GHDatafie blog

Ghana's gross international reserves explained, with March 2026 figures

GHDatafie, 24 October 2026

Ghana's gross international reserves were US$14,159.40 million at the end of March 2026, according to the Bank of Ghana. GHDatafie calculated that this was US$310.45 million lower than at the end of February 2026 and US$3,860.17 million higher than at the end of March 2025.

Ghana's gross international reserves stood at US$14,159.40 million at the end of March 2026, according to the Bank of Ghana (BoG). The figure is marked final, and it is the latest month in the figures GHDatafie holds. Like all published statistics, the figures are as published by BoG and may be revised.

What gross international reserves are

Gross international reserves are the assets in foreign currency that the Bank of Ghana holds and can use in its dealings with the rest of the world. The word "gross" means the total, before anything the central bank owes is taken away. The reserves belong to the central bank's balance sheet. They are separate from the money in your bank account or the government's budget.

How the figure is measured

BoG publishes the figure in its Monthly Statistical Bulletin, in Table 15 (International Reserves of Bank of Ghana). Each value is the position at the end of the month, in millions of US dollars. A value of 14,159.40 therefore means US$14,159.40 million. Because the figure is already in dollars, you read it as dollars, with no conversion into cedis involved.

GHDatafie keeps the values as BoG displays them. When BoG changes a value in a later issue of the bulletin, GHDatafie keeps the change as a revision, and values that the table's own notes say "have been revised" are flagged as revised. Every figure shown here is flagged final.

How to read the latest figure

At the end of February 2026, reserves were US$14,469.85 million, the highest level in the figures shown. GHDatafie calculated that the March 2026 figure was US$310.45 million lower than February's. A month-to-month move is only one step, though.

The comparison with a year earlier gives a wider view. At the end of March 2025, reserves were US$10,299.23 million. GHDatafie calculated that the March 2026 figure was US$3,860.17 million higher than that. The lowest level in the figures shown was US$4,992.50 million, at the end of September 2023. The chart above has every month from December 2022 to March 2026, so you can trace the path between those points yourself.

Common misunderstandings

A fall in one month does not by itself describe the direction over a longer period. The chart above shows several months in which reserves fell, followed by months in which they rose. Checking the same month a year earlier, as above, gives a steadier picture than a single monthly change.

Gross reserves are also different from the amount the central bank could use freely. A net measure subtracts some of what the central bank owes, so it is a different figure. If you compare reserves across reports, check that both use the same measure.

Finally, the figures record levels. They do not explain why reserves rose or fell in any month, so any reason you read elsewhere comes from outside the data.

Where the figures come from

The figures come from the Bank of Ghana's Monthly Statistical Bulletin, Table 15, and are compiled by GHDatafie, which is independent of and not endorsed by BoG. The series on GHDatafie begins in December 2014; the chart above shows the newest figures, from December 2022. You can see the series page for gross international reserves, browse all series or check the latest releases.

Questions people ask

What are Ghana's gross international reserves now?

Ghana's gross international reserves were US$14,159.40 million at the end of March 2026, according to the Bank of Ghana. The figure is marked final.

Did Ghana's reserves rise or fall in March 2026?

They fell over the month. GHDatafie calculated that reserves at the end of March 2026 were US$310.45 million lower than the US$14,469.85 million recorded at the end of February 2026, according to Bank of Ghana figures.

How do Ghana's reserves compare with a year ago?

GHDatafie calculated that reserves at the end of March 2026 were US$3,860.17 million higher than at the end of March 2025, when the Bank of Ghana recorded US$10,299.23 million.

What does gross mean in gross international reserves?

Gross means the total foreign assets the Bank of Ghana holds, before anything it owes is taken away. A net measure subtracts some of those obligations and is a different figure.

Where does the Bank of Ghana publish its reserves figures?

The Bank of Ghana publishes them in Table 15 (International Reserves of Bank of Ghana) of its Monthly Statistical Bulletin, as end-of-month values in millions of US dollars. Figures are as published and may be revised.

Figures in this article

• Gross international reserves: Source: Bank of Ghana (BoG), bog.gov.gh. Figures as published by BoG; compiled by GHDatafie, which is independent of and not endorsed by BoG.

Changes and everyday examples are calculated by GHDatafie from the published figures. GHDatafie is independent and is not part of, or endorsed by, the publishers it quotes.