Private legal practitioner and member of the National Democratic Congress (NDC) E.L Agbemava says the International Monetary Fund (IMF) has deployed a “neo colonial” tactics to suppress Ghana’s currency stabilisation policies.
Wading into the alleged losses made at the Ghana Gold Board (GOLDBOD), he maintained the IMF wants to adopt a “vile and toxic ” ways at “putting pressure on the Government to stop pumping dollars into the financial system to stabilize the exchange rate.”
Agbemava’s statement comes on the back of an ongoing debate over losses recorded by the Bank of Ghana under the Domestic Gold Purchase Programme (GPP) and the role of the GOLDBOD in the programme.
The latest International Monetary Fund (IMF) assessment reported that the DGPP generated losses of $1.7 billion, equivalent to 1.5% of GDP, in 2025.
A claim the GOLDBOD CEO, Sammy Gyamfi, has refuted, explaining that the institution recorded a surplus.
In a statement on his Facebook page, the renowned lawyer indicated the operations of the GOLDBOD has helped to stabilise the cedi to guarantee price stability on the local market.
Below is his statement;
The so called GoldBod losses is in reality a neo colonial PR stunt by the IMF against the currency stabilization policies of the Government.
On the surface it’s been wrapped in a balance sheet and profit and loss account argument. However its true nature is that it is a vile and toxic attempt at putting pressure on the Government to stop pumping dollars into the financial system to stabilize the exchange rate.
That is why anybody that swallows the “GoldBod losses” hook line and sinker is naive or diabolical.
For GoldBod to succeed it is obvious that the exchange rate has to stabilize to guarantee price stability on the local market.
How does government achieve that? It is by, in the short term, making the dollar readily available to users which is necessary for keeping price volatility in check. The IMF is against this market intervention and it is doing all it can do destabilize the government’s fiscal policies with the minority acting as a willing attack dog.
We can lose political sovereignty but economic sovereignty is a death warrant that we cannot accede to.
What surprises me is the silence of beneficiaries like GUTA, Tenants Association, Importers and the labour movement in the face of this neo colonial assault on the integrity of the Government’s economic policy. The government must re evaluate its communication strategy and incorporate these stakeholders to repel the evil IMF led attacks.
