$80m FX cap was redacted from IMF reports because it was market-sensitive – Gideon Boako

Deputy Ranking Member of Parliament’s Finance Committee and Member of Parliament for Tano North, Dr Gideon Boako Tano North MP Dr Gideon Boako has explained why the alleged $80 million monthly cap on the Bank of Ghana’s foreign exchange interventions under the previous IMF programme may not be explicitly found in published IMF reports.

According to him, the $3 billion figure combines different BoG foreign exchange operations, including the FX auction and intervention budgets, with recent IMF reports also identifying an intermediation budget.

Dr Boako maintained that the intervention cap was initially $80 million per month and was later reduced to $60 million, with the previous government adhering to the restrictions.