Isaac Adongo, Member of Parliament for Bolgatanga Central and a Board member of the Bank of Ghana, has defended recent gains in the country’s foreign exchange reserves, insisting that the improvements reflect deliberate economic policy rather than external “intervention.”
Speaking on State of Affairs on GhOne TV, Adongo criticised former officials who attribute the cedi’s stabilisation to IMF or external measures. He questioned claims that $1.4 billion in intervention funds were sufficient to support the cedi, arguing that Ghana’s Gold Board alone generates an average of $1 billion a month from local gold exports. “So how does the Gold Board money work?” he asked. “It is organic generation of economic activity which should feed the banking sector to support foreign exchange needs.”
Hon. Adongo described recent forex management as efficient financial intermediation. He explained that when banks request foreign exchange through letters of credit, the Gold Board purchases gold and surrenders the resulting forex to banks. “Is that intervention or mediation? That is intermediation,” he said, adding that proper management ensures that corruption does not deplete resources intended to support the economy.
He also highlighted Ghana’s adherence to international fiscal frameworks. Citing guidance from the World Bank and IMF arrangements, Adongo explained that a portion of foreign exchange inflows must be set aside for government obligations, including debt service and energy payments to Independent Power Producers (IPPs). As of September 2025, he said Ghana had accumulated $1.2 billion in reserves, exceeding the $840 million required under IMF conditions. “Whatever is left comes from the same economy, so you give it back to the economy,” he stated.
Hon. Adongo contrasted recent performance with past mismanagement. “In six months, cocoa exports generated $500 million. Introduce credibility and sanity, and you can garner $1.8 billion,” he said, emphasising that effective resource management, rather than magic or external aid, accounts for the improved forex situation.
He also dismissed claims that IMF interventions are responsible for the cedi’s stabilisation. “Has the IMF given the Gold Board $1 billion?” he asked rhetorically, underscoring his view that domestic policy and financial discipline, rather than external support, have driven gains.
The MP concluded by challenging critics who frame the current management as mere “intervention,” insisting that the focus should remain on transparency, efficiency, and ensuring that the country’s resources benefit the wider economy.
Hon. Adongo’s remarks come amid ongoing public debate over Ghana’s currency stabilisation, foreign exchange management, and the role of international financial institutions in the economy.