The Bank of Ghana (BoG) says rebuilding the country’s international reserves will be a key priority in the coming months after gross reserves fell by about US$1.9 billion between June and August 2026.

Gross international reserves declined from US$12.94 billion in June to US$11.07 billion in August, according to the latest BoG data.

The decline means Ghana has lost about US$3.09 billion in reserves since the first quarter of 2026, after ending 2025 with US$13.83 billion.

Reserves had risen to US$14.16 billion by March 2026 before declining to US$13.95 billion in April and further to US$12.94 billion in June.

The latest figure also means Ghana’s import cover has fallen from 5.7 months at the beginning of the year to 4.2 months.

Speaking at the opening of the Bank of Ghana’s 132nd Monetary Policy Committee meeting, Governor Dr Johnson Asiama identified the decline in reserves among the key risks to the country’s external position.

He also cited a projected current account deficit and the pause in gold exports by the Ghana Gold Board since mid-August.

“Rebuilding reserves will be a key priority for the Bank in the coming months,” Dr Asiama said.

He said the developments require close monitoring, particularly ahead of the traditionally stronger demand for foreign exchange in the fourth quarter.

The decline in reserves comes despite relatively strong export earnings, supported largely by gold exports.

The pause in gold exports by GoldBod has added uncertainty to the country’s external position, given the importance of gold to export receipts and foreign exchange accumulation.

The reserve position is expected to remain an important consideration for the Monetary Policy Committee as it assesses inflation, exchange-rate stability and economic growth.