Ghana records US$12.94bn in international reserves, BoG outlines new reforms
Ghana’s international reserves reached US$12.94 billion in 2026, equivalent to five months of import cover, as the Bank of Ghana outlined measures to strengthen the country’s external position and financial stability.
Bank of Ghana Governor Johnson Pandit Asiama disclosed this when he appeared before Parliament’s Committee on Economy and Development on Friday, November 6, 2026.
The engagement provided an update on monetary policy and macroeconomic developments during the first half of the year, including the performance of the banking sector and the country’s external accounts.
Dr. Asiama said Ghana recorded a trade surplus of US$8.81 billion and a current account surplus of US$5.1 billion during the period.
He also highlighted improvements in the banking industry, where total assets increased by 30.7 per cent to GH¢502.4 billion.
The sector’s Capital Adequacy Ratio stood at 20.4 per cent, while non-performing loans declined from 23.1 per cent to 16.1 per cent.
The Governor also outlined policy measures introduced to strengthen the financial system and improve the management of the country’s foreign exchange and reserves.
Among the reforms was the introduction of a uniform Cash Reserve Ratio of 20 per cent, alongside a transparent and rules-based foreign exchange intervention framework.
He further highlighted the Ghana Accelerated National Reserve Accumulation Programme (GANRAP), which aims to increase Ghana’s foreign reserves to 15 months of import cover by 2028.
On monetary policy, the Governor said the Bank reduced the policy rate from 18 per cent to 14 per cent in January and March before maintaining it at 14 per cent in May, July and September.
The decision to maintain the rate was intended to preserve stability amid rising global oil prices and domestic price pressures.
The Bank also recorded a decline in the average lending rate from 27 per cent to 15.6 per cent, while private sector credit grew by 41.2 per cent.
Dr. Asiama further reported that real GDP expanded by 6.4 per cent in the first quarter of 2026. Inflation, which declined to 3.2 per cent in March, increased to 5.3 per cent in June but remained below the Bank’s target band of 6 to 10 per cent.
Concluding his update, the Governor reaffirmed the Bank’s commitment to “price stability, transparency and accountability to Parliament and the Ghanaian people”.
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