Ghana news briefing
How IMF capped forex intervention to $80m a month, lifted restriction in 2025 after reserves accumulated – Bawumia reveals
That meant the Bank of Ghana could use a maximum of $960 million in a whole year to support the foreign exchange market — an amount Dr Bawumia said was far below Ghana’s monthly demand for dollars to pay for fuel, machinery, medicine and other imports.
Speaking on Thursday during a meeting with members of the Ghana Small-Scale Miners Association in Accra, Dr Bawumia said the IMF had capped the Bank of Ghana’s market support to a maximum of $80 million a month.
The former Vice President said the restriction was lifted in January 2025 after sufficient foreign exchange reserves had been accumulated through the Gold for Reserves programme, which he said he had proposed to the Bank of Ghana.
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