Finance Minister Dr. Cassiel Ato Forson has denied claims that the International Monetary Fund (IMF) accused the Bank of Ghana of excessive interference in the foreign exchange market.
He described the assertion as false and without any basis in the Fund’s own documentation.
Speaking on PM Express on JoyNews on Thursday, July 22, hours after presenting the 2025 Mid-Year Fiscal Policy to Parliament, Dr. Forson addressed the controversy triggered by statements from political opponents alleging that the IMF had flagged the central bank’s interventions.
“So first of all, let me put this in perspective. After intervening, the central bank still accumulated $2.2 billion in reserves. Under the IMF program, the central bank was supposed to accumulate reserves, additional reserves, $453 million. They’ve accumulated almost $2 billion. And so what are we talking about?”
The Minister questioned the source of the claims being circulated by the opposition New Patriotic Party (NPP), insisting that a thorough reading of the IMF’s official documents shows no such caution or reprimand.
“In fact, I combed through the IMF staff report, and I did not see any attribution to what they [opposition NPP] claimed the IMF had said. I did not see any attribution. And so, where is this coming from?”
He was emphatic that the IMF had not raised any red flags about the Bank of Ghana’s market activities.
“I’ve not seen any attribution from the staff report where the IMF warned that the central bank is overly intervening in the market, supposedly, that is what people are made to believe. But that’s not the case. The IMF never said that.”
Responding to suggestions that the central bank had pumped $1.4 billion into the market to prop up the cedi, Dr. Forson countered that the institution was well within its mandate, especially given the healthy reserve levels and gains recorded.
“We had enough. Maybe without intervening, they would have built six months of import cover. Under the IMF program, you are supposed to build up buffers of up to three months of import cover. We have 4.8. By the end of the year, we’ll be hitting five months plus. The central bank should be able to intervene.”
He reinforced the government’s strategy through the Ghana Gold Board, which he said was designed precisely to strengthen reserves and empower the central bank to act when needed.
“You recall and I said this, and I’m repeating that the essence of the Ghana gold board is for them to be able to buy the gold, export the gold, bring in the foreign currency to support the central bank for the central bank to be able to build reserves, and where possible, the central bank should be able to intervene when the need arises, and they are performing their mandate.”
Dr. Forson’s remarks come amid ongoing debate about the strength of the cedi, with the currency posting notable gains in the first half of 2025.
The Minister’s response appears aimed at shutting down criticism that the currency’s stability has been artificially propped up by unsustainable market manipulation.
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