Gold-for-Reserves programme lifted IMF restrictions that capped BoG’s interventions in forex at $80 million a month – Bawumia

Former Vice President and NPP Presidential Candidate Dr Mahamudu Bawumia revealed a previously undisclosed condition imposed by the International Monetary Fund on Ghana's foreign exchange market in 2022-2024. During a meeting with members of the Ghana Small-Scale Miners Association in Accra, Bawumia stated that the IMF had limited the Bank of Ghana's market intervention to a maximum of $80 million per month, which contributed to the cedi's rapid depreciation during that period.

The restriction was part of the IMF's reserve accumulation strategy, but it created a scarcity in the foreign exchange market, exacerbating the economic crisis. However, after accumulating sufficient foreign exchange reserves through the Gold for Reserves programme, the restriction was lifted in January 2025. Since then, the Bank of Ghana has been able to inject at least $1 billion per month into the market, significantly aiding the cedi's stability.