Finance Minister refutes IMF’s accusation of central bank market interference

The Finance Minister, Dr. Cassiel Ato Forson, has refuted claims that the Bank of Ghana excessively interfered in the foreign exchange market, clarifying that the International Monetary Fund (IMF) had not accused the central bank of such actions. Dr. Forson dismissed the accusations by the opposition NPP, labeling them as baseless and untrue, emphasizing that the IMF’s official documentation did not support the allegations made against the central bank.

During an appearance on the PM Express show on JoyNews following the presentation of the 2025 Mid-Year Fiscal Policy to Parliament, Dr. Forson addressed the controversy surrounding the IMF’s purported concerns about the Bank of Ghana’s market interventions. The Finance Minister highlighted that despite the central bank’s involvement in the foreign exchange market, it managed to accumulate $2.2 billion in reserves, far exceeding the IMF’s target of $453 million in additional reserves under the IMF program.

Contrary to the opposition’s assertions, Dr. Forson combed through the IMF staff report and found no indication that the IMF had issued any warnings or admonitions regarding the central bank’s interventions. He challenged the origin of the claims circulating within political circles, stating that there was no factual basis for the allegations against the Bank of Ghana.

Dr. Forson vehemently declared that the IMF had not specifically flagged any excessive market interference by the central bank, refuting claims that $1.4 billion had been directed into the market to support the cedi. He maintained that the central bank was operating well within its mandate, citing the healthy reserve levels and achievements recorded thus far.

Highlighting the building of significant buffers by the Bank of Ghana, Dr. Forson clarified that the central bank was following the IMF program guidelines to accumulate reserves for intervention purposes. He underscored the implementation of the Ghana Gold Board strategy, aimed at bolstering reserves and equipping the central bank to intervene effectively when necessary.

The Finance Minister’s statements come amidst ongoing discussions about the strength of the cedi, which has shown notable gains in the first half of 2025. Dr. Forson’s responses were clearly intended to counter arguments suggesting that the cedi’s stability was artificially maintained through unsustainable market manipulations. He reinforced the government’s strategic approach towards stabilizing the currency and enhancing the country’s economic fundamentals.