In a thought-provoking post on his official X account, Franklin Cudjoe, Founding President of IMANI Africa, raised critical concerns about the sustainability of Ghana’s foreign exchange stability. Drawing on IMF data tracked by Joy News Research, Cudjoe revealed that the Bank of Ghana (BoG) has injected approximately US$7.4 billion into the forex market since 2022 to stabilize the cedi.

While these interventions have helped calm short-term volatility, Cudjoe warns that the underlying vulnerabilities remain unresolved. Ghana’s forex stability, he argues, is built on a “shaky base”:

Narrow export base: Gold, oil, and cocoa dominate earnings, making the cedi highly sensitive to commodity shocks. 
Limited reserves: BoG’s reserves can buffer short-term pressure but lack depth for sustained shocks. 
High external debt: Despite recent restructuring, Ghana still spends heavily on FX-denominated interest payments. 
Weak value chains: Minimal processing of raw exports means less retained foreign exchange per unit.

Cudjoe draws a sharp line between stabilization and reform, stating: 

“Selling dollars is a firefighting tool; reforming the economy’s foreign exchange structure is a rebuilding effort.”

He calls for bold reforms including export diversification, better repatriation of proceeds, stable foreign direct investment (FDI), and transparent FX intervention rules. Notably, the IMF’s latest guidance urges the BoG to “reduce its footprint in the foreign exchange market”.

The warning is clear: if commodity inflows falter—especially gold or cocoa—Ghana’s reserves could deplete rapidly, weakening the cedi and driving up local prices. Cudjoe concludes that the $7.4 billion should be seen as “breathing space, not a safety net”, emphasizing that this is the window for real structural reform.