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

Ghana’s gross international reserves fell by $1.9 billion between June and August 2026 to $11.07 billion, despite relatively strong export earnings supported largely by gold.

Citi Newsroom reported the development on September 24, 2026, citing the latest Bank of Ghana data and comments by Governor Dr. Johnson Asiama at the opening of the Bank’s 132nd Monetary Policy Committee meeting.

The decline reduced Ghana’s reserve buffer from 5.7 months to 4.2 months of import cover, while a pause in gold exports by the Ghana Gold Board (GoldBod) since mid-August added pressure to the country’s foreign exchange position.

Ghana reserves drop to $11.07 billion

Ghana’s gross international reserves fell from $12.94 billion in June to $11.07 billion in August, after reaching $14.16 billion in March. The decline came despite relatively strong export earnings, supported largely by gold.

• “Ghana’s gross international reserves slipped by about US$1.9 billion between June and August 2026…”
• “The development is particularly significant because Ghana’s export earnings have remained relatively strong, supported largely by gold exports”, the report read in part.

The figures indicate that stronger export receipts have not translated into a corresponding increase in reserves. The decline in import cover also leaves Ghana with a narrower foreign exchange buffer to meet external obligations and respond to potential shocks.

GoldBod’s pause in gold exports from mid-August has added pressure on foreign exchange inflows. The Bank of Ghana identified the disruption, a projected current-account deficit and declining reserves among the risks facing the economy, particularly ahead of stronger foreign exchange demand in the fourth quarter.

Governor Asiama said rebuilding reserves remains a priority, with continued pressure potentially limiting the Bank’s ability to respond to foreign exchange pressures and manage demand for dollars.

Ghana expands gold reserve strategy

Ghana has increasingly used its gold industry as part of efforts to strengthen reserves, increase official gold holdings and retain more value from gold exports. The strategy has developed through several measures introduced or advanced this year.

• On May 18, Nairametrics reported that Ghana planned to increase the share of annual gold output sold by large-scale miners to the Bank of Ghana from 20% to 30%, building on its bullion purchase programme launched in 2022.
• On June 26, Nairametrics reported that the measure had moved towards implementation, with GoldBod expected to purchase 30% of gold produced by large-scale miners from July 1. The arrangement was also intended to support domestic refining and strengthen gold holdings as a reserve and foreign exchange buffer.
• On July 23, Nairametrics reported that reserves stood at $12.9 billion at the end of June, compared with $13.8 billion six months earlier. Elevated energy-related payments linked to Middle East tensions had contributed to the pressure.
• On August 25, Nairametrics reported that GoldBod would require certain artisanal gold dore to be refined in Ghana before export from September 1, with the aim of retaining more value domestically and expanding refining capacity.

The measures show Ghana’s broader effort to use gold not only as an export earner but also as a tool for reserve management and foreign exchange stability.

Gold inflows key to reserve outlook

The latest figures come as the Bank of Ghana assesses the economy amid easing inflation, currency pressures, foreign exchange inflows and concerns around reserve accumulation.

Nairametrics reported on September 23 that the Monetary Policy Committee was reviewing these developments, including the outlook for foreign exchange inflows and reserve accumulation.

• Gold prices are also important to the outlook because weaker prices could reduce foreign exchange inflows through GoldBod and slow reserve accumulation.
• Gold remains a major source of Ghana’s export earnings and foreign exchange supply, making the performance of the sector important to efforts to rebuild reserves.

Lower gold-related inflows could make rebuilding reserves more difficult if other sources of foreign exchange do not compensate, while the $1.9 billion decline highlights the challenge of translating strong commodity export earnings into sustained reserve growth.

The Bank of Ghana has therefore continued to prioritise rebuilding reserves while monitoring the contribution of gold-related inflows. Ghana’s gold strategy has expanded from official purchases to greater domestic control, refining and value retention, but the latest reserve figures show that the country’s external buffer remains under pressure.