Ato Forson Defends Bank of Ghana’s Intervention, Cites Record $2 Billion Reserve Boost
Accra, July 25, 2025 – Finance Minister Dr. Cassiel Ato Forson has mounted a strong defence of the Bank of Ghana’s recent interventions, describing them as critical and effective in stabilising the country’s macroeconomic environment.
Speaking on the Citi Breakfast Show, Dr. Forson rejected criticisms that the central bank’s involvement in the economy may have disrupted market fundamentals or undermined Ghana’s IMF-backed fiscal consolidation efforts.
“I disagree with those who are saying that the central bank shouldn’t have intervened. You need to find out first whether they intervened recklessly or drained national reserves. That wasn’t the case,” Dr. Forson stated.
$2 Billion Reserves Gain Surpasses IMF Target
Dr. Forson revealed that the Bank of Ghana had added over $2 billion to the country’s Gross International Reserves between January and June 2025—a significant achievement compared to the $473 million reserve build-up target set under the IMF programme.
“From January to June, they’ve added more than $2 billion to reserves. The IMF target was $473 million. They’ve added $2.6 billion. After all these so-called interventions, they still exceeded the target,” he said.
The Minister cited the impressive reserve build-up as proof of sound monetary management and resilience, arguing that the central bank’s moves have helped contain volatility and strengthen the cedi amid global economic pressures.
Trade Surplus Up 300%
Dr. Forson also highlighted positive trade figures as further evidence of economic recovery, revealing a 300% increase in Ghana’s trade surplus over the same period.
“This year, we saw the trade surplus increase by about 300%. These are the indicators we must be looking at,” he noted.
Context and Criticism
The Bank of Ghana has come under criticism from some economists and opposition figures over what they describe as excessive market interventions and a lack of transparency in currency management.
Critics argue that while reserves may be increasing, questions remain about the sustainability of such interventions, particularly amid debt restructuring and a challenging fiscal environment.
However, Dr. Forson insisted the interventions were well-measured and aligned with IMF expectations, positioning Ghana to meet its 2025 macroeconomic targets and build on recent gains in inflation, revenue mobilisation, and debt management.
The Mid-Year Budget Review, delivered earlier in Parliament, reiterated government’s commitment to fiscal discipline, debt sustainability, and economic resilience under the ongoing IMF-supported recovery programme.
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