IMF capped BoG’s intervention in forex at $80 million a month – Bawumia
Bawumia credits Gold-for-Reserves for unlocking massive Bank of Ghana forex support after IMF limits
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.
Written by urgent.news from MyJoyOnline Ghana's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
This story
This is one outlet's version. Read the fullest account.
- How IMF capped forex intervention to $80m a month, lifted restriction in 2025 after reserves accumulated – Bawumia reveals adomonline.com
- How IMF capped forex intervention to $80m a month, lifted restriction in 2025 after reserves accumulated – Bawumia reveals myjoyonline.com
- Gold-for-Reserves programme lifted IMF restrictions that capped BoG’s interventions in forex at $80 million a month – Bawumia starrfm.com.gh
