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September 24, 2026
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Ghana’s reserve buffer shrinks to 4.2 months as BoG flags fresh external risks
Money
Policy
Growth
Key Points
- Ghana's gross international reserves fell significantly to US$11.1 billion by August 2026, down from US$14.16 billion in March.
- This reduces the country's foreign-exchange buffer to 4.2 months of import cover, a substantial drop from 5.7 months at the end of 2025.
- The decline occurred despite strong export performance, particularly from gold and cocoa, which contributed to a US$8.8 billion trade surplus in H1 2026.
- The Bank of Ghana has flagged renewed risks, including a projected current account deficit and a pause in gold exports by the Ghana Gold Board (GoldBod) since mid-August.
- Rebuilding reserves is identified as a key priority for the Bank of Ghana to maintain macroeconomic stability, address external payment obligations, and protect against external shocks.
Why This Matters
The sharp decline in Ghana's foreign exchange reserves significantly reduces the country's ability to manage external shocks, pay for essential imports, and stabilize its currency. This vulnerability can lead to increased inflation, exchange rate volatility, and decreased investor confidence, directly impacting economic stability and growth. The central bank's urgent focus on rebuilding these buffers underscores the critical nature of this issue for Ghana's economic future.
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BoG to introduce new Heritage Series banknotes in November 2026
- The Bank of Ghana (BoG) will introduce a new series of banknotes, the Heritage Series, on November 3, 2026.
- The new notes will feature enhanced security, improved durability, and modern designs reflecting Ghana's heritage and national identity.
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- The BoG emphasizes that existing banknotes will remain valid and circulate alongside the new series.
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From Cotonou to Bata: Ghana and Côte d’Ivoire’s rivalry enters a new chapter
- Ghana and Côte d’Ivoire will renew their enduring football rivalry in a 2027 Africa Cup of Nations (AFCON) qualifier.
- The rivalry is heavily shaped by two painful AFCON final losses for Ghana to Côte d’Ivoire, both decided by penalty shootouts in 1992 and 2015.
- Ghana is beginning this qualifying campaign after missing the last AFCON for the first time in 20 years, aiming to reclaim its place on the continental stage.
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- The match also features a tactical battle between Côte d’Ivoire's Hervé Renard and Ghana's Carlos Queiroz.