IMF conditionalities limited use of gold reserves under Akufo-Addo – Dr. Kabiru

Dr. Tiah Abdul-Kabiru Mahama is the MP for Walewale. He was also an economic advisor to Dr. Mahamudu Bawumia. He explained why the Akufo-Addo administration limited the use of Ghana's gold reserves.

The restrictions came from the International Monetary Fund (IMF). Ghana is currently in an IMF-supported program to restore economic stability.

On May 21, Dr. Abdul-Kabiru spoke on The Point of View on Channel One TV with Bernard Avle. He said the IMF capped the government's monthly use of foreign reserves at $80 million. This limit included gold reserves.

He mentioned that this monthly limit was later reduced to $60 million. Eventually, it was lifted after a program review.

Dr. Abdul-Kabiru stated, "The government couldn't fully deploy gold reserves." He explained that they needed three months of import cover as part of the conditions.

If they were building reserves to meet this threshold, they could not deplete them.