The Bank of Ghana’s recent economic intervention has been justified by Finance Minister Dr. Cassiel Ato Forson, who said it was both essential and successful in stabilizing Ghana’s macroeconomic situation.
Dr. Forson refuted claims that the central bank’s actions threatened economic stability while appearing on the Citi Breakfast Show.
“I disagree with those who are saying that the central bank shouldn’t have intervened. You need to first of all find out, before you draw a conclusion. Find out whether they intervened at the same time burning the safety lines of the country, largely reserves. That wasn’t the case.”
The Minister further highlighted that the Bank of Ghana significantly increased the country’s Gross International Reserves adding over $2 billion between January and June 2025.
He claims that this amount is unmistakable proof of prudent monetary management because it substantially surpasses the $473 million reserve build-up target specified under the IMF program.
“This is a central bank that, for example, between January to June, they’ve added $2 billion plus to your Gross International Reserves after intervening. The target from the IMF was 473 additional. They’ve increased it to 2.6. From 473 million, according to the IMF program, you should be building up 473 million, but they ended up building up 2 billion after the so-called intervention that people are talking about.”
“So what is the issue? There’s no issue. In the past, for example, this year, we saw the trade surplus increasing by about 300 percent”, he added.