Lawyer of Ghana’s former president, Nana Addo Dankwa Akufo-Addo, Kow Essuman, has expressed concerns over the decision of the Bank of Ghana to pump $13 billion into the FX market.
According to him, this money could have been invested in creating jobs, constructing roads and building hospitals to serve the needs of the Ghanaian people.
However, the Bank of Ghana decided to invest in FX to make the government look good and create the impression that the economy is being fixed.
Making this position known in a social media post, he said, “Roads. Hospitals. Jobs that could have been created.
They will come and sit under this post and call me “dumb”, “clueless”, “not knowledgeable”, etc.
But it doesn’t change the fact that different decisions could have had a positive impact on the lives of Ghanaians.
PS: I won’t be surprised if PolyMarket has a question on how much Ghana’s central bank will lose in 2026″.
The International Monetary Fund has disclosed that the Bank of Ghana sold $12.9 billion on the foreign exchange market in the year to end-May 2026, about $1.1 billion a month, laying bare the scale of an intervention that has propped up the cedi even as the currency slips again this year.
In its report accompanying the sixth and final review of Ghana’s $3 billion Extended Credit Facility, the Fund said the central bank “accumulated $3.9 billion and sold $12.9 billion in FX in the 12 months through end-May 2026,” while rebuilding reserves beyond programme targets.
Ghana’s international reserves reached nearly 6 months of import cover at the end of 2025, and the cedi appreciated 40.7% in nominal effective terms over the year, one of the strongest currency performances in the region.
However, despite the scale of the dollar sales, the cedi has come under renewed pressure in 2026. It depreciated about 10% against the dollar in the first seven months of the year, weakening from about GH¢10.95 in January to about GH¢11.7 by end of July, according to Bank of Ghana data.
