The $80m IMF FX intervention cap that broke the cedi, and the gold policy that fixed it

In two years, Ghana bought $5 billion worth of gold, grew reserves from 8.

Bawumia disclosed the hidden handcuff in Ghana’s IMF programme: a startling revelation that the Bank of Ghana was banned from intervening in the forex market with more than $80 million a month by the IMF, under the programme Ghana signed up to.

Bawumia said, he asked a question that should have been asked 65 years ago: Why does Ghana, the largest gold producer in Africa, have only 8.