Ghana’s ability to pay for imports remains relatively strong, with the country maintaining about five months of import cover at the end of June 2026, despite a decline in its gross international reserves during the second quarter.
Latest data from the Bank of Ghana’s External Sector Developments show that the country’s Gross International Reserves (GIR) stood at US$12.94 billion in June 2026, down from US$14.16 billion recorded in March 2026.
The decline represents a reduction of about US$1.2 billion within three months. However, the reserve position remains stronger compared with the same period in 2025, when Ghana held US$11.34 billion in reserves.
Import cover simply answers one question: if Ghana stopped receiving new foreign currency from exports, remittances, and investments today, how long could the country continue paying for imports using its existing dollar reserves?
At five months of import cover, Ghana currently has enough foreign currency reserves to finance roughly five months of imports such as fuel, medicines, machinery, food products and other goods purchased from outside the country.
Stronger than a year ago
The latest position marks an improvement from June 2025, when Ghana had 4.9 months of import cover.
The improvement has been supported by stronger export earnings, particularly from gold.
Ghana’s total exports increased from US$13.8 billion in June 2025 to US$18.3 billion in June 2026, driven largely by gold exports, which rose from US$8.4 billion to US$12.5 billion over the same period.
Gold alone accounted for about two-thirds of Ghana’s export earnings, highlighting the commodity’s growing importance to the country’s foreign exchange position.
Trade surplus provides support
The country’s external position has also benefited from a wider trade surplus.
The trade balance, the difference between what Ghana earns from exports and what it spends on imports, increased from US$5.8 billion in June 2025 to US$8.8 billion in June 2026.
This means Ghana earned significantly more from selling goods abroad than it spent on imported goods.
The current account balance also remained positive, improving from US$4.1 billion to US$5.1 billion during the period.
Why reserves matter
Foreign reserves act as a financial cushion for the economy.
When reserves are strong, the Bank of Ghana has more capacity to support the cedi during periods of pressure, pay for essential imports, and meet Ghana’s international obligations.
A stronger reserve position can also improve investor confidence because it signals that the country has enough foreign currency to manage external shocks.
However, while the country has improved its reserve position, much of the recent improvement has been supported by gold exports, leaving the economy exposed to changes in global gold prices.
Gold holdings gain value
The value of Ghana’s gold holdings at the Bank of Ghana increased to US$3.65 billion in June 2026, up from US$2.93 billion a year earlier.
The increase reflects stronger global gold prices, even though the physical quantity of gold holdings declined from 33 tonnes to 24.4 tonnes during the period.
Outlook
Ghana’s external sector entered the second half of 2026 with a stronger foundation than a year earlier.
The combination of higher exports, a wider trade surplus and improved investment inflows has helped maintain a comfortable reserve position.
However, sustaining this stability will depend on Ghana’s ability to diversify its export base, manage import costs, particularly fuel, and reduce reliance on a few commodities such as gold.
For now, the five months of import cover provides Ghana with a stronger buffer against external shocks compared with the position a year ago.
