Ghana's Reserves Drop to $11.07 Billion Amid Gold Export Pause

Ghana's gross international reserves fell by $1.9 billion from June to August 2026, reaching $11.07 billion, as reported by Citi Newsroom on September 24, 2026. This decline occurred despite strong export earnings, primarily from gold, and reduced the reserve buffer from 5.7 months to 4.2 months of import cover.

The Bank of Ghana, led by Governor Dr. Johnson Asiama, noted that a pause in gold exports by the Ghana Gold Board since mid-August has intensified pressure on the country's foreign exchange position. The reserves had previously peaked at $14.16 billion in March 2026.

The Bank of Ghana identified risks such as a projected current-account deficit and declining reserves, particularly ahead of increased foreign exchange demand in the fourth quarter. Governor Asiama emphasized that rebuilding reserves is a priority, as continued pressure could hinder the Bank's ability to manage foreign exchange demands.

Ghana's strategy to utilize its gold industry for reserve management and foreign exchange stability is ongoing, but the latest figures indicate challenges in translating strong export earnings into sustained reserve growth.