{"id":568211,"date":"2026-05-05T23:04:09","date_gmt":"2026-05-05T23:04:09","guid":{"rendered":"https:\/\/www.newsbeep.com\/uk\/568211\/"},"modified":"2026-05-05T23:04:09","modified_gmt":"2026-05-05T23:04:09","slug":"bright-simons-cautions-bog-over-heavy-forex-interventions","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/uk\/568211\/","title":{"rendered":"Bright Simons cautions BoG over heavy forex interventions"},"content":{"rendered":"

\"Bright <\/a>Bright Simons is the Vice President of IMANI Africa<\/p>\n

Vice President of IMANI Africa, Bright Simons, has expressed concerns about the approach adopted by the Bank of Ghana in managing the foreign exchange market, warning that too much intervention could create challenges over time.<\/p>\n

His remarks come on the back of the central bank\u2019s 2025 financial statements, which have sparked conversations about the effectiveness of its monetary policy stance.<\/p>\n

Speaking on The Point of View on Channel One TV on Monday, May 4, 2026, he noted that the central bank\u2019s strong intervention stance, including efforts to build reserves through gold purchases, may become difficult to sustain if it is not aligned with actual economic conditions.<\/p>\n

Fixed-income market flat as yields remain unchanged<\/a><\/p>\n

\u201cIf the real dynamics in the economy are such that you\u2019re struggling to keep up, then you\u2019re going to have this situation where you\u2019re trying to buy so much gold because you need so much more dollars to intervene. You need some dollars to intervene, but what level of dollars do you need to intervene?\u201d he questioned.<\/p>\n

Simons further disclosed his engagement with the bank on the need to put up a more realistic and clearly defined level of intervention in the forex market.<\/p>\n

\u201cI have personally talked to the Bank of Ghana and asked them to model the right level of intervention that makes sense, knowing very well that it\u2019s very difficult but there has to be an attempt because this thing where you say we have unlimited capacity to intervene in the foreign exchange market is not credible,\u201d he said.<\/p>\n

Bright Simons also acknowledged the bank\u2019s responsibility to stabilise the currency and manage inflation, but suggested its current strategy may be too aggressive.<\/p>\n

\u201cThe other thing I also think is critical is we shouldn\u2019t completely excuse the monetary side because the monetary side has the duty to set the right and realistic levels for cedi value and for inflation.<\/p>\n

“I genuinely believe that the Bank of Ghana has been somewhat too aggressive than the conditions warrant in its ability to paint a certain degree of stability in the currency. You have to have that mindset, but you also have to respond to real dynamics in the economy,\u201d he said.<\/p>\n

He warned that claims of unlimited intervention capacity could send the wrong signals to investors and market players.<\/p>\n

\u201cIn other markets, this will signal that the Bank of Ghana is ripe for attack because it can\u2019t have unlimited capacity to intervene in the foreign exchange market. Rather, we don\u2019t know the policy guidance on that. Does it really have unlimited capacity or not?\u201d he added.<\/p>\n

He further urged the central bank to align its actions with prevailing economic realities, noting that the need for interventions are necessary and must be guided by clear limits and transparency to avoid undermining confidence in the system.<\/p>\n

SO\/AE<\/p>\n

‘We are happy to have Fatawu’ \u2013 Kendrick Yehowada on new partnership<\/p><\/p>\n","protected":false},"excerpt":{"rendered":"Bright Simons is the Vice President of IMANI Africa Vice President of IMANI Africa, Bright Simons, has expressed…\n","protected":false},"author":2,"featured_media":351406,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[84,1294,56,54,55],"class_list":["post-568211","post","type-post","status-publish","format-standard","has-post-thumbnail","category-economy","tag-business","tag-economy","tag-uk","tag-united-kingdom","tag-unitedkingdom"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts\/568211","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/comments?post=568211"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts\/568211\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/media\/351406"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/media?parent=568211"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/categories?post=568211"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/tags?post=568211"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}