Majority rejects $1.4bn Bank of Ghana injection claim, credits GoldBod for Cedi stability
The Majority in Parliament has rejected suggestions that the Bank of Ghana (BoG) injected $1.4 billion into the economy to stabilise the exchange rate.
According to the caucus, the recent stability of the Ghana cedi is largely the result of foreign exchange generated through the operations of the Ghana Gold Board.
Chairman of the Finance Committee, Isaac Adongo, made these remarks during the debate on the 2026 budget, emphasising that no direct cash injection was made by the central bank.
“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. So, if you decide to use money from the Gold Board to buy gold and you make it available to meet your obligations on the market, it is not an injection of funding into the economy.
“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,” he said.
However, the Deputy Ranking Member on the Finance Committee, Dr. Gideon Boako, argued that government policy is rather causing economic distress. He said the withdrawal of GH¢62 billion from the local market will place severe hardship on traders ahead of the Christmas season.
“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.
“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,” he stated.
