Ghana’s Gross Reserves Rise to US$12bn, Cover 4.5 Months of Imports – BoG

Ghana’s gross international reserves have risen to US$12 billion, equivalent to 4.5 months of import cover, as of September 22, 2026, according to the Bank of Ghana.

Governor Dr Johnson Asiamah said the reserve position had been supported largely by improved gold export receipts despite external-sector payment pressures during the year.

He said the current reserve position remained above the conventional three-month import-cover benchmark.

Responding to questions on Ghana’s Gold and Foreign Exchange Reserve Accumulation Framework at 132nd Press Briefing, the Governor said the framework was a medium-term programme and therefore should not be assessed solely on its immediate performance.

He explained that the framework was introduced earlier in the year with the objective of rebuilding reserves over time.

“We are well on course, but remember we still have some headwinds that are impacting every country,” he said.

Dr Asiamah noted that Ghana was not relying solely on gold exports to build reserves, stressing that non-traditional exports and other sources of foreign exchange were also being considered.

He said recent geopolitical tensions and pressure on imports had created challenges, but the country still had adequate reserve cover.

“The benchmark is three months of imports covered. We remain way, way above that,” he said.

The Governor further explained that anticipated external debt payments had already been incorporated into the Bank’s foreign-exchange cash-flow projections.

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