Amin Adam questions cedi’s value despite alleged US$1.2bn forex intervention

Former Finance Minister and Ranking Member of Parliament’s Finance Committee, Dr Mohammed Amin Adam, has questioned the impact of the government’s foreign exchange interventions, arguing that the cedi remains weak despite billions of dollars being injected into the market.

Speaking at a press conference on the 2027 Budget on Friday, November 13, he said the government had put about US$1.2 billion into the foreign exchange market but the dollar was still trading at approximately GH¢12.

He contrasted this with the NPP government's approach, claiming that it had supplied only about US$60 million to the market at a time.

Dr Amin Adam argued that the previous administration would have achieved a significantly stronger exchange rate if it had injected the same volume of dollars into the market.

“If the NPP had done that, it would have been ¢1 to $1. We were putting only $60 million,” he said.

His comments form part of the Minority's broader criticism of the government's management of the cedi and its reliance on foreign exchange interventions to support the local currency.

The Minority has also questioned the sustainability of the interventions, previously citing reports that the Bank of Ghana sold approximately US$9.2 billion into the forex market between January and August 2026, while the country's international reserves declined over the period.