The Bank of Ghana has signalled that rebuilding the country’s foreign exchange buffers will be a major priority heading into the final quarter of 2026 as slowing gold shipments, rising service payments and increased demand for foreign currency place pressure on the external position.
Dr Johnson Pandit Asiama raised the concern on Wednesday while setting out the major economic risks confronting members of the Monetary Policy Committee at the start of their latest policy deliberations at The Bank Square in Accra.
Gross international reserves, he disclosed, are currently equivalent to about 4.2 months of import cover, while the current account is projected to record a deficit in the third quarter.
He attributed the expected deterioration partly to slower gold shipments and higher service payments.
“The domestic position affords policy space. Indeed, the external position determines how much of it can safely be used. Thus, rebuilding net foreign assets must remain the priority heading into the fourth quarter of this year,” Dr Asiama said.
The Governor also drew attention to what he described as a pause in gold exports by GoldBod since mid-August, identifying the development alongside the weaker current account and decline in reserves as issues requiring close examination.
According to him, the situation assumes greater importance ahead of the usual increase in demand for foreign exchange during the last quarter of the year.
“The weaker current account, the decline in reserves, and the pause in gold exports by GoldBod since mid-August call for a careful look at our buffers ahead of the usual rise in foreign exchange demand in the fourth quarter,” he said.
The central bank is also watching potential pressures emanating from government finances. Dr Asiama indicated that an increase in expenditure during the remainder of the year could result in a higher share of short-term domestic debt, while the completion of external debt restructuring could increase debt-service obligations.
He said such developments could have implications for liquidity conditions and the exchange rate.
The warning comes despite relatively strong domestic indicators. The Governor reported that the fiscal position is performing stronger than programme expectations, with the primary surplus above target and public debt at about 45% of GDP.
His assessment suggests that the strength of the domestic economy alone will not determine how much room monetary authorities have to manoeuvre in the months ahead, with the adequacy of Ghana’s external buffers emerging as a critical consideration for policy.
