Ghana’s international reserves drop to US$11.04 billion in August as BoG pushes for significant build-ups in coming months
This marks a US$1.9 billion decline from the about US$12.94 billion that the country recorded at the end of June 2026.
Ghana's international reserves fell to US$11.04 billion in August 2026, ending the month with only 4.2 months of import cover, according to the Bank of Ghana's Governor Dr. Johnson Asiama. This marks a significant US$1.9 billion decrease from the US$12.94 billion reserves recorded at the end of June 2026. Asiama disclosed this data during the opening of the 132nd Meeting of the Monetary Policy Committee of the Bank of Ghana on September 23, 2026.
He explained that Ghana's current account deficit is projected for the third quarter, with gold shipments slowing and service payments increasing. Despite this, the latest Bank of Ghana data shows that as of September 22, 2026, Ghana's international reserves had risen to US$12.04 billion. The governor emphasized that rebuilding net foreign assets must remain the priority heading into the fourth quarter, considering the weaker current account, declining reserves, and the pause in gold exports by GoldBod since mid-August.
He further stated that reserve rebuilding will be a key priority for the Bank in the coming months. Ashe highlighted that the Monetary Policy Committee faces critical issues and key domestic risks, including rising headline inflation from 3.2% to 5% in August, and the upward trend, though still below the lower bound of the target band.
The Committee also needs to consider the impact of rising fiscal spending, increased short-term domestic debt, and the completion of external debt restructuring, all of which have implications for liquidity and the exchange rate.
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