Ghana’s reserves fall $1.9 billion to $11.07 billion despite strong gold export earnings

Between June and August 2026, Ghana's gross international reserves declined by $1.9 billion to $11.07 billion, even with robust export earnings primarily driven by gold, according to the latest Bank of Ghana data reported by Citi Newsroom on September 24, 2026. Governor Dr. Johnson Asiama highlighted the decline during the opening of the Bank’s 132nd Monetary Policy Committee meeting, noting that the reduction reduced Ghana’s reserve buffer from 5.7 months to 4.2 months of import cover.

The slump in gold exports since mid-August has further strained Ghana’s foreign exchange position, exacerbated by a pause in gold exports by the Ghana Gold Board (GoldBod). Despite strong export earnings, the increase in reserves has not paralleled the growth, indicating that higher export receipts are not leading to a corresponding boost in reserves.

The narrowing import cover leaves Ghana with a less resilient foreign exchange buffer to meet external obligations and handle potential shocks. The Bank of Ghana identified the current-account deficit, declining reserves, and gold export disruption as economic risks, particularly in the face of increased foreign exchange demand in the fourth quarter.

Governor Asiama emphasized that rebuilding reserves remains a priority, acknowledging that ongoing pressure could limit the Bank's capacity to respond to foreign exchange pressures and manage dollar demand. Ghana has employed its gold industry to bolster reserves, increase gold holdings, and retain more value from gold exports through various measures introduced this year.

However, the latest figures underscore the challenge of converting strong commodity export earnings into sustained reserve growth, as lower gold-related inflows could impede reserve accumulation if alternative foreign exchange sources do not compensate.