Dr Mohammed Amin Adam, Ranking Member of Parliament’s Finance Committee, raised concerns Tuesday, November 10, about the sustainability of the government’s foreign exchange interventions designed to support the cedi. He cited a decline in Ghana’s international reserves despite significant dollar sales into the market.
According to Dr Adam, the Bank of Ghana sold roughly US$9.2 billion into the foreign exchange market between January and August 2026, including US$2.01 billion in June alone. Yet Ghana’s reserves fell from about US$14.5 billion in February to approximately US$11.1 billion in August, a trend the MP said cast doubt on the long‑term viability of the approach.
He also noted the cedi’s depreciation, losing 9.5 percent against the dollar by September 2026 and close to 10.5 percent by early November. “A currency held up by dollars poured into the market is not a strong currency. It is a propped‑up currency, and 2026 has proved it,” he said.
The Minority caucus is demanding monthly disclosures of dollars sold into the forex market, the amount sourced from small‑scale gold, and a timetable for implementing full gold traceability. The concerns come as Parliament prepares to assess the economy ahead of the 2027 Budget.
What follows is a closer look at the implications for Ghana’s economic policy and the potential impact on the cedi’s future stability.
