IMF capped BoG’s intervention 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.

The Gold-for-Reserves programme, a component of the broader Domestic Gold Purchase Programme, has been credited with significantly boosting Ghana’s official gold-related foreign exchange inflows and supporting reserve accumulation in recent years.