Amin Adam raises alarm over forex spending to support cedi
The Minority in Parliament has questioned the sustainability of the government’s foreign exchange interventions to support the cedi, pointing to a decline in Ghana’s international reserves despite significant dollar sales into the market.
The Ranking Member on Parliament’s Finance Committee, Dr Mohammed Amin Adam, presented the Minority’s concerns during a media address on Tuesday, November 10, as part of its assessment of the economy ahead of the 2027 Budget.
He said market reports indicated that the Bank of Ghana sold approximately US$9.2 billion into the foreign exchange market between January and August 2026, including US$2.01 billion in June alone.
According to Dr Amin Adam, Ghana’s reserves declined from about US$14.5 billion in February to approximately US$11.1 billion in August, a development he said raised questions about the sustainability of the approach.
The Minority also cited the cedi’s depreciation against the US dollar, saying it had lost 9.5 per cent of its value by September 2026 and close to 10.5 per cent by early November.
“But a currency held up by dollars poured into the market is not a strong currency. It is a propped-up currency, and 2026 has proved it,” Dr Amin Adam said.
The Caucus is demanding monthly disclosures of dollars sold into the forex market, the amount sourced from small-scale gold and a timetable for implementing full gold traceability.
