Gideon Boako defends Bawumia’s $80m FX intervention cap claim, says critics misread IMF report

“As part of the programme conditionalities to rebuild Ghana’s international reserves to agreed thresholds, the IMF and the Bank of Ghana agreed on a strict monthly budget for direct FX intervention capped at $80 million and subsequently scaled down to $60 million,” Dr Boako wrote.

He explained that there was an agreed intervention cap which was initially set at $80 million per month before being scaled down to $60 million as part of measures to rebuild Ghana’s international reserves.

In a Facebook post on Saturday, August 29, Dr Boako said attempts by government and NDC communicators to dispute the claim based on Ghana’s reported $3 billion in foreign exchange sales reflected a “fundamental misreading” of monetary policy and the IMF programme.