The Majority in Parliament has emphatically dismissed claims of a $1.4 billion BoG injection.
Members insist the cedi’s recent stability reflects forex generated through the Ghana Gold Board.
They maintain no fresh central bank money was directly pumped into the Ghanaian economy.
Finance Committee Chairman Isaac Adongo clarified the position during debate on the 2026 budget.
“It is a fact that we never pumped $1.4 billion into the economy,” he said.
He explained that using Gold Board funds to buy gold and meet obligations is different.
He stressed this does not constitute “an injection of funding into the economy” by BoG.
Adongo described the process as “pure intermediation of forex,” not a direct market intervention.
He argued that “people who call it intervention do not know” how intermediation works.
However, Deputy Ranking Member on the Finance Committee, Dr. Gideon Boako, strongly disagreed.
He argued that the withdrawal of GH¢62 billion has tightened cash available for spending.
He said the funds “have been siphoned back to the central bank, depriving the people” of liquidity.
Dr. Boako warned the move will hit traders hard as the Christmas season approaches.
“The interesting thing is that Christmas is coming,” he cautioned in his remarks to Parliament.
“I can bet that with this activity by the central bank, traders will suffer,” he added.
He predicted many traders “will just be sitting by their wares in the sun.”
He warned they may be “without getting anyone to buy from them” during the festive period.
Dr. Boako therefore urged a rethink of the Bank of Ghana’s liquidity management strategy.
