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The $80m IMF FX intervention cap that broke the cedi, and the gold policy that fixed it
By GhanaSummary Newsroom1 min read
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.
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