves fell to about $11.1bn at the end of August 2026, leaving the country with enough foreign exchange to cover an estimated 4.2 months of imports, according to figures in the Bank of Ghana account provided.

That is down from $14.16bn in March and $12.94bn in June. The fall since March amounts to about $3.1bn, reducing the buffer available to meet external payments and respond to pressure in the foreign-exchange market.

The decline comes despite strong export earnings earlier in the year. Ghana recorded an $8.8bn trade surplus and a $5.1bn current account surplus in the first half of 2026, supported in part by gold and cocoa exports, the Bank of Ghana previously reported.

A surplus over a period does not necessarily mean reserves will rise over that same period: reserves also reflect foreign-exchange inflows and outflows. The supplied figures do not establish what caused the drawdown between March and August.

Import cover has fallen from 5.7 months at the end of 2025 to 4.2 months at the end of August. That measure estimates how long a country’s reserves could pay for imports at the prevailing rate.

Bank of Ghana Governor Dr Johnson Asiama identified the reserve decline, a projected current account deficit and a pause in Ghana Gold Board exports since mid-August as risks requiring close attention.

“Rebuilding reserves will be a key priority for the Bank in the coming months,” Dr Asiama said.

The governor said those risks would be considered by the Monetary Policy Committee as it weighs inflation, exchange-rate stability and economic activity.

The fourth quarter could test Ghana’s smaller foreign-exchange buffer if demand for foreign currency rises. For now, the key indicators to watch are whether gold exports resume, whether reserves stabilise and how the projected current account deficit develops.