Akyem Swedru Member of Parliament, Hon. Eugene Nyarko Osei, has berated the government and the BoG’s decision to inject money into the forex market.
According to him, since the National Democratic Congress (NDC) government came to office, they have injected $4.55 billion into the Forex Market.
To him, it is wrong, and such mistakes, which have in the past weakened Ghana’s economy, must not be repeated.
He believes that such an amount of money could have been invested in infrastructure and other sectors of the economy, which could have generated quadruple of the investments within a few years.
Making this position known in a post shared via social media he said “So far the NDC Government has injected $4.55 billion into the forex market to shore up the Cedi’s strength against the dollar since they took over in January, 2025. This amount if invested in the underlisted infrastructure could generate a quadruple of the investments within a few years. The grow an economy depends on the amount of economic investments policy we decide to adopt.
This amount of money is enough to construct the Accra – Kumasi Road,
The Eastern Railway Line (Accra – Kumasi) , The Western Railway Line (Takoradi – Kumasi) and the Winneba – Cape Coast Road all together.
A serious nation should not be repeating same past mistakes that led us to a very difficult economic situation”.
Background
The Bank of Ghana (BoG) will in October 2025 begin foreign exchange (FX) intermediation under its Domestic Gold Purchase Programme, with plans to sell up to US$1.15 billion to the market.
According to the central bank, the sales will be conducted on a spot basis through twice-weekly, price-competitive auctions open to all licensed banks.
Speaking at a meeting with heads of commercial banks in Accra, Governor of the BoG, Dr. Johnson Asiama stressed that there will be no special conditions or earmarked allocations, ensuring fair and transparent access for all market participants.
“Beginning October 2025, the Bank of Ghana will commence foreign exchange (FX) intermediation under the Domestic Gold Purchase Programme, with plans to sell up to US$1.15 billion for the month. These sales will be conducted on a spot basis through twice-weekly, price-competitive auctions open to all licensed banks,” he said.
