Ghana’s foreign reserves drop $1.9bn to $11.07bn as gold export pause bites
Ghana’s gross international reserves fell by $1.9 billion between June and August 2026, slipping from $12.94 billion to $11.07 billion despite strong export earnings driven by gold. Citi Newsroom reported the decline on September 24, citing Bank of Ghana data and Governor Dr. Johnson Asiama’s remarks at the 132nd Monetary Policy Committee meeting. The drop cut the import cover buffer from 5.7 months to 4.2 months, narrowing the country’s ability to meet external obligations and absorb shocks. A pause in gold exports by the Ghana Gold Board since mid‑August added further pressure on foreign exchange inflows.
The Reserve decline comes even as Ghana has been using its gold sector to boost reserves—raising the share of large‑scale miner output sold to the Bank of Ghana from 20% to 30%, pushing for domestic refining, and requiring artisanal gold dore to be refined locally before export. Governor Asiama said rebuilding reserves remains a priority, but continued pressure could limit the Bank’s ability to manage dollar demand ahead of stronger forex needs in the fourth quarter.
For Nigerians, Ghana’s reserve strain highlights regional forex volatility that could affect cross‑border trade and gold prices. Should importers and exporters review their hedging strategies, or consider alternative sourcing to mitigate potential currency swings?