Ghana Central Bank Fires Back: Governor Defends FX Market, Assures IMF Exit
Ghana's foreign exchange market is experiencing significant pressure due to a combination of large energy sector payments and investor exits, rather than direct intervention by the Bank of Ghana. Governor Johnson Asiama Pandit clarifies the situation amidst public scrutiny.Pelumi Ilesanmi • Across Africa • 8 months ago • 1 minute read •
Dr. Johnson Asiama Pandit, the Governor of the Bank of Ghana (BoG), addressed recent pressures on the foreign exchange (FX) market during an interview with the International Monetary Fund (IMF) at the IMF/World Bank Spring Meetings in Washington, D.C., on October 16. He firmly dismissed allegations of direct market manipulation or excessive intervention by the Central Bank, clarifying that the observed pressures stemmed from significant energy sector payments and investor exits, compounded by a decline in remittance inflows.
The Governor explained that between July and August, the Bank of Ghana was compelled to undertake a series of
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