The Governor of the Bank of Ghana (BoG) Dr. Johnson Pandit Asiama has assured the public and investors that Ghana's foreign exchange reserves remain strong and are not at risk of being depleted despite the recent decline triggered by higher energy-related payments.

Speaking after the Monetary Policy Committee (MPC) maintained the Monetary Policy Rate at 14 percent, Dr. Asiama said the current level of reserves provides sufficient protection against external shocks, including those arising from renewed tensions in the Middle East.

"Our reserves will not be depleted," Dr. Asiama stated, stressing that the Bank remains confident in Ghana's external position despite the recent drawdown.

According to the Governor, Ghana's gross international reserves stood at US$12.9 billion at the end of June 2026, equivalent to five months of import cover, compared with US$13.8 billion, or 5.7 months of import cover, at the end of December 2025.

He explained that the decline was largely driven by higher energy-related payments following the spike in crude oil prices caused by the conflict in the Middle East.

"The decline in reserves reflected elevated energy-related payments arising from the Middle East crisis. Notwithstanding the decline, the current level of reserves provides adequate buffers for the economy to withstand external shocks," he said.

Dr. Asiama noted that while geopolitical tensions continue to pose risks to the global economy, Ghana's improving trade balance and robust export earnings are helping to strengthen the country's external position.

The Monetary Policy Committee also observed that the economy is better placed to absorb external shocks, citing improvements in the trade balance, a strong current account position and adequate reserve buffers.

The Governor added that the Bank of Ghana will continue to monitor developments in the global economy and intervene when necessary to preserve macroeconomic stability and support confidence in the foreign exchange market.