Ghana’s Gross International Reserves Rise to $14.4 Billion in May 2026

Ghana’s Gross International Reserves climbed to $14.4 billion as of May 18, 2026, strengthening the country’s external buffers despite early-year disruptions to gold exports.

The latest figure is up from $13.8 billion recorded at the end of December 2025, according to data from the Bank of Ghana.

The current level provides 5.7 months of import cover for goods and services.

Reserve accumulation continued through the first quarter of 2026, even after gold export shipments slowed temporarily in March and April due to heightened geopolitical tensions. Officials said the buildup has helped provide support to the foreign exchange market.

The increase in reserves coincided with an improvement in the current account surplus, which rose to $3.10 billion in Q1 2026 from $2.43 billion in Q1 2025.

Strong gold and cocoa export earnings, alongside stable remittance inflows, contributed to the surplus despite higher payments for services and investment income.

While reserves have strengthened, the cedi depreciated by 8.4 per cent against the US dollar on the interbank market in the year to May 15, 2026, driven largely by demand from the energy sector and dividend payments by some corporate entities.

The higher reserve position gives Ghana more coverage for imports and a stronger buffer against external shocks.

Story by Hajara Fuseini

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