Ghana’s international reserves have dropped to US$11.4 billion, ending August 2026, representing 4.2 months of import cover.

This marks a US$1.9 billion decline from the about US$12.94 billion that the country recorded at the end of June 2026.

Bank of Ghana governor Dr. Johnson Asiama revealed this international reserves data when he opened the 132nd Meeting of the Monetary Policy Committee of the Bank of Ghana on 23 September 2026.

Dr. Asiama also disclosed that Ghana’s current account is projected to record a deficit in the third quarter as gold shipments slowed and service payments increased.

However, fresh data that JOY BUSINESS has picked up from the Summary of Economic and Financial Data report released by the Bank of Ghana today showed that Ghana's international reserves, as of September 22, 2026, stood at US$12.04 billion.

The Bank of Ghana Governor went on to explain that, based on this development, “Rebuilding net foreign assets must therefore remain the priority heading into the fourth quarter."

“The weaker current account, the decline in reserves, and the pause in gold exports by GoldBod since mid-August call for a careful look at our buffers ahead of the usual rise in foreign exchange demand in the fourth quarter,” the governor added.

He also went on to state that "rebuilding reserves will be a key priority for the Bank in the coming months."

Data from the Bank of Ghana showed that, in February this year, Ghana’s international reserves reached a historic high of US$14.5 billion, representing 6 months of import cover.

What will shape the policy rate review?

In his address to the members of the Monetary Policy Committee, the Bank of Ghana Governor noted that the Committee faces some critical issues and key domestic risks that it must weigh carefully going forward.

“These issues," the governor noted, "will shape their discussions during the meeting, each carrying its own risk," Dr. Asiama stated.

The governor stated that "some of these issues will be the fact that headline inflation has been rising, going up from as low as 3.2% to 5% in August this year."

He, however, added that even the "level remains well below the lower bound of the target band, but the direction has been upward, and the question before the Committee is whether the expected rise over the coming months will be a one-off adjustment to higher energy prices and administered tariffs or the start of more persistent pressure that could unsettle expectations."

The governor also highlighted that the fiscal development in the rest of the year will be very important, adding that “Spending is set to rise, the share of short-term domestic debt is rising, and completion of the external debt restructuring will raise debt service obligations, each with implications for liquidity and the exchange rate."