Stop Forex Injections, Let Economy Adjust Naturally – Patrick Boamah to BoG

The Okaikwei Central MP, Patrick Boamah, has urged the Bank of Ghana to halt its continuous injection of foreign exchange into the economy, stressing that the cedi and broader economy should be allowed to stabilize naturally.

Speaking to Citi News on Wednesday, January 28, Boamah said that the roughly $10 billion injected by the Central Bank to date could have been better allocated to critical infrastructure projects. He argued that artificially propping up the economy prevents a true reflection of living costs.

“The economy must be allowed to run on its own so we can see where we truly stand, rather than giving it steroids. If inflation is reported at 5% but prices are still fluctuating, then there’s clearly a disconnect,” Boamah stated.

The Bank of Ghana’s interventions, spanning January to December 2025, involved selling approximately $10 billion to commercial banks and businesses to meet dollar demand, a measure aimed at stabilizing the cedi and maintaining currency confidence.

Boamah’s comments highlight a growing debate on whether continuous forex injections are sustainable or whether the economy should be permitted to adjust to market forces for long-term stability.