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

Former Vice President Dr Mahamudu Bawumia has attributed the Bank of Ghana’s ability to inject substantial foreign exchange into the market to the success of the Gold-for-Reserves programme, which he said removed earlier International Monetary Fund (IMF) restrictions on central bank interventions.

Speaking on Thursday during a meeting with members of the Ghana Small-Scale Miners Association in Accra, Dr Bawumia explained that under the IMF-supported programme, the Bank of Ghana faced a strict limit on the amount of foreign exchange it could use to support the cedi.“One of the restrictions for the IMF programme that we engaged in was the amount of foreign exchange that the central bank could use to intervene to support the cedi.