'The IMF is not your friend' - Ghanaians react to call for reduced BoG FX market interventions

Published 2 days ago• 5 minute read

The International Monetary Fund’s (IMF)

Some Ghanaians have expressed varied opinions regarding the International Monetary Fund’s (IMF) call for the Bank of Ghana (BoG) to reduce its interventions in the foreign exchange market.

The IMF made the call following the appreciation of the cedi and the successful completion of the fourth review of Ghana’s $3 billion programme. The review has unlocked a new disbursement of $367 million, bringing the total support under the programme to $2.3 billion.

This is expected to boost Ghana’s foreign exchange reserves and support the local currency.

Following the Executive Board discussion on Ghana, IMF Deputy Managing Director Bo Li stated, “The authorities have made significant strides toward rebuilding international reserves and have taken steps to bring inflation down.

"The Bank of Ghana should maintain an appropriately tight monetary stance until inflation returns to its target, reduce its footprint in the foreign exchange market, and allow for greater exchange rate flexibility, including by adopting a formal internal FX intervention policy framework.”

The comments have sparked mixed reactions from users on social media platform X (formerly Twitter), with some agreeing with the IMF’s position while others strongly disagreed.

One user said, “The IMF is basically asking our Bank of Ghana to allow the cedi to depreciate so it will hurt our economy and keep Ghana enslaved to the IMF. They hate us. Pay off our debts and use our resources to develop our country. The IMF has never led any nation to prosperity. Until our leaders accept that reality, nothing will change.”

Another wrote, “Which IMF advice has ever lifted a country out of poverty? None. Their policies only widen the gap between the rich and the poor. Every piece of advice from them sounds good on the surface, but in the end, it leads to economic doom. BoG, be guided! Study the economic history of their interventions and learn from it.”

“The IMF was not truly established to make developing nations wealthy or to lift them out of poverty. Its structure and operations seem designed to ensure that less privileged countries, especially those in Africa, remain economically dependent and underdeveloped,” another user said.

The IMF has warned the BoG about forex interventions ever since the beginning of the program. The BoG has kept up with their auctions to BDCs regardless. And the minute Addison felt his reserves were adequate, he significantly sold USD. So trust the BoG is not going to listen.
— jerome (@readJerome) July 9, 2025

"Dear Ghana, please allow your currency to depreciate for no real reason, so that your natural resources exports cannot be cheaper for us in dollar terms. Your resulting currency-driven consumer inflation is a small price to pay for us to have cheap electronics and chocolate." https://t.co/sIoHNkhH0P
— David Hundeyin (@DavidHundeyin) July 8, 2025

This is how neo-colonialism works in 2025 wrapped in economics and sold as “best practices.”
Let me get this straight: the IMF, whose loans are tied to conditions that often worsen local realities, is telling Ghana to stop defending its currency in the FX market. In plain terms,…
— Mimi (@Mimi_yakigar) July 8, 2025

I hope many of you now understands why I keep on saying IMF is the downfall of Ghana? Bank of Ghana is saving Ghanaian economy by stabilizing the cedi, IMF says it doesn’t so BoG should stop their intervention and allow the cedi to depreciate. Naysayers!!
— KOJO DYNAMIC 𓃵 (@AnnanPerry) July 8, 2025

The IMF is basically asking our Bank of Ghana to allow the Cedi to depreciate so it will affect our economy and continue to make Ghana a slave nation to the IMF.
They hate us. Pay off our debts and use our resources to develop us. IMF has never lost any nation to prosperity.…
— Revolution of mind🇬🇭🇺🇸 (@madison_ben5) July 8, 2025

Which IMF advice ever took us from poverty?
In which country did their advice ever help to liberate the nation economically? Obviously none. All their policies are to increase the gap between the rich and the poor. Every advice from them looks good on the surface but the end…
— Pastor Dr. Kwasi Agyei Safo (@Dr_AgyeiSafo) July 8, 2025

Those who know the Bretton Woods Conference and its objectives aren’t surprised by this statement from the IMF.
These international financial institutions are controlled by neocolonialists and imperialists to perpetually subjugate Africa.
— Masoûd (@_nursingguy) July 8, 2025

3 Fun Facts You Should Know About The IMF and the World Bank
1. Since 1946, an unwritten rule called “The Gentleman’s Agreement” has dictated that the IMF’s Managing Director is always European, while the World Bank’s President is always American. This tradition began with…
— Masoûd (@_nursingguy) July 9, 2025

Reducing forex interventions now could hurt the cedi. Ghana’s economy is still fragile and sudden exchange rate swings could spike import costs and inflation. While flexibility is ideal long-term, a total pullback by the central bank might trigger excessive volatility. A gradual…
— Adoyi (@AdoyiA) July 8, 2025

We have said essentially the same thing! A "strong Cedi" policy objective is misguided. The name of the game is stability and predictability.https://t.co/5lk7dJMWJd
— Cadman Atta Mills (@CadmanAttaMills) July 9, 2025

@thebankofghana forget the IMF , is sad you are taking money from them . You for do what will Benefits the nation . The moment they see African can manage its own affairs they bore
🤔🤔🤔😎😎😎😎🇬🇭🇬🇭🇬🇭🇬🇭
— MAYOR OF SOUTH LONDON (@Mayor_Of_Surrey) July 8, 2025

If IMF is not happy then you’re on the right track https://t.co/m9HEn2uZOC
— Che🇬🇭 (@CheEsquire) July 8, 2025

The IMF is basically asking our Bank of Ghana to allow the Cedi to depreciate so it will affect our economy and continue to make Ghana a slave nation to the IMF.
They hate us. Pay off our debts and use our resources to develop us. IMF has never lost any nation to prosperity.…
— Revolution of mind🇬🇭🇺🇸 (@madison_ben5) July 8, 2025

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