
IMF $80 million forex intervention cap constrained cedi between 2022 and 2024, says Dr. Bawumia
Former Vice President and NPP Presidential Candidate, Dr. Mahamudu Bawumia, stated that a "hidden" conditionality in Ghana's IMF programme limited the Bank of Ghana's foreign exchange market interventions to a maximum of $80 million per month between 2022 and 2024. Speaking to the Ghana Small-Scale Miners Association in Accra, Dr. Bawumia explained that this cap, amounting to $960 million annually, was insufficient to meet Ghana's monthly foreign exchange demand for imports like fuel, machinery, and medicine, contributing to the cedi's rapid depreciation. He noted that this restriction, part of the IMF's reserve accumulation strategy, created foreign exchange scarcity. Dr. Bawumia added that the restriction was lifted in January 2025 after Ghana built sufficient foreign exchange reserves through the Gold for Reserves programme, which he had proposed. Since then, the Bank of Ghana has been able to inject at least $1 billion per month into the market, a significant increase from the previous cap, which he said has contributed to the cedi's stability.



