Ghana’s reserve position came under pressure in the first half of 2026, with the country’s Gross International Reserves declining by US$1.2 billion between March and June, despite strong growth in export earnings.
Latest data from the Bank of Ghana (BoG) shows that Ghana’s Gross International Reserves fell from US$14.16 billion in March 2026 to US$12.94 billion by June 2026.
This decline reduced the country’s import cover from 5.7 months to 5 months, indicating a smaller buffer of foreign currency available to meet the country’s external payment obligations.
Net International Reserves also weakened over the same period. That dropped from US$11.87 billion to US$10.8 billion.
The fall in reserves comes at a time when Ghana has been recording stronger export performance, driven largely by gold.
Trade surplus doubles
Total exports increased significantly from US$8.51 billion in March to US$18.29 billion in June 2026, with gold remaining the dominant contributor.
Gold exports more than doubled, rising from US$5.26 billion to US$12.50 billion, while cocoa exports increased from US$1.65 billion to US$2.29 billion.
Oil exports also recorded significant growth, moving from US$753 million to US$1.71 billion, while other exports rose from US$858 million to US$1.79 billion.
The strong export performance supported a wider trade surplus, with Ghana’s trade balance improving from US$4.53 billion to US$8.81 billion over the period.
However, higher export earnings did not translate into stronger reserves, largely due to increased foreign exchange outflows and rising import demand.
Total imports rose sharply from US$3.99 billion in March to US$9.48 billion in June 2026.
Oil imports accounted for a significant share of the increase, rising from US$1.31 billion to US$3.35 billion, while non-oil imports increased from US$2.69 billion to US$6.14 billion.
The data suggest that while Ghana is earning more foreign exchange through exports, a significant portion is being absorbed by import payments and other external obligations.
The increase in gold reserves provided some support.
The value of Ghana’s gold holdings increased from US$3 billion to US$3.6 billion, while gold holdings under the reserves portfolio rose from 20.8 tonnes to 24.4 tonnes.
Economic impact
The decline in reserves matters because international reserves play a critical role in supporting exchange rate stability, meeting import needs and maintaining investor confidence.
A lower reserve buffer could increase pressure on the cedi, particularly during periods of strong demand for foreign currency.
It may also influence the Bank of Ghana’s ability to intervene in the foreign exchange market to smooth volatility.
However, the improvement in exports and the stronger trade balance provide some support for Ghana’s external position, especially if export growth can be sustained and import pressures are managed.
Going into the second half of 2026, it is imperative that both monetary and fiscal authorities convert the strong export earnings into a stronger reserve position while maintaining currency stability and protecting its external buffers.
