Opinion

The $80m IMF FX intervention cap that broke the cedi, and the gold policy that fixed it

MyJoyOnline 30 Aug

Ghana

The $80m IMF FX intervention cap that broke the cedi, and the gold policy that fixed it — Sources: MyJoyOnline

For two years, Ghanaians watched the cedi bleed so badly, as the then government suffered unending, brutal criticism. Every morning, the forex bureaus posted a new, worse rate, and the blame game was also on. We blamed speculators. We blamed the Bank of Ghana. We blamed the Finance Minister. And we blamed government for “mismanaging” the economy.

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