BoG injected $4.4 billion to artificially stabilise the cedi — Prof Isaac Boadi

The Institute of Economic Research and Public Policy (IERPP) has alleged that the Bank of Ghana (BoG) spent about $4.4 billion in foreign exchange interventions to keep the cedi stable.

The think tank explained that although Ghana recorded a significant rise in exports and reserves during the period, much of the inflows were used to defend the local currency instead of being saved.

According to IERPP’s analysis, the country's exports grew from $4.3 billion to $13.8 billion, while gross reserves increased from $6.0 billion to $11.1 billion.

This meant that only $5.1 billion of the $9.5 billion inflows were retained as reserves.

According to said Prof. Isaac Boadi, Executive Director of IERPP and Dean of the Faculty of Accounting and Finance at UPSA, the “missing” $4.4 billion, the institute explained, was channelled into the FX market to cushion the cedi.

He stressed that the country's reserves were boosted mainly by temporary gains from gold and cocoa, rather than sustainable economic reforms.

“According to the data from the Summary of Economic and Financial Data published in July 2025, the cedi stability between January and June 2025 was not free. It cost Ghana about $4.4 billion in FX interventions. The question now is whether the next export windfall will be saved or spent again,” IERPP explained.

Meanwhile, the Governor of the Bank of Ghana, Dr. Johnson Pandit Asiamah, has on several occasions dismissed claims that the cedi’s appreciation is artificial, noting that it was driven by tight fiscal policies.