Finance Minister Defends BoG’s Economic Intervention, Cites $2Bn Boost In Reserves

Dr. Cassiel Ato Forson, the Finance Minister, has defended the Bank of Ghana’s recent intervention in the economy, describing it as both necessary and effective in stabilising Ghana’s macroeconomic environment. Dr. Forson dismissed criticisms that the central bank’s actions undermined economic stability. I disagree with those who are saying that the central bank shouldn’t have intervened. You need to first of all find out, before you draw a conclusion. Find out whether they intervened at the same time burning the safety lines of the country, largely reserves. That wasn’t the case.

The Minister further highlighted that the Bank of Ghana significantly increased the country’s Gross International Reserves adding over $2 billion between January and June 2025. This figure far exceeds the $473 million reserve build-up target outlined under the IMF programme, which he says is clear evidence of sound monetary management.

This is a central bank that, for example, between January to June, they’ve added $2 billion plus to your Gross International Reserves after intervening. The target from the IMF was 473 additional. They’ve increased it to 2.6. From 473 million, according to the IMF program, you should be building up 473 million, but they ended up building up 2 billion after the so-called intervention that people are talking about. So what is the issue? There’s no issue. In the past, for example, this year, we saw the trade surplus increasing by about 300 percent, he added.