Ghana loses $1.9bn in reserves in two months

Ghana’s gross international reserves slipped by about US$1.9 billion between June and August 2026, highlighting renewed pressure on the country’s external buffers despite strong export earnings.

The latest Bank of Ghana data show that gross international reserves declined from US$12.94 billion in June to US$11.07 billion in August.

Cumulatively, the country has lost US$3.09 billion in reserves since the first quarter of 2026 after ending 2025 with US$13.83 billion in reserves. By March 2026, reserves had risen to US$14.16 billion.

However, this declined to US$13.95 billion in April, before falling further to US$12.94 billion in June, marking the end of the first half of the year.

With the latest end-August figure standing at US$11.07 billion, the country has in essence also lost about 1.5 months of import cover since the beginning of the year, as its reserve buffer has declined from 5.7 months of import cover to the current 4.2 months.

This leaves the country with a smaller foreign-exchange cushion to meet external payment obligations.

The development is particularly significant because Ghana’s export earnings have remained relatively strong, supported largely by gold exports.