The latest Bank of Ghana (BoG) data show that Ghana’s gross international reserves have slipped by about US$1.9 billion between June and August 2026.
The BoG data show that gross international reserves declined from US$12.94 billion in June to US$11.07 billion in August, highlighting renewed pressure on the country’s external buffers despite strong export earnings.
Ghana’s foreign exchange reserves have declined by a cumulative US$3.09 billion since the first quarter of 2026, after the country ended 2025 with reserves of US$13.83 billion.
The reserves initially increased to US$14.16 billion by March 2026, but subsequently fell to US$13.95 billion in April and then to US$12.94 billion by June, marking the end of the first half of the year.
By the end of August, the country’s reserves had declined further to US$11.07 billion.
The BoG data means Ghana has effectively lost about 1.5 months of import cover since the beginning of the year, with the reserve buffer falling from 5.7 months of import cover to 4.2 months.
The decline leaves Ghana with a narrower foreign-exchange cushion to meet its external payment obligations.
According to reports, the development is notable because Ghana’s export earnings have remained relatively strong, largely on the back of gold exports.
However, the increase in export receipts has not been enough to prevent a drawdown in the country’s reserves.
Speaking at the opening of the Bank of Ghana’s 132nd Monetary Policy Committee meeting, Governor Dr Johnson Asiama identified a projected current account deficit, declining reserves and a pause in gold exports by the Ghana Gold Board since mid-August as key risks to Ghana’s external position.
Dr Johnson Asiama said these developments require close monitoring, particularly as Ghana approaches the fourth quarter, a period that traditionally sees stronger demand for foreign exchange.
“Rebuilding reserves will be a key priority for the Bank in the coming months,” the BoG Governor stated.
Ghana’s reserve position is therefore becoming an increasingly important consideration for the MPC as it weighs inflation, exchange-rate stability and economic growth.
Meanwhile, a prolonged decline in reserves could constrain the Bank of Ghana’s ability to respond to foreign-exchange market pressures, particularly if demand for US dollars increases in the coming months.
Also, reports suggest the pause in gold exports by GoldBod introduces further uncertainty, given the significant role of gold in Ghana’s export earnings and foreign-exchange accumulation.
Meanwhile, President John Dramani Mahama has said Ghana’s economy is resilient and capable of withstanding external shocks.
According to John Mahama, Ghana’s economy used to stand on broomsticks; but today it is standing on concrete pillars.
Mahama noted that in the past Ghana’s economy was vulnerable to developments in the global economic environment, but argued that today the economy is stabilised despite international challenges.
Speaking during his accountability engagement in Wa at the weekend as part of his #ResettingGhana Tour of the Upper West Region, Mahama stated, “In the past, Ghana’s economy used to stand on broomsticks. As soon as something happens in the world, it comes crashing down. Today Ghana’s economy is standing on concrete pillars, so even when there’s an earthquake, the country is still standing.
“This Iran-Israel-US war, if it had happened some years back, by now the economy would have come crashing down, but happily it’s been well managed,” the President explained.
Mahama, however, noted that while the economy remained stable, external developments had slowed the pace of progress expected by the Government.
According to John Mahama, his government planned to invest GH¢2.5 billion annually in five key sectors of the economy under its proposed “new economy” initiative aimed at creating jobs and opportunities for young people.
President Mahama disclosed that the Minister of Finance would unveil the initiative in the 2027 Budget Statement, with investments targeted at sectors including pharmaceuticals, agriculture and agro-processing, tourism, and power generation.
“These are not going to be government businesses. Government is not going to set up state-owned enterprises with GH₵2.5 billion a year. It is going to go to the private sector to set up the businesses,” President Mahama indicated.
Mahama further urged entrepreneurs and private sector operators to take advantage of the opportunities to expand businesses and create employment for the youth.
@ghnow_ Breaking News: Three suspects have been apprehended. #GHNow #missingperson #fyp ♬ original sound – ADAAMAINA
@ghnow_ EOCO Officials Attempt to Arrest Lawyer Nana Adjei Baffour Awuah at Accra High Court #GHNow #fyp ♬ original sound – GHnow
