Accra: Vice President of IMANI Africa, Bright Simons, has expressed concerns about the approach adopted by the Bank of Ghana in managing the foreign exchange market, warning that too much intervention could create challenges over time. His remarks come on the back of the central bank's 2025 financial statements, which have sparked conversations about the effectiveness of its monetary policy stance.
According to Ghana Web, speaking on The Point of View on Channel One TV on Monday, May 4, 2026, Simons noted that the central bank's strong intervention stance, including efforts to build reserves through gold purchases, may become difficult to sustain if it is not aligned with actual economic conditions. He questioned the necessity and sustainability of acquiring large amounts of gold to bolster foreign exchange reserves, emphasizing the need for a realistic assessment of required intervention levels.
Simons further disclosed his engagement with the bank on the need to put up a more realistic and clearly defined level of intervention in the forex market. He highlighted that while the Bank of Ghana has a responsibility to stabilize the currency and manage inflation, its current strategy may be overly aggressive.
He pointed out the potential risks of the bank's claims of unlimited intervention capacity, warning that such assertions could send the wrong signals to investors and market players. Simons emphasized the importance of aligning the central bank's actions with prevailing economic realities and called for transparency in its intervention policies to maintain confidence in the system.