Ghana’s reserve buffer shrinks to 4.2 months as BoG flags fresh external risks

Ghana's gross international reserves have dropped to approximately US$11.1 billion as of August 2026, resulting in a foreign-exchange buffer of 4.2 months of import cover, according to the Bank of Ghana. This decline represents a significant reversal from the US$14.16 billion recorded in March, and the central bank has flagged renewed risks to Ghana's external position.

Despite strong export performance, particularly from gold and cocoa, the reserves have shrunk, with the country now having roughly 1.5 months of import cover less than at the beginning of the year. Bank of Ghana Governor Dr Johnson Asiama highlighted the declining reserves, a projected current account deficit, and a pause in gold exports as key risks that require close monitoring.

The Bank's focus is on rebuilding reserves as a priority for the coming months, emphasizing the importance of restoring the country's external buffers to protect against external shocks, especially as the fourth quarter approaches.

Brief written by urgent.news from MyJoyOnline Ghana's own syndicated text. Machine-written — may contain errors; check the original before relying on it.