The Majority in Parliament has pushed back against claims that the Bank of Ghana stabilised the cedi by pumping $1.4 billion into the economy, insisting the central bank made no such direct intervention.
During the 2026 budget debate, Chairman of the Finance Committee, Isaac Adongo, said the recent improvement in the exchange rate had nothing to do with a BoG cash injection.
He argued that the stability was driven by foreign exchange earned through activities of the Ghana Gold Board, not central bank spending.
“It is a fact that we never pumped $1.4 billion into the economy. What we put into the economy was forex that was generated by the economy,” he told Parliament.
He added that using proceeds from the Gold Board to meet market obligations should not be mischaracterised as state funding. “That is pure intermediation of forex, and people who call it intervention do not know that there is what we call intermediation in the market.”
But the Minority pushed back sharply. Deputy Ranking Member on the Finance Committee, Dr Gideon Boako, argued that government actions are draining liquidity and worsening hardship.
He warned that the central bank’s recent withdrawal of funds from the local market would choke consumer spending at a critical time.
“About GH¢62 billion that should have been available in the pockets of ordinary people for spending on the market has been siphoned back to the central bank, depriving the people of that opportunity,” he said.
With the festive season approaching, he predicted a bleak period for businesses.
“The interesting thing is that Christmas is coming, and I can bet that with this activity by the central bank, traders will just be sitting by their wares in the sun without getting anyone to buy from them.”
Source: Starrfm.com.gh
