US$18bn cedi support questioned amid $4bn policy need

The Institute of Economic Research and Public Policy (IERPP) is questioning the scale of Ghana's foreign exchange interventions, saying the reported US$18 billion used to support the cedi could have significant opportunity costs for the economy.

In a statement issued on Wednesday, August 12, the think tank contrasted the reported intervention figure with the government's estimated US$4 billion financing requirement for the 24-Hour Economy policy, a programme IERPP says has the potential to create about 1.7 million jobs.

What the reported figures show

According to IERPP, the Bank of Ghana injected about US$10 billion into the foreign exchange market in 2025, with another US$8 billion reportedly deployed between January and August 2026. The institute says this brings the reported cumulative intervention to about US$18 billion.

IERPP noted that the reported US$18 billion is about 4.5 times the US$4 billion it says is required for the 24-Hour Economy. The institute asked why Ghana should deploy approximately US$18 billion to shore up the cedi while a fraction of that amount could potentially finance a major productive-sector intervention capable of creating millions of jobs.

Not opposed to stabilising the cedi

IERPP stressed that it is not opposed to interventions aimed at stabilising the cedi, acknowledging that exchange-rate stability is important for controlling inflation, import costs and business uncertainty.

However, the institute argues that repeated large-scale interventions should prompt policymakers to address underlying issues rather than rely on sustained foreign exchange support.

Calls for transparency on the interventions

IERPP is calling on the Bank of Ghana and the government to provide details on the reported US$18 billion in interventions. It wants information on the exact amounts deployed, the sources of the foreign exchange, the mechanisms used and the impact of the interventions on the cedi.

The institute is also asking for an assessment of the effect of the interventions on Ghana's gross international reserves and the long-term sustainability of the approach.

Questions over 24-Hour Economy funding

IERPP is similarly demanding greater clarity on the reported US$4 billion financing requirement for the 24-Hour Economy, including what the money will finance, the expected number of jobs, the sectors and regions to benefit, and safeguards against inefficient public spending.

The report was published by MyJoyOnline on 13 August 2026, authored by Maxwell Aklorbortu. 3News also reported the IERPP statement under the headline asking why Ghana should pump US$18 billion to shore up the cedi when the government needs US$4 billion to implement the 24-Hour Economy policy.